Injection molded plastics are used in various end-use industries owing to their cost-effectiveness and wide range of physical and mechanical properties. Injection molded plastics can take complex shapes and are widely used to manufacture various components in industries such as automotive, packaging, electronics & communication, home appliances, and healthcare. Some key advantages of injection molded plastics include lightweight, resistance to corrosion, easy processing and mass production abilities. It is one of the most commonly used manufacturing process where plastic—generally in pellet or granular form—is fed through a hopper into a heated barrel with a reciprocating screw. The screw then melts the plastic and forces it into a mold cavity where it cools and hardens to the contours of the mold.
The global injection molded plastics market is estimated to be valued at US$ 362.79 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends observed in the injection molded plastics market is shifting preference towards eco-friendly plastics. Strict government regulations regarding the usage of conventional plastics is propelling manufacturers to develop sustainable alternatives. For instance, polyethylene furanoate (PEF) is a new bio-based polymer that acts as a substitute for PET in injection molding applications. It exhibits better barrier properties and enhanced recyclability. Also, bio-based plastics derived from agricultural feedstock such as corn, sugarcane and cellulosic biomass are gaining popularity in the market.
Threat of new entrants: The threat of new entrants in the injection molded plastics market is moderate. High capital requirements and economies of scale create barriers for new players to enter the market.
Bargaining power of buyers: Buyers in the injection molded plastics market have moderate bargaining power due to the availability of multiple suppliers and substitutes. However, switching costs keep buyer power in check.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as well. There are many raw material suppliers and switching costs are low. However, suppliers still have some control over prices.
Threat of new substitutes: The threat of substitutes is low. There are few close substitutes for injection molded plastics that can provide similar functionality at comparable costs.
Competitive rivalry: Competition in the market is high. Players compete based on new product development, technology upgrades, and competitive pricing.
The Global Injection Molded Plastics Market Size is expected to witness high growth over the forecast period. The global injection molded plastics market is estimated to be valued at US$ 362.79 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Asia Pacific holds the largest share of the market currently due to robust demand from end-use industries such as automotive, packaging, and healthcare. China dominates the Asia Pacific market due to presence of major plastic injection molding companies. North America is another significant market for injection molded plastics driven by strong automotive and healthcare industries in the US and Canada. Major players are focusing on expanding their operations in emerging economies of Latin America and Middle East & Africa to tap into the growing end-use applications.
Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, United Imaging Healthcare Co., Ltd., Mediso Kft., Positron Corporation, Esaote SpA, Carestream Health, Mirada Medical Limited, and Hermes Medical Solutions. Players compete on the basis of product innovation, manufacturing technologies, and market reach.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it