Injection molding is a manufacturing process for producing parts from both thermoplastic and thermosetting plastic materials. The material for injection molding is fed into a heated barrel, mixed, and forced into a mold cavity where it cools and hardens to the configuration of the mold cavity. This market is witnessing significant growth owing to the increasing demand for injection molded plastics from various end-use industries such as packaging, automotive, electronics & electrical, medical devices, etc. Plastics are commonly used in the packaging industry for protective packaging of goods to prevent damage during shipping & handling. The global packaging industry has grown considerably over the years with the growing demand for packaged food & beverages and increasing exports and imports of goods. This growth in the packaging industry is expected to drive the demand for injection molded plastics.
The global Injection Molded Plastics Market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
As mentioned earlier, one of the key drivers for the injection molded plastics market is the strong growth of the global packaging industry. The packaging industry has evolved over the years owing to changing consumer demands and rising awareness regarding sustainable packaging. Plastics find wide usage in the packaging industry for molding rigid and flexible packaging solutions like bottles, containers, closures, and films owing to properties like durability, lightweight, and flexibility. According to estimates, the global packaging market was valued at $997.94 billion in 2020 and is expected to reach $1,279.53 billion by 2026, exhibiting a CAGR of 4.5% during the forecast period. This robust growth of the packaging industry is expected to boost demand for injection molded plastics.
Plastics are increasingly being used in the automotive industry for molding various components owing to benefits like lightweight, fuel efficiency, and ease of manufacturing. Plastics are injection molded to produce exterior and interior automotive parts like bumpers, dashboard, interior trims, and more. With rising vehicle production worldwide, demand for automotive plastics is on the rise. According to estimates, global automobile production reached 92.2 million units in 2021 and is expected to exceed 100 million units by 2025. This increasing production of vehicles is anticipated to propel the demand for injection molded plastics.
There are three major segments in the injection molded plastics market – polyethylene, polypropylene, and polyvinyl chloride. Polyethylene holds the largest share of over 30% due to its widespread applications in consumer goods packaging, automotive, and construction industries. It offers benefits such as flexibility, toughness, transparency, chemical resistance and durability which make it suitable for products such as containers, bottles, caps and closures.
Political: The government regulations regarding the use of plastics are increasingly becoming stringent to reduce environmental pollution. Many countries have proposed banning certain single-use plastics. This can negatively impact the market.
Economic: The rising disposable incomes and growth of end-use industries such as automotive, consumer goods and packaging are driving the demand for injection molded plastics. However, volatility in oil prices can affect the prices of plastics.
Social: Growing awareness about environmental hazards of plastics is pushing brand owners and manufacturers to use recycled plastics and develop biodegradable alternatives. However, their high costs compared to conventional plastics are restricting widespread adoption.
Technological: Adoption of advanced injection molding machines integrated with automation, robotics, AI and 3D printing offers higher production capacities and quality. Continuous technological advancements are also aiding the development of new specialty plastics.
The Global Injection Molded Plastics Market Size is expected to witness high growth. The global Injection Molded Plastics Market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
North America dominates the market currently due to strong presence of automotive and consumer electronics industries in the US and Canada. Europe is the second largest market whereas Asia Pacific region is projected to showcase fastest growth aided by increasing automotive manufacturing in China, India along with rising electronics industry in countries like South Korea, Taiwan and Malaysia.
Key players analysis comprises Key players operating in the injection molded plastics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. Increasing R&D investments by these companies for developing advanced plastic materials and innovative production technologies will help gain significant market share
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it