Injection molded plastics involve molding plastic materials such as polypropylene, polyvinyl chloride, polycarbonate etc into various complex shapes using mold cavities. They find widespread application in automotive, packaging, consumer goods, electronics, healthcare and construction industries. In automotive industry, injection molded plastics are used to manufacture interior and exterior automotive parts such as dashboards, door panels, bumpers, seating, grills etc owing to advantages such as lightweight, durability and corrosion resistance. The global automotive industry has been witnessing robust growth over the past few years owing to increasing disposable incomes, rising vehicle ownership and production levels especially in emerging economies of Asia Pacific and Latin America. With growing vehicle sales, demand for plastic automotive parts is also increasing significantly thereby driving growth of the global injection molded plastics market.
The global injection molded plastics Market is estimated to be valued at US$ 362.79 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from automotive industry has been a key growth driver for the global injection molded plastics market. Demand for lightweight and durable materials in automotive industry to enhance fuel efficiency has resulted in increased adoption of plastics over traditional materials. Furthermore, stringent environmental regulations regarding vehicular emissions are also encouraging automakers to increasingly utilize plastics for their parts. Injection molded plastics help reduce vehicle weight and improve mileage.
The other driver for the market has been growing demand from consumer goods packaging industry. Injection molded plastics such as PET, HDPE etc are widely used for packaging of food & beverages, consumer electronics, personal care products etc owing to advantages such as transparency, toughness, recyclability and moisture barrier properties. Rising incomes and changing lifestyles especially in developing countries have augmented demand for packaged consumer goods which in turn is fueling consumption of injection molded plastics.
SWOT Analysis
Strength: Injection molded plastics provide many benefits such as durability, consistency in production quality, and ability to mold complex shapes. This technology allows for mass production of identical plastic parts which helps lower production costs. Injection molding machines can rapidly produce parts in high volumes.
Weakness: The injection molding process requires expensive steel molds which have high upfront costs. Any design changes require expensive mold modifications. The process produces waste in the form of runner and sprue systems which adds to material costs.
Opportunity: Increased demand for lightweight components from industries such as automotive, medical, electronics and packaging offers growth opportunities. The medical industry's rising need for single-use plastic products present a major opportunity. Demand for recyclable and sustainable plastics also offers a good opportunity.
Threats: Stringent environmental regulations around the use of plastics pose a challenge. Concerns over plastic waste management may negatively impact demand. Volatility in raw material prices such as crude oil is a threat.
Key Takeaways
The Global Injection Molded Plastics Market Size is expected to witness high growth over the forecast period. The global injection molded plastics Market is estimated to be valued at US$ 362.79 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
North America currently dominates the market due to strong presence of automotive and medical device companies in the region. Asia Pacific is expected to be the fastest growing market with countries like China and India dominating the regional market. The Asia Pacific region is expected to witness the highest growth during the forecast period owing to rapidly expanding manufacturing sectors in China and India. China dominates the Asia Pacific regional market accounting for over 30% of the region's overall injection molded plastics market.
Key players: Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, United Imaging Healthcare Co., Ltd., Mediso Kft., Positron Corporation, Esaote SpA, Carestream Health, Mirada Medical Limited, and Hermes Medical Solutions. These companies are focusing on new product launches and expansion in developing countries to strengthen their market position.
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