In a recent published report, Kenneth Research has updated the market report for Injection Molding Materials Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Injection Molding Materials Market products.
Injection molding techniques are widely used for manufacturing plastic components. The automotive industry is the largest user of plastic molding products for over decades for the manufacturing of plastic components such as front & rear bumpers, dashboards, headlights, tail lights and other end modules. Plastic owing to its lightweight, high durability and ease of molding is the most favored material for the manufacturing of molded components for the automotive industry.
Consumer goods industries ranging from household goods, personal care products, electronic devices, toys and packaging in food and beverage products are some of the few products that employs injection molding techniques for the manufacturing of finished products.
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Thus, with the increasing demand and growth in the automotive and consumer goods industry, the demand for injection molding materials is also set to increase during the forecast period from 2018 – 2025. Some of the key restraints of the market that is hampering its growth are related to plastic material used in mass production for packaging of personal hygiene products, leads to wrapage due to insufficient cooling as well as product durability.
Asia Pacific is expected to hold a prime share in the injection molding materials market owing to the expansion of automotive and consumer goods industry in the region. Asia Pacific is the largest manufacturer of passenger cars in the World in the year 2017 as per Organisation Internationale des Constructeurs d’Automobiles (OICA). With the increasing production of passenger cars, the demand for plastic and metal molded components is also set to increase, thus, helping the market for injection molding materials to reach its zenith.
Additionally, with the shifting of assembly plant of various electronic industry manufacturers from North America and Europe into Asia pacific, the demand for injection molding materialss is further getting augmented in the region. However, industries such as consumer goods, construction, healthcare as well as automotive is generating stable demand for injection molding materials in Europe and North America.
Some of the major players operating in the injection molding materials market are BASF S.E., Exxonn Mobil Corporation, Dowdupont Inc. and SABIC among others.
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