Injection Molding Global Market Report 2023: Soaring Demand for Plastic Resins Bolsters Sector
Amid the recovery of major world economies, in the post-COVID phase, during early 2021, molders are gradually moving towards the attainment of pre-COVID performance standards. However, demand for plastic resins is soaring, with massive demand in the global market. In the current phase, partnership with trusted experts is likely to promote growth. Market players are increasingly investing in the acquisition of new machinery and equipment and focusing on hiring skilled workers to cater to growing demand, especially in the medical sector.
Rapid globalization, growing consumerism and rapid technological advancement have brought a plethora of opportunities for the market players, globally. The industry is consistently engaged in conducting extensive (R&D) activities to develop innovative and efficient materials. Moreover, a rise in realization, achievement of economies of scale and operational efficiency will continue to aid market players in achieving desired performance targets.
Thermoplastic polymers are also used in the injection molding process to create thin parts needed for commercial applications, including piping and roofing products used within the building and construction industry, stents and prosthetics for medical device use and exterior/interior trim and electronic assemblies for automotive utilities. The most important determinants of demand for thermoplastic polymers: population growth, urbanization, a change in household structures, a growing middle class and more private consumption, in emerging countries, in particular. The above factors are seen as a move toward replacing glass and metal components with thermoplastic polymers. Polymers have become more rigid and durable, replacing glass and metal in food packaging, metal in automotive and are even being used in housing. Higher growth rates are forecasted as these trends are expected to continue.