In addition to being a leading industrialist in Hong Kong, he was among the first group of industrialists to invest in mainland China, establishing a joint-venture factory for plastic injection molding machines in Shunde, Guangdong Province, all the way back in 1986.

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Chiang firmly adheres to his motto of "enriching the livelihood of people by industry, strengthening the country through a prosperous society."

Chiang will be remembered as the city’s “trailblazing philanthropic industrialist as well as a true master in industrial machinery,” Chen Hsong Group said in a March 14 statement.

These trends, in covalence with the adoption of distinctive growth initiatives by premier product manufacturers and rising investments across the construction sector, will boost the industry revenue trajectory over the next ten years.

Regarding the application landscape, the packaging applications are expected to amass more than USD 135 billion by 2032, exhibiting a 3.5% growth rate throughout the projection period. To meet regulatory guidelines and end-user criteria, finished goods used in packaging go through several development stages. Plastics must satisfy several requirements for packaging applications, including improving food product shelf life, improved wear and tear resistance, and high durability. Plastic injection molding has enormous promise. Particularly in the medicinal and automotive fields. The medical devices and components sector is anticipated to grow the most in the industry. Product demand in the medical industry is anticipated to be driven by biocompatibility, optical clarity, and cost-effective manufacturing methods.

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The Injection molded plastics market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in kilo tons & in terms of revenue in USD billion from 2018 to 2032 for the following segments: Click here to Buy Section of this Report

Asia Pacific injection molded plastics market is projected to be worth over USD 140 billion by 2032. The regional growth can be credited to the flourishing automotive and construction sectors owing to the increasing demand and uptake of autonomous high-end luxury vehicles and the rising infrastructural investments. In addition, the robust economic outlook across countries such as China and India, coupled with the rapid industrial growth, will create positive growth prospects for the injection molded plastics industry in the Asia Pacific.

Because of their corrosion resistance and electrical insulation qualities, polypropylene components are widely used in food packaging and electrical contacts. Due to the aforementioned factors, the segment is anticipated to grow at the fastest rate during the forecast period.  However, a reduction or cessation of manufacturing activities to fight the spread of the coronavirus has resulted in a decline in PP consumption and a negative impact on its demand in a variety of applications. Manufacturers are having difficulty operating their production units due to logistical constraints and limits on people's movement, which has impacted product demand.

In the 1990s, Chiang was appointed Hong Kong Affairs Advisor to advise the Chinese government. He was awarded the Grand Bauhinia Medal in 2005 by the SAR government.

A stringent regulatory environment for medical-grade polymer use in healthcare industries is expected to fuel the injection molded plastics market growth. Over the forecast period, a growing preference for biodegradable polymers among medical device makers is expected to generate profitable opportunities in the medical industry. A significant shift in the automotive industry's trend towards replacing steel with plastics is anticipated to fuel product demand over the forecast period. In recent years, government rules have compelled automakers to use plastics instead of other materials such as iron and steel. Automobile makers have been concentrating on reducing vehicle weight in order to increase fuel efficiency.

Injection Molded Plastics Market size garnered over USD 300 billion in 2022. With the consistent expansion of the construction sector globally, the industry is set to witness 3.5% CAGR from 2023 to 2032.

Throughout more than 30 years of its existence, a total exceeding HK$400 million has been given and the foundation is now one of the largest charity organizations based in Hong Kong dedicated to the education and development of Chinese industrial manufacturing talents.

Starting with a capital of only HK$200, he transformed his machine shop - Chen Hsong Machinery Shop - into the world's largest manufacturer of injection molding machines - Chen Hsong Group.

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With respect to raw material, the injection molded plastics market is segregated into Acrylonitrile Butadiene Styrene (ABS), polypropylene (PP), High-Density Polyethylene (HDPE), Polystyrene (PS), and others. The Polypropylene segment is expected to expand at over 4% CAGR and exceed USD 160 billion by 2032. Because of the growing consumption of PP in automotive components, packaging applications, and household goods, the polypropylene (PP) segment held the biggest revenue share of more than 34% in 2021. Increasing PP-based product penetration in protective caps for electrical contacts and battery housings, as well as food packaging, is expected to fuel demand over the projection period.

In 1990, he donated his entire shareholding in the Chen Hsong Group to the Chiang Chen Industrial Charity Foundation - a charity fund with the charter of promoting technical education and training for Chinese industrial talents and industry leaders, as well as to support the development of China's industrial base.

Plastic injection molding is widely utilized across several industrial verticals ranging from electronics, automobiles, and construction to kitchen utensils and toys. The stringent government regulation pertaining to minimizing plastic pollution and the increased adoption of effective waste management techniques may restrict industry growth during the forecast period. On the other hand, the consolidated competitive landscape and the increasing strategic exchanges among leading product manufacturers will accelerate business growth through the ensuing years.

Born in Heze of Shandong Province in China to a poor family, Chiang’s story is an epic illustration of the "rags to riches" story; the remarkable tale of a self-made man.

In 1966, Chiang developed the first 10oz in-line plastic injection molding machine in Hong Kong - a remarkable achievement for the industry at the time, which also earned him the fame of "King of Plastic Injection Molding Machines."

Chiang is survived by his wife, six daughters, a son, and his grandchildren. His most well-known children are his second daughter Ann Chiang Lai-wan, a former pro-establishment lawmaker and his third daughter Agnes Chiang Lai-ping, a famed singer in the 1980s.

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The injection molded plastics industry depicted a decent growth potential during the COVID-19 pandemic, owing to a remarkable rise in demand for gloves, masks, personal protective equipment, and associated packaging materials. Based on investigations by Frontline, plastic resin production in the U.S. increased by 0.9% compared to COVID-19 restrictions and industry closures. Besides, the strict movement restrictions and social distancing norms resulted in a transformer buyer behavior and caused a massive boom across the e-commerce industry, further pushing the demand for packaging boxes and containers.

The Chen Hsong Group developed rapidly under Chiang's leadership and was listed on the Hong Kong Stock Exchange in 1991 as one of the leading manufacturers of plastic injection molding machines worldwide.

Players in the market have been widely integrating advanced technologies to develop state-of-the-art products to gain a competitive edge over their counterparts and expand their existing consumer base. For instance, in July 2022, Sabic introduced a specially personalized portfolio of new mineral-reinforced Sabic PP compounds, PPc F9015, PPc F9005, and PPc F9005 grades for foam injection molding (FIM). The newly introduced product range help provide stunning aesthetics for visible automotive interior parts with complicated geometries, such as seat and trunk cladding, door panels and trim, center consoles, and A/B/C/D pillar covers.

Lam said Chiang was a pioneer in the industrial development of Hong Kong, with distinguished achievements made in the machinery and industrial arena, and a leading role assumed in the trade.

“He made remarkable contributions to the economic development of Hong Kong and was one of the first patriotic businessmen to invest and set up businesses in the Mainland after the country's reform and opening up,” the Chief Executive said in a statement.

Businessman Chiang Chen, a well-known industrialist and philanthropist, passed away at the age of 100 in the company of family members on March 13.

The construction sector has witnessed an upward trend over recent years owing to the escalating rollouts of infrastructure development projects and the advent of several technological breakthroughs. Besides, the improving economic landscape and the significant rise in investments focused on building an energy-efficient infrastructure across numerous economies.