The molded plastics market is expected to reach USD 675.7 million in 2027 from USD 499.1 million in 2022, growing at a CAGR of 6.2% during the forecast period. Increasing demand for plastic parts in various end industries, including machinery, packaging, home appliances, electrical and electronic products, and medical devices, is expected to boost growth. Recent innovations in reducing manufacturing waste have increased the importance of injection molding technology in the mass production of complex plastic structures. Fluctuations in prices of key raw materials such as ethylene, propylene, and styrene and growing environmental concerns related to their emissions are expected to restrain market growth during the forecast period.
Companies are focusing on developing injection molding plastics using bio-based equivalents to overcome such challenges. Rising construction costs, especially in emerging markets such as Brazil, China, India, Mexico, Russia, and South Africa, are expected to drive demand for the products. The versatile properties of the finished products, including better heat and pressure resistance, make them more suitable for various industries.
“Packaging shields the product keeps it safe, improves shelf life, and creates the first impression for the brand/product. People link superior packaging to superior products. With the advent of QR codes & smart packaging, inventory tracking, and product experience are linked to packaging” says J Laxman Rao, CMD, Mold-Tek Packaging Limited.
Hence, it is crucial to choose the right molded plastic packaging for the product. Let us assess the major aspects that should be kept in mind.
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