Even with the stringent environment regulations on the use of plastic posing a threat to plastic molding industry, the industry is growing in a fast pace. The need for plastic even for the basic needs in life is an inevitable reason for this growth. Plastic plays a major role in our day to day life for packing of food items, soaps and other toiletries, pens, combs, brushes and list will go on. The list is not stopping here. Today plastic is a main component in automotive, packaging, electrical and electronics, and medical devices industry, Plastics are used in automotive body parts to synthetic human body parts. So even the regulations are being strict, as of now, it is impossible to wipe out plastic completely from our life.
The global injection molded plastics market size was valued at USD 265.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028.The injection molding machine market size is estimated to be USD 10.3 billion in 2020 and is projected to reach USD 12.3 billion by 2025, at a CAGR of 3.6% between 2020 and 2025.