The global injection molded plastics market is projected to reach around US$ 459.0 Million by the end of 2030, in terms of revenue, growing at CAGR of 5.5% during the forecast period (2023-2030).
Global Injection Molded Plastics Market: Growth Drivers
Rapidly expanding end use industries
Expansion of the housewares market around the globe is a prime factor propelling the market growth of the injection molded plastics. Injection-molded plastics are used to produce various housewares products, such as beverage ware, cookware, dinner ware, bake ware, flatware, and cutlery. The growth of the housewares market is also attributed to increasing population around the globe. Thus, the growth of the house ware market is expected to foster the market growth of injection molded plastics globally.
Growth in the plastic packaging market is projected to augment the market growth of the injection molded plastics. Plastic packaging is one of the largest user of injection molded plastics. The rise in the demand for food packaging and other industrial packaging is driving demand for plastic packaging, especially across developing countries. Hence, growth in the plastic packaging market is accelerating the market growth of the injection molded plastics.
However, certain segments of the market such as healthcare and food & beverage industries are witnessing a surge in demand for plastics which in turn is expected to fuel the growth of the global injection molded plastics market till 2021.
Global Injection Molded Plastics Market: Restraints
Alternative techniques in Injection Molded Plastics:
Due to some popular alternative techniques for manufacturing plastic products like bow molding, polymer casting, extrusion, and 3D printing, such as the bow molding process operates at a lower pressure as compared to injection molding, leading to lesser production cost. One of the production process which is popular nowadays is 3D printing of plastic parts. As 3D printers require minimal tooling and setup time for designing, the cost of producing a custom part is negligible in comparison with traditional production processes. Presence of such kinds of production technologies, is thus proving to be hindrance to the growth of injection molded plastics market.
Rising environmental concern may affect the market:
An environmental concern associated with the use of plastic products is projected to hinder the market growth of injection molded plastics. Production and disposal of plastic have various environmental impacts as they are non-degradable in nature.
Moreover, high initial investment of the equipment used in the injection molded plastics is expected to hamper the market growth over the forecast period.
A sharp change in the trend of replacing steel with plastics in the automotive industry is expected to drive the growth of the demand for injection molded plastics during the forecast period. Recently, government regulations have forced automakers to use plastic instead of other materials such as iron and steel.
Automakers are focused on reducing overall vehicle weight to improve fuel efficiency, and using plastic as an alternative will increase use of plastics as a substitute for metals and alloys in automotive components is expected to increase product demand in the automotive sector and provide significant growth opportunities in the near future. For instance, in May 2021, AlphaGem Bio, a supplier of medical lab ware for liquid transfer handling, launched a polymerase chain reaction (PCR) plate made of TOPAS cyclic olefin copolymer (COC) from Poly plastics USA.
Injection Molded Plastics Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 298.5 Mn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||5.5%||2030 Value Projection:||US$ 459.0 Mn|
BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries
|Restraints & Challenges:||
Polypropylene material is gaining traction across automotive components, household goods, and packaging applications. It is mainly used in electrical connector covers and bases in order to provide electrical and mechanical support as it has superior electrical insulation properties. Thus, the growing popularity of polypropylene material is projected to augment the market growth of the injection molded plastics over the forecast period.
Growing demand for a lightweight vehicle for fuel efficiency is expected to foster the market growth of the injection molded plastics. Thus, the growth of the injection molded plastics market is also attributed to the rising adoption of the advanced plastic across the automotive industry.
Covid-19 Impact on Global Injection Molded Plastics Market
Disruptions in supply chain and raw material availability owing to Coronavirus (Covid-19) Pandemic have hampered the production rate of various products, such as consumer goods, automotive parts, constructions materials, and others. The Covis-19 had a negative impact on the global Injection Molded Plastics Market.
Global Injection Molded Plastics Market: Recent Developments
In October 2021, Silgan Holdings, a Connecticut-based American manufacturing company that produces consumer goods packaging, acquired Gateway Plastic, engaged in manufacturing of dispensing closures and integrated dispensing packaging solutions. This will increase the global injection molded plastics market as it will be required to a greater extent for goods packaging solutions.
In May 2021, Boddingtons, a medical device manufacturer, invested in five new injection moulding machines to meet demand for a new OEM client in the pharmaceutical sector.
In October 2022, SyBridge Technologies, a global industrial technology company, has completed the acquisition of Pyramid Mold and Tool. Based in Rancho Cucamonga, Calif., Pyramid manufactures precision multi-cavity plastic injection molding tools focused on the life sciences industry, but also serves the personal care and select industrial markets.
Figure 1. Global Injection Molded Plastics Market Share (%) in terms of Value, By Region, in 2022
Asia Pacific region dominated the Global Injection Molded Plastics Market in 2022, accounting for a 36% share in terms of value, followed by North America and Europe respectively.
Figure 2. Global Injection Molded Plastics Market: Share (%), By Application, in 2022
On the basis of application in 2022, the segment has accounted for Consumables and Electronics the largest market share of 33% in terms of value.
Global Injection Molded Plastics Market: Key Companies
Key Companies are BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries
*Definition: Injection molding is a manufacturing process that produces parts by injecting material into molds to create objects of various shapes and sizes. Injection molding can be performed on a wide variety of materials including metals, elastomers, glass, confectionery, and polymers. Injection molded plastics are used in many parts such as auto parts, bottle caps, packaging, storage containers, mechanical parts, wire spools, etc.
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