Increase in Penetration in Automotive Applications Anticipated to Drive Global Injection Molding Compounds Market: Ken Research
Injection molding is the commonly used for the manufacturing process of fabrication plastic parts. There are wide range of products which are manufactured using the injection molding techniques, which differ greatly in their size, complexity, and application. The injection molding process involves the use of injection molding machine, raw plastic material, and mold. The plastic is melted during the injection of molding machine and then inserted into the mold, after cooling it solidifies asa final part. The use of plastic injection molding is extensively used over the production of plastic parts from medical equipment to toys. The aerospace industry, and predominantly the automotive industry, many parts are made by the use of plastic injection moldings. Thermosetting compounds and thermoplastic materials are the two types of molding compounds typically used to form plastic materials. The thermosetting compounds apply phenol-formdehyde resins (or plastic compounds) varied with a filler material, such as asbestos.
According to study, “Global Injection Molding Compounds Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global injection molding compounds market are Hexion Inc., BASF SE, Hitachi Chemical Company, Ltd., Eastman Chemical Company, Premix Inc., RTP Company, Inc., Aurora Plastics LLC, West-Chemie GmbH & Co. KG, Neutrex, Inc. (Purgex), SolEpoxy, Inc. Key companies have been constantly seeking opportunities for noteworthy capacity additions in the past few years to take advantage of operational excellence and achieve economies of scale. Diverse product portfolio and differentiation make the market competitive in terms of price and distribution channels.
Injection molding offers the unparalleled capability of producing great numbers of complex plastic parts which vary with the outstanding quality. The injection molding has been standard for decades to yield high-volume, durable products. In order to remain competitive, a manufacturer wishes to meet the numerous and stimulating demands related to quality and products. Moreover, the typical injection molding failings such as entrapped air, porosity, sink marks, joint lines, deformation, and misaligned fiber orientations.
Based on type, injection molding compounds market is segmented into thermoplastic molding compounds, phenolic molding compounds, epoxy molding compounds, unsaturated polyester molding compounds, melamine phenolic molding compounds and others. Based on distribution channel, market is segmented into offline channel and online channel. In addition, based on application, market is segmented into automotive, electrical, building & construction, aerospace and others.
The injection molding compounds market is driven by increase in penetration in automotive applications, followed by positive outlook on global packaging industry and growth in construction spending in emerging markets. However, stringent regulatory guidelines regarding injection molding compounds and high initial investments for the set-up of injection molding machines may impact the market. Moreover, growth in technological advancement in molding industry is a key opportunity for market. Furthermore, rise in advent of automation in molding industry is a major trend for market.
Based on geography, the Asian-Pacific is a leading region in global injection molding compounds market owing to growth in infrastructure spending coupled with increase in automobile demand in the region. Whereas, the European and North-American regions are estimated to exhibit considerable growth rate due to increase in demand for electronic appliance over the forecast period.
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Ankur Gupta, Head Marketing & Communications