Injection Molded Plastics Market Share

APAC Market Forecast

The injection molded plastics market in Asia Pacific is poised to dominate 47% revenue share by 2037. The injection molded plastic industry's implementation of automation technologies is anticipated to fuel the market's expansion in the Asia Pacific region. Furthermore, by enacting laws and providing financing for the facilities, the Australian government is promoting the development of cutting-edge technology targeted at boosting plastic recycling and decreasing plastic waste. The utilization of recycled plastic waste in construction materials, transportable recycling facilities, and chemical processing of contaminated plastic waste are some of these advancements. For instance, Integrated Green Energy Solutions (IGES) has received USD 1.9 million from the Australian government under the CRC-P for the development of technology that turns waste plastic that is contaminated into useful raw materials through chemical recycling. Australia will lead the world in the management of plastic waste thanks to this technology.

North American Market Statistics

The North America injection molded plastics market is estimated to be the second-largest by developing at a CAGR of 3.5% in the given time frame. Injection-molded plastic products are widely used as packaging materials in the food industry in the region. This includes trays, containers, and other packaging supplies that help keep food safe and fresh throughout storage and transit. Plastic packaging is becoming more and more common because of its cost, strength, and lightweight. For example, the food and beverage industry are the third-largest contributor to the gross domestic product of American manufacturing, according to the National Institute of Standards and Technology (NIST). The industry employs about 1.8 million people overall, and more than 75% of the 27,000 food firms in the US have fewer than 100 employees.