Why Are Automakers Relying On Injection Molded Plastics?
October 10, 2022 ⚊ 1 Min read ⚊ Views 96 ⚊ BUSINESS
The automotive sector utilizes high volume of injection molded plastics for manufacturing automobile parts to reduce the overall vehicle weight. Automakers are focusing on producing lightweight vehicles to enhance fuel efficiency. Plastics are an imperative component of any vehicle and the incorporation of these plastics provides a substantial weight reduction. Thus, the soaring demand for lightweight and fuel-efficient vehicles will propel the injection molded plastics market at a CAGR of 6.0% during 2017–2025. The market stood at $283.5 billion in 2016 and it is expected to reach $496.2 billion by 2025.
Moreover, the rising preference for biodegradable polymers among producers of medical devices has led to the widescale consumption of injection molded plastics, globally. Besides, the implementation of stringent regulations about the use of medical-grade polymers in the healthcare industry will propel the demand for these plastics in the coming years.
