by Injection molded plastics are widely used in applications across industries such as automotive, packaging, consumer goods, medical devices, and electronics. In the automotive industry, injection molded plastics help reduce vehicle weight and improve fuel efficiency by replacing metal components. Some common automotive plastic parts manufactured using injection molding include interior and exterior parts like door panels, bumpers, grilles, and seating components. The rising sales of vehicles and stringent regulations regarding vehicle weight and emissions are expected to drive the demand for plastics in automotive manufacturing.
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 Dynamics:
The growing automotive sector as well as increasing demand for lightweight and durable materials from this industry is expected to drive the growth of the global injection molded plastics market over the forecast period. For instance, regulations requiring fuel efficiency and emission reduction are encouraging automakers to use more plastics in vehicles to reduce weight, thereby improving mileage. Several OEMs are focusing on injection molding for manufacturing various interior and exterior automotive parts such as bumpers, grilles, and seating components from engineering-grade plastics.
Furthermore, the expansion of end-use industries such as electronics, medical devices, packaging where injection molding finds widespread application is expected to propel the market growth. The material properties offered by injection molded plastics such as durability, design flexibility, ease of manufacturing, and competitive pricing continue to boost their preference over other materials. However, volatile raw material prices may hamper market growth over the forecast period.
Segment Analysis
The injection molded plastics market is dominated by the packaging segment which holds around 30% share of the total market. Being light weight, durable and cost effective, plastics are widely used in packaging of food and beverages, consumer goods and other industrial products. The demand from packaging industry is rising due to growth in e-commerce and online shopping.
PEST Analysis
Political: Any regulations regarding the use of plastics can impact the market. Many countries are introducing bans on single use plastics to reduce pollution.
Economic: The market is dependent on growth in end use industries like automotive, consumer goods, healthcare etc. Economic slowdowns can negatively impact sales.
Social: Growing environmental concerns are pushing brand owners and manufacturers to use more sustainable and recycled plastic materials.
Technological: Advancements in injection molding equipment and methods help increase productivity and lower costs. Developments in materials science are leading to new grades of plastics.
Key Takeaways
Global Injection Molded Plastics Market Size is expected to witness high growth over the forecast period driven by rising demand from end use industries.
Regional Analysis: The Asia Pacific region holds around 35% share of the global injection molded plastics market led by China, India and other Southeast Asian countries. Abundant availability of raw materials and cheap labor has made this region a manufacturing hub for various industries. The growing population, rising income levels and increasing investments in infrastructure are augmenting the demand for plastics in this region.
Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V. GE Healthcare and Siemens Healthineers are prominently positioned in the medical devices segment while Fujifilm Holdings and Bruker Corporation have a strong presence in the life sciences tools segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
