Medical Device Sector Using Injection Molded Plastics To Comply with Government Norms
Plastics have become an important part of automobiles, as they are capable of reducing the overall weight of vehicles by a significant margin. Automakers across the world are focusing on the production of lightweight vehicles, as these automobiles help in enhancing fuel efficiency. According to the U.S. Department of Energy, a 10% reduction in vehicle weight can lead to an improvement of 6–8% fuel economy. Thus, the increasing emphasis of automobile manufacturers on enhancing fuel efficiency will fuel the adoption of injection molded plastics in the automotive sector in the foreseeable future. Moreover, the rising preference for biodegradable polymers among medical device manufacturing companies will drive the injection molded plastics market at a CAGR of 6.0% during the forecast period (2017–2025). According to P&S Intelligence, the market revenue stood at $283.5 billion in 2016, and it is projected to reach $496.2 billion by 2025 . The surging consumption of this form of pla...