Injection Molded Plastics Is Estimated To Witness High Growth Owing To Increasing Demand For Lightweight And Durable Plastics
Injection molded plastics are extensively used in automotive, packaging, consumer goods, electronics, and construction sectors. Plastics are molded under high pressure and then heat applied in order to shape plastics. Injection molding offers short production time and production of complex shapes.
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:
Increasing demand for lightweight and durable plastics from automotive sector is a major driver for the growth of injection molded plastics market. Under the implementation of stringent regulations regarding reduced vehicle weight and improved fuel efficiency, automakers are increasingly using injection molded plastics in place of metals. Plastics help reduce vehicle weight by around 10-25%. This in turn enhances fuel efficiency and reduces emission levels. Further, growing demand for injection molded plastics from electronics and consumer goods industries also supports market growth. Miniature and complex parts are easily manufactured using injection molding technique, thus driving adoption across various end use industries.
SWOT Analysis
Strength: Injection molded plastics have high manufacturing speed and can produce complex designs in large volumes efficiently. With recent advances in injection molding machines and techniques, it is now possible to produce parts with intricate geometric features in high volumes in a cost effective manner. Precision, repeatability and consistency are key strengths of injection molding.
Weakness: Changes in design often require new injection molds to be produced, resulting in high setup costs. Injection molding is generally not suitable for short production runs due to high tooling costs. Producing parts with extremely tight tolerances or from materials that require very high melt temperatures can also be challenging.
Opportunity: Growth of end-use industries such as automotive, consumer goods and medical devices is driving demand for injection molded plastics. Injection molded auto parts are increasingly replacing metal components due to advantages such as lighter weight and design flexibility. Developing bio-based and recyclable plastic formulations provides opportunities for more sustainable injection molded products.
Threats: Stringent environmental regulations around plastic waste recycling and disposal pose challenges. Substitutes such as 3D printing, rotational molding and blow molding can compete for certain applications depending on part design and volumes. Volatility in petroleum-derived polymer prices impacts the overall production cost of injection molded plastics.
Key Takeaways
The Global Injection Molded Plastics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. 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.
The Asia Pacific region currently dominates the market with a share of over 40% in 2024, led by China, India and other Southeast Asian countries. Low cost of production and presence of a large manufacturing base are factors supporting the region's leadership position. North America and Europe are other major markets, characterized by presence of leading automotive OEMs and medical device manufacturers.
Key players operating in the injection molded plastics market are Berry Global Inc., Saudi Basic Industries Corporation (SABIC), BASF SE, ExxonMobil Corporation, Dow Inc., DuPont de Nemours Inc., LyondellBasell Industries Holdings B.V., INEOS, TotalEnergies SE, Eastman Chemical Company. These companies focus on developing innovative bio-based and recyclable plastic formulations to address sustainability imperatives in the industry. Collaborations with part manufacturers are enabling greater use of injection molded parts across industrial sectors.
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