Most of the growth in the injection molded plastic market is coming from the packaging industry's demand for this material, but beyond that, Increased demand in several other end-use industries such as automotive, packaging, electronics and consumer goods, construction and engineering, medical disposal, and technology areas such as computer-aided engineering and automated injection molding processes will further drive the growth capacity of the injection molding market. In addition, cheap labor, small amount of waste, high production efficiency and the ability to process multiple raw materials at the same time will further drive the market. However, fluctuating crude oil prices and high initial processing cost prices for injection molding are impeding overall market growth.
In the face of market demand, POM of imported raw materials began to remain high in 2021, and continued to rise in 2022. The price of raw materials has risen, resulting in an increase in the cost of plastic safety buttons in related industries. Therefore, in order to adapt to the market, our industry will increase the price of plastic parts in 2021. For plastic parts, it is more cost-effective for foreign customers to purchase related products early. It is estimated by the market that POM will continue to rise after several years in 2022.