As one of America’s leading plastic injection molding manufacturers, Magenta, LLC is always concerned and aware of the current state, trends, and forecast of the plastic injection molded products market. According to a Wise Guy Reports press release, plastic injection molding products should continue to be a strong industry for the next few years.
The press release, which was published to Newsmaker.com, estimates specifically that the plastic injection molded products market will be pulling in about $162 billion by the year 2020. This would mark a compound annual growth rate (CAGR) of 4.9% for the years 2014 until that year.
“Injection molded plastics are used in automated processes to reduce the manufacturing cost. It also reduces the waste production in production process,” the report reads. “Factors such as low production waste and faster production process would augment the growth of the injection molded plastic market. In addition, the process has ability to use different types of raw materials simultaneously to manufacture plastic parts.”
The plastics industry is the third largest manufacturing industry in the U.S. overall, and the plastic injection molding process clearly continues to be a significant part of that.
One of the great things about our plastic injection molded products is that they are made right here in the United States. In fact, the plastic industry overall is one of the few manufacturing industries the U.S. is still actually competitive in. Approximately 900,000 workers are employed in the industry in the U.S. and manufacturing facilities can be found in every one of the 50 states.
As the report also points out, the plastic injection molding market is a big part of a variety of industries including automotive manufacturing, plastic packaging, interior wrapping, and many different parts and pieces for any number of products.
“The companies operating in this market have adopted various marketing strategies, such as new product launch, expansion, joint venture, and acquisition, to sustain the stiff competition in the market,” the report went on to say.
As the industry continues to grow and expand globally, Magenta, LLC is excited to be one of the leading companies at the forefront of the plastic injection molded products market.