by The injection-molded plastics process is used to produce customized plastic parts and components for various end-use industries including packaging, automotive, consumer goods, medical devices, and more. It allows for mass production of plastic parts with precision and accuracy. Injection molding is economical for high-volume production and the molded parts can be reused and recycled.
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.
Market key trends:
Rising demand from packaging and automotive industries is fueling the injection molded plastics market. Packaging and automotive industries are the major consumers of injection molded plastics. In the packaging industry, plastic containers, caps, closures and other components are produced using injection molded plastics. Growing e-commerce sector and increasing demand for packaged food and beverages is driving the usage of plastics in packaging applications. The automotive industry also uses injection molded plastics for various interior and exterior automotive parts due to benefits such as lightweight and durability. Increasing vehicle production globally is positively impacting the market growth.
SWOT Analysis
Strength: The injection molded plastics market has strong potential for growth due to rising demand from end use industries like automotive, packaging, consumer goods, etc. It is a cost effective process for producing complex parts in high volumes.
Weakness: Initial high cost of machinery and mold required for injection molding process. Changes in design require modification in molds which increases the cost.
Opportunity: Opportunities lie in emerging applications of plastics in electric vehicles, renewable energy equipment and medical devices. Development of bio-based and recycled plastics also opens new growth avenues.
Threats: Strict environmental regulations pose threats due to non-biodegradable nature of plastics. Volatility in crude oil prices affects the raw material cost.
Key Takeaways
The Global Injection Molded Plastics Market Growth is expected to witness high. 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.
The Asia Pacific region currently dominates the global market due to presence of major automotive and consumer goods manufacturing hubs in countries like China, India, Japan, etc. North America and Europe are other major markets driven by well-established end use industries.
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. These companies are focusing on developing innovative materials, recycling technologies and customized solutions to gain higher share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
