Injection Molding Materials-Insights
Injection molding process is the manufacturing process for producing parts by inserting materials into a mold to create varied shapes and sizes of the object. Injection molding can be achieved with a host of materials consisting of metals, elastomers, glasses, confections, and polymers. Injection molding is extensively used for manufacturing a variety of components such as automotive parts, bottle caps, packaging, storage containers, mechanical parts, and wire spools. Low maintenance cost, low consumption of energy, high accuracy are some of the properties offered by injection molding process, which, in turn contribute to growth of the injection molding materials market.
Plastic is the most attractive material segment and accounts for the largest market share owing to its increasing demand from various end-use industries such as packaging, automotive, electronics and consumer goods, medical disposal, and building and construction.
Packaging industry accounted for the largest market share in the injection molding materials market due to the increased consumption of consumer goods, cosmetics, and healthcare products. Hydraulic injection molding machinery is extensively used in the injection molding process. The high demand for hydraulic molding machines is attributed to its advancement in technology, lower cost, improved performance, and long service life.
Asia Pacific is the most dominant region in the global injection molding materials market, owing to the growing automotive and packaging industries in the region, which employ the injection molding process for various applications. Furthermore, increasing number of commercial vehicles and technological advancements in the region, is expected to boost the demand for injection molding materials globally, in turn fueling growth of the market over the forecast period. According to IBEF, vehicle 14 million vehicles were manufactured in 2010. India offers low manufacturing costs owing to low design, limited investment in research activities, and low labor cost coupled with local sourcing of components. Policy initiative such as low excise duties and Value Added Tax (VAT) have been implemented to boost the demand for the automotive industries in India.
Europe is the second largest region in terms of value in the global injection molding materials market. Increasing demand for electrical appliances and automotive components fuels the growth of the injection molding materials market in Europe. Moreover, increasing globalization and production have led to the steady growth of the market in the region. Manufacturers operating in the injection molding materials market are focusing on and largely investing in research and development to expand their product portfolio in Europe. The injection molding materials market in North America is expected to experience significant growth during the forecast period. According to FDA, validation is a prerequisite for injection molding. The process is fully verified by subsequent test and inspection.
The global injection molding materials market was valued at US$ 212.81 billion in 2016 and is expected to exhibit a CAGR of 6.0%, in terms of revenue, over the forecast period (2017 – 2025).
Figure 1. Global Injection Molding Materials Market Share, By Region, 2016
Source: Coherent Market Insights (2017)
Asia Pacific and Europe accounted for major shares in the global injection molding market, in terms of revenue, in 2016 and are expected to sustain their dominance over the forecast period. However, the recent economic depression in Europe and the entry of new market players in the global injection molding materials market are expected to thwart growth of the market in Europe during the forecast period.
Major Players in the Global Injection Molding Material Market
Some of the key players in the global injection molding materials market include ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group.