The mushrooming requirement for injection molded plastics in the automotive industry is one of the major factors fueling their sales across the world. These plastics are heavily used for manufacturing various automobile parts and components in order to reduce the overall weight of the automobile. Moreover, the rising requirement for lower vehicle weight because of the ballooning demand for higher fuel efficiency is propelling the usage of injection molded plastics in the automotive industry.
The implementation of strict regulations regarding the usage of medical grade polymers in the healthcare industry is propelling the demand for injection molded plastics across the world. This is, in turn, creating excellent growth opportunities for the injection molded plastics producing companies around the world. Due to these factors, the global injection molded plastics market is exhibiting huge expansion. As a result, the market value is predicted to grow from $283.5 billion in 2016 to $496.2 billion by 2025.
Geographically, the injection molded plastics industry will demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is credited to the mushrooming demand for packaging in the pharmaceutical, cosmetics and toiletries, and food and beverages industries and the ballooning consumption of soft drinks in the regional countries, on account of the rising average temperatures in these countries.
Hence, it can be said with surety that the demand for injection molded plastics will shoot up all over the world in the forthcoming years, primarily because of their growing usage in the packaging and automotive industries.
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