Market Dynamics:

Increased demand from packaging industry acts as a major growth driver for the injection molded plastics market. Plastics have become an integral part of the packaging industry because they are cheap and can be easily molded into lightweight packaging products like bottles, containers, films and more. The burgeoning demand for packaged and processed food from working families worldwide is pushing the boundaries of plastic packaging. Developed regions like North America and Europe are witnessing rising demand for packaged foods like frozen meals owing to changing lifestyles. Meanwhile, developing economies are modernizing rapidly and fueling the expansion of the retailing sector and on-demand delivery models like ecommerce, adding to packaging needs significantly. This factor is poised to boost the adoption of plastic packaging materials thereby pushing the growth of injection molded plastics over the forecast period. Another driver is increasing penetration of plastics in automotive industry. Injection molded plastics are an essential material for producing interior and exterior parts of cars like bumpers, panels, instrument panels, air vents because they are lightweight, durable and impact and corrosion resistant. With the growing automotive sales globally, demand for plastics from this industry is accelerating.

Key Takeaways

The Global Injection Molded Plastics Market Size is expected to witness high growth. 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.

Regional analysis shows that Asia Pacific dominates with a major share and will remain the fastest growing region. China, India, Japan and South Korea are driving the regional market growth due to a large automotive and packaging industry.

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. The market leaders focus on capacity expansion, mergers and acquisitions to consolidate their position. New technologies around 3D printing and recycled plastics offer opportunities for market penetration.

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