The global IMP market is anticipated to grow at a CAGR of around 4.5% during the forecast period (2021-2027). IMP is a process in which molded products are formed by injecting molten plastic into the mold, and then cooling and solidifying them. The increasing application of IMP in various end-user industries such as automotive, consumer goods & electronics, packaging, building & construction, healthcare, and others is the major factor driving the growth of the market. Among these, the use of IMP in the packaging industry is high. Injection molding plastic in the packaging industry is used for making various types of plastic components, food packages, closures, and containers for various types of cosmetics products. Whereas the adoption of injection molding in automotive and electronics industries due to properties such as low-cost, corrosion resistance, easy-to-mold, non-conductive, flexible, among others is gaining popularity, hence accelerating the market growth. Some of the major polymers used in injection molding are polypropylene, low-density polyethylene, high-density polyethylene, polycarbonate, polystyrene, polyvinyl chloride, polyurethane, and others. The environmental concern associated with the degradation of these polymers is the major challenge that may hamper the adoption of these products in plastic manufacturing industries. 

Moreover, the innovations in technologies such as injection molding with pressurized gas assistance, structural foam, thin-wall injection molding, and multi-component methods for better designing of products to reduce cost and waste material will create lucrative opportunities in the market during the forecast period. Besides, the development of engineered resins for making IMP a standard option for making better plastic designs may also bring new opportunities to the market. furthermore, the high cost of IMP and the presence of alternatives such as blow molding are the factors that may restrain the market growth during the forecast period.  

Impact of COVID-19 on Global IMP Market

The IMP market was hardly hit by the impact of the COVID-19 pandemic. The demand for IMP from packaging and medical industries were high due to the increased cases of COVID-19. On the other hand, the application of IMP in automotive, building & construction, electrical & electronics were decreased due to regulations imposed by the government to pause the production units and shutdown their major operations to further stopping the spreading of the virus by avoiding human contact. The automotive industry was highly impacted due to the mobility restriction imposed by the government of various economies. The demand for automobiles was decreased that affected the manufacturing of new automotive components, and demand for IMP were less from the automotive sector during the pandemic period. Furthermore, the interruption in the raw material supply chain from China due to mobility restriction, manufacturing companies have experienced a downfall in revenue. 

Segmental Outlook  

The global IMP market is bifurcated into raw material and application. Based on raw material, the global IMP market is further categorized into polypropylene, acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polystyrene, and others. Among these sub-segments, polypropylene is the leading segment and dominated the market in 2020, it is estimated that it will further maintain its dominance by accounting largest share in the market during the forecast period. Polypropylene is the raw material having its major use in automotive components, household components, food packaging, electrical industries, owing to the properties such as electrical insulation, corrosion resistance, easy-to-mold nature, cost-effective, and other properties possessed by it. Based on application, the market is segregated into automobile, consumer goods & electronics, packaging, building & construction, healthcare, and others(agriculture). Among these, the packaging segment is anticipated to hold the largest share in the market during the forecast period owing to the increasing demand from industrial and consumer packaging industries.

Global IMP Market Share by Application, 2020 (%)

The Packaging Segment is Emerge as  the Fastest Growing Segment in Global Injection Molded Plastic Market 

Among applications of IMP, the packaging segment is anticipated to grow at a significant CAGR during the forecast period. The growing food & beverages, healthcare, automotive, consumer goods & electronics among others are the major sectors where the demand for packaging for products is highly required to provide a safe case to their products. The food & beverages industry requires effective packaging solutions to protect the food from the outside environment. The IMP technology in the packaging industry is majorly used to make plastic containers for shipping, industrial packaging for paint and foodstuff buckets, injection molded boxes and jars for packing cosmetics and pharmaceutical products, thin-wall packaging for storing food items, and is also used to make different closures for different types of packaging. Further rise in end-user industries, the demand for plastic components is expected to increase, which will boost the market growth during the forecast period. 

Regional Outlook 

Geographically, the global Injection Molded Plastic (IMP) market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is expected to show a lucrative growth rate in the global IMP market during the forecast period. The growing healthcare, automotive, packaging, electronics, and other industries are the major reason for increasing demand for IMP. The presence of a large manufacturers base in the region also positively impacts the market growth. On the other hand, Europe is also projected to hold a significant share in the market due to the increasing packed food demands, and adoption of IMP in consumer electronic goods. 

Global IMP Market Growth, By Region 2021-2027

The Asia Pacific is projected to be the Fastest-Growing Region in the Global Injection Molded Plastic Market

Geographically, Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period. In Asia-Pacific, China is the major economy contributing high to the growth of the region. The growing automobile industry in China is the major reason due to which the demand for automotive components is also rising, which in turn, driving the growth of the market. Due to easy availability of raw materials such as propylene used for making plastic components for the automobile industry is the biggest reason many end-user industries such as automobile and electronics industries are shifting their manufacturing base in Asia-Pacific major economies. Moreover, the government support in form of incentives to the manufacturers also encouraging them to set up their manufacturing base in the region. Furthermore, the growing application of IMP in building & construction, consumer appliances, and automotive industries is also projected to drive the market growth in the region during the forecast period. 

Market Players Outlook

The key players in the IMP market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include BASF SE, Dow Inc., DuPont de Nemours, Inc, Saudi Basic Industries Corp (SABIC), Eastman Chemical Co., INEOS Group, Huntsman Corp, Lyondellbasell Industries N.V., among others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration, business, and capacity expansion, and others. For instance, in May 2021, LyondellBasell started commercial production of polymers from the raw material generated from plastic waste at its Wesseling, Germany, site. The raw material generated by the industries will be converted into ethylene and propylene polymers for further plastic production. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Injection Molded Plastic (IMP) market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.