The global Injection Molded Plastics Market Growth Accelerated by...

The global Injection Molded Plastics Market Growth Accelerated by Increased usage of plastics for Medical applications

Posted 2024-02-01 10:17:27

Injection molded plastics are widely used in the manufacturing of medical devices and equipment owing to advantages such as durability, chemical resistance, low weight, and design flexibility. Plastics such as polycarbonate, polypropylene, and ABS are commonly used in the production of devices and parts associated with drug delivery, diagnostic imaging, implantable products, and mobility aids. The rising demand for minimally invasive surgeries and increasing adoption of 3D printing is propelling the demand for plastics in the healthcare sector.

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 key trends:
The increased usage of plastics can be attributed to the key trend of technological advancements in medical devices. 3D printing technology has allowed manufacturers to customize devices as per patient's needs. Plastics are widely used in 3D printing owing to their biocompatibility and ability to be molded into complex shapes. Moreover, plastic materials enhanced the functionality of 3D printed implants, surgical tools, and prosthetics. The development of lightweight and durable alternatives to metals has accelerated the adoption of plastics among orthopedic, cardiovascular, and craniofacial medical device manufacturers.

Segment Analysis
The global injection molded plastics market is divided into industrial, packaging, electrical & electronics, construction, automotive, medical, and consumer goods segments. The packaging segment dominates the market and accounted for over 30% of the overall demand in 2024. The demand for various packaging solutions such as bottles, containers, and plastic trays is increasing rapidly from the food and beverage industry. These molded plastics offer advantages such as durability, leak-proof packaging, light weight, and cost-effectiveness.

Key Takeaways
The global injection molded plastics market is expected to witness high growth over the forecast period of 2024 to 2031. 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.

The Asia Pacific region is expected to dominate the overall market during this period. The region accounted for more than 35% of the global demand in 2024. The rapid growth in industries such as electronics, automotive, construction, and healthcare is driving the molded plastics market in Asia Pacific countries like China, India, Japan, and South Korea. Also, China is a manufacturing hub for electronic and industrial machines where molded plastics are extensively used to develop various components. India and other Southeast Asian countries are also witnessing increasing demand from industries like packaging, consumer goods, and healthcare.

Key players related content comprises
Key players operating in the injection molded plastics market include 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. GE Healthcare and Siemens Healthineers are the leading players focusing on developing innovative medical imaging devices using advanced injection molding techniques.