USD 284.7 billion
Report ID: SQMIG30H2032 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 66 | Figures: 75
Global Injection Molded Plastic Market size was valued at USD 284.7 billion in 2021 and is poised to grow from USD 296.66 billion in 2022 to USD 429.6 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).
The market for injection-molded plastics is growing as a result of the increased demand for plastics across a range of end-use sectors. Injection molding technology enables the mass production of plastic products with high resource efficiency and low waste. Injection molding is a manufacturing process for producing plastic products by injecting molten material into a mold where it is melted, cooled and subsequently solidified as the final part or product. Both thermoplastic and thermosetting injection molded plastics are used for manufacturing of various parts and components across industries. Along with this, the advantages such as low production costs and high reliability associated with this technology, are supporting its market growth. It has also gained high significance in the mass production of complicated plastic shapes, as it produces the desired product with a lower rate of defective production.
Additionally, the procedure can be used to produce plastic parts using multiple plastic varieties simultaneously. Also, the introduction of robots in the injection molding process to carry out tasks like loading components into the injection molding, and completing and assembling injection molded parts is expected to aid the expansion of the market.
US Injection Molded Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 284.7 billion
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The Global Injection Molded Plastic Market is segmented based on raw material, application and region. Based on Raw Material, it is categorized into Polystyrene (PS), High-density polyethylene (HDPE), Acrylonitrile Butadiene Styrene (ABS), and Polypropylene (PP). Based on Application, it is categorized into Building & Construction, Automotive, Consumables & Electronics, Packaging and Medical. Based on region, Injection Molded Plastic Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Injection Molded Plastic Market Analysis by Raw Material
On the basis of raw material, Polypropylene(PP) segment held the largest market share in 2021, due to the growing consumption of PP in household goods, packaging, and automotive components. It is projected that increasing PP-based product penetration in protective caps, electrical connections & battery housings, and food packaging would further fuel its demand, over the forecast period. This is because of their properties such as easy molding, heat resistance, electrical insulating qualities, ability to resist corrosion, and inexpensive cost.
ABS has emerged as the next fast growing segment after the PP segment. It held the second largest market share in the injection molded plastic market in 2021 and the rising ABS component demand in the manufacturing of consumer appliances, automotive parts, electronic housings, and medical devices is expected to propel its expansion over the forecast period.
Injection Molded Plastic Market Analysis by Application
On the basis of application, the packaging segment is currently dominating the global injection molded plastic market, with the largest market share in 2021. The demand for injection molded plastics in the packaging industry is fueled by rigid packaging used in both the industrial and consumer packaging sectors. To meet regulatory standards and end-user specifications, the completed products used in packaging go through a number of development stages and must meet certain standards in order to be used in packaging applications, including improving the shelf life of food products, improving the wear and tear resistance and better durability.
Apart from this, the medical and automotive segments, in particular, possess enormous potential for injection-molded plastics. The use of medical-grade polymers in the healthcare industry is expected to be subject to strict regulatory conditions, which is expected to further stimulate the growth of the injection molded plastic market. The medical industry is also expected to benefit from a growing preference for biodegradable polymers among medical device manufacturers, over the forecast period.
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Based on the region, Asia Pacific currently dominates the injection molded plastic market with respect to market share. Market penetration in this region is projected to be supported by rising infrastructure investments and rising automobile demand in nations like China, India, Indonesia, and Malaysia. Due to the cheap labor costs, significant end-use sectors, like electronics and autos, are moving their manufacturing bases to nations like India, China, Indonesia, and Thailand, which is supporting the market growth.
Europe is another significant injection molded plastic market. Applications for packaging non-food and non-beverage products in Europe including cosmetics and toiletries, drugs, and household chemicals, is expected to increase the demand for injection molded plastic in this region.
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Injection Molded Plastic Market Drivers
In many different industries, injection-molded plastic offers a wide variety of uses. The automotive industry is also expanding its need for strong, lightweight alternatives to heavy metal components. Similar to how the packaging, construction, and pharmaceutical industries are growing, so is the demand for injection-molded plastics. Among all the packaging industry is the major consumer of molded plastics.The commonly used molded plastics in packaging application include PE,PP and PET. The injection molding sector will surely benefit from and be stimulated by technological advancements in molding technology.
Injection Molded Plastic Market Restraints
Stringent Regulations of Governments
The rising awareness among the individuals regarding the environment is the major concern for this market . The use of plastic has a harmful impact on the environment as it takes decades to decompose . Governments all around the globe have to take several important measures to reduce the use of plastic to decrease the plastic waste.Stepins are done by the government to promote the recycling of plastic and sustainable packaging.
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An enormously unorganized sector exists in the extremely fragmented global market, especially in the Asia Pacific and Latin America. In order to benefit from operational excellence and obtain economies of scale, businesses, particularly those from the Asia Pacific, have been on the lookout for sizable capacity additions over the past few years. The market is competitive in terms of price and distribution channels thanks to a varied product portfolio and differentiation.
Injection Molded Plastic Market Top Players Company Profiles
Injection Molded Plastic Market Recent Developments
Even though manufacturing costs play a big role in determining how quickly new technologies are adopted, the usability of these technologies in complicated applications outweighs the cost factor. For the purpose of monitoring operations, new technologies like the Internet of Things, automation, and others are being merged with injection molding. For instance, the BOY Machines Status App, which enables remote monitoring of injection operations using internet-connected devices, was recently created by the company that sells precision injection molding machines.
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According to the analysis, the global injection molded plastic market is currently led by countries in the Asia Pacific region with the packaging segment currently dominating the market share, owing to rigid packaging used in both the industrial and consumer packaging sectors, and is anticipated to continue dominating the market over the forecast period.
|Market size value in 2021
|USD 284.7 billion
|Market size value in 2030
|USD 429.6 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Injection Molded Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Injection Molded Plastic Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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