Injection molded plastics have a variety of applications in industries such as automotive, packaging, electronics, and medical devices due to advantages such as versatility, durability and cost-effectiveness. Injection molded plastics are used to manufacture customized industrial and consumer plastic components that require precision and detail. The growing demand for customized and complex plastic parts from end-use industries is driving greater utilization of injection molding technology.
Injection molding is a popular manufacturing technique for producing multiple parts using molds. Molten plastic is injected at high pressure into a steel mold cavity, which shapes and forms the plastic into the desired design outlines as it cools. This allows for high-volume production of consistent net-shape plastic parts. A wide variety of thermoplastics can be processed such as polypropylene, polystyrene, polycarbonate, nylon, and ABS. Injection molded plastics have applications as gears, casings, handles, containers, packaging, and more. Their durability, chemical resistance and ability to be customized per application requirements through injection molding has led to their increased use.
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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing use of recycled plastics content in injection molded components is a major trend. Plastics manufacturers are developing new techniques and hybrid materials to incorporate post-consumer recycled plastics into molded parts while maintaining optimal physical properties. This helps reduce the dependency on virgin plastics. Additionally, the development of new techniques like 3D printing of injection molds allows for greater design flexibility and reduced tooling costs. This has expanded application horizons for injection molding. However, factors like volatility in raw material prices and growing environmental regulations around plastic waste disposal represent challenges for industry growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the injection molded plastics market. High capital investment requirements and presence of well-established players pose a barrier to new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Large buyers have significant bargaining power due to possibility of backward integration and fewer switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Commodity nature of raw materials limits supplier power though production scale and accessibility of raw materials influence it.
Threat of new substitutes: The threat of new substitutes is low. Injection molded plastics have well-established application areas and substitutes offer little relative advantage.
Competitive rivalry: The industry features strong competitive rivalry due to a large number of players and limited product differentiation. Competition focuses on quality, pricing, and customizations.
Key Takeaways
Global Injection Molded Plastics Market Size is expected to witness high growth over the forecast period supported by growth in end-use industries and technological advancements.
Regional analysis: North America is anticipated to dominate the market during the forecast period. This is attributed to the presence of key automotive manufacturers in the region. The market in Asia Pacific is estimated to witness the fastest growth due to rapid industrialization and developing end-use industries in China and India.
Key players: Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Inc., XinRay Systems, Carestream Health, and Hitachi Medical Corporation. The global market is competitive with these players focusing on product innovations and portfolio expansions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
