One of the things that makes the plastic injection molding process so successful is the wide variety of plastic injection molding products that can be made from it. From pharmaceutical bottles, pharmaceutical containers and closures, to car bumpers there are many different industries that utilize plastic injection molding products.
Injection molding and extrusion accounted for more than half of all plastics transaction volume in 2013 and overall the industry employs approximately 900,000 workers in the U.S. alone. Recent statistics rank the plastics industry as a whole as the third-largest manufacturing industry in the U.S.
A new report from the global market research firm Research and Markets indicates that the industry should continue on this path of growth over at least the next few years. According to a press release from the firm on PRnewswire.com, they recently finished their “World Injection Molded Plastic Market – Opportunities and Forecast, 2014 – 2020” report.
In the report, they estimate the global market for the plastic injection molding industry will continue to grow at a Compound Annual Growth Rate (CAGR) of 4.9%. Their numbers suggest purchased plastic injection molding products will help the market reach an overall value of $162 billion by the year 2020.
The release goes on to state that plastic packaging will in fact be one of the primary factors in the growth of the industry.
“This is primarily due to its increasing adoption in consumer goods, healthcare and cosmetics products,” the release states. “Healthcare segment is the fastest growing end use market owing to its increased usage in the production of tubes and housings for needles, pregnancy test devices, and surgical blades among others.”
The U.S. is one of the leading countries when it comes to plastic injection molding products. In fact, injection molding and plastic manufacturing facilities can be found in every one of the country’s 50 states. There are approximately 16,000 facilities here, in total. We’re proud that MAGENTA has been at the forefront of the industry in this country for over 40 years and with news like this look to continue for many more to come.