Global 2 Shot Injection Molding Market Overview:
The 2 Shot Injection Molding Market Size was estimated at 12.75 (USD Billion) in 2022. The 2 Shot Injection Molding Market Industry is expected to grow from 13.52(USD Billion) in 2023 to 22.9 (USD Billion) by 2032. The 2 Shot Injection Molding Market CAGR (growth rate) is expected to be around 6.03% during the forecast period (2024 - 2032).
Key 2 Shot Injection Molding Market Trends Highlighted
The 2 Shot Injection Molding Market is characterized by several key trends:Key Market Drivers: Growing demand for complex and multi-functional plastic components across various industries, including automotive, consumer electronics, healthcare, and packaging; increasing emphasis on reducing production costs and improving part quality; and technological advancements in injection molding machines and materials.
Opportunities to be Explored or Captured: Integration of automation and robotics for efficient production processes; development of bio-based and sustainable materials for environmental consciousness; and expansion into emerging markets with high growth potential.
Recent Trends: Rising adoption of advanced molding techniques such as insert molding and micro-molding; increasing focus on product customization and personalization; and integration of 3D printing technologies for rapid prototyping and production of complex geometries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Shot Injection Molding Market Drivers
Growing Demand for Lightweight and Durable Plastics
The key factor contributing to the 2 Shot Injection Molding Market is the rising application of lightweight and durable plastics in various industries including automotive, electronics and healthcare. Weight reduction and durability are of utmost importance as these plastics have a high strength-to-weight ratio and corrosion resistance. In the automotive industry, the demand for light weight plastics is high as every vehicle manufacturer is looking to increase fuel efficiency and reduce pollution.These materials are also used in the electronics industry to manufacture portable devices such as smartphones, laptops and other devices. The healthcare industry also uses lightweight materials to manufacture medical devices and equipment as these are easy to sterilize and are biocompatible. Thus, the market is expected to continue growing being driven by the increasing demand for lightweight and durable plastics.
Technological Advancements in 2-Shot Injection Molding
Technological advancements are the primary factor contributing to the growth of the global two shot injection molding market. The technology used in 2-shot injection molding has advanced significantly over the years with the development of new materials, improved mold design, and enhancement of process control systems. Manufacturers are adopting advanced materials such as high-performance polymers and composites that offer improved strength, heat resistance, and chemical resistance properties.The newer mold designs can produce more complex and intricate parts with more precision. The development of process control systems has resulted in a more efficient and consistent 2-shot injection molding process that leads to a lesser production run time and overall cost. Therefore, the advancements in the 2-shot injection molding technology have made the process more attractive to manufacturers in a wide range of industries.
Increasing Adoption in Emerging Economies
The 2 shot injection molding process is employed in almost all industrial verticals, including automotive, packaging, medical, electrical, and consumer electronics, among others. It is cost-effective, improves the aesthetics and appeal of the final product, reduces the steps between molding operations, and enhances the strength of adhesion between the different sub-components of the final product. The 2 shot injection molding is appropriate for the over-molding operation.The growing popularity of the 2 shot injection molding in emerging economies is also propelling the market’s growth at a rapid pace. China, India, and Brazil are growing to be the manufacturing hubs of the world with their unparalleled industrial and urban growth. The 2 shot injection molding market will boom in these regions as manufacturers will be looking for more cost-effective methods to produce the best quality plastic components. The government programs and initiatives aimed at promoting domestic manufacturing and reducing import dependence will also favor the market’s growth in these regions.The increasing demand for 2 shot injection molding services in emerging economies will also significantly propel the overall 2 shot injection molding market’s growth in the coming five years.
2 Shot Injection Molding Market Segment Insights:
2 Shot Injection Molding Market Application Insights
The 2 Shot Injection Molding Market is divided based on application as Automotive, Healthcare, Consumer Electronics, Packaging, and Industrial. The Automotive segment is anticipated to register the largest market share of 35% in 2024. The segment is also expected to grow at a CAGR of ~6.5% during the forecast period. The growth of the Automotive segment could be attributed to the increasing demand for lightweight and durable components in the automotive industry. The Healthcare segment is anticipated to grow at a CAGR of ~7.0 % during the forecast period based on the growing need for medical devices and equipment.The Consumer Electronics segment is expected to grow at a 6.8 % CAGR during the forecast period due to the surge in demand for electronic gadgets like smartphones, laptops, and tablets. The Packaging segment is expected to grow at a CAGR of ~6.2 % due to the high demand for packaging solutions in the food and beverage, pharmaceutical, and personal care industries. The Industrial segment is projected to grow at a CAGR of ~5.9 % during the forecast period due to the increasing need for industrial components in the aerospace, construction, and machinery, among other industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Shot Injection Molding Market Material Insights
Thermoplastics, thermosets, and elastomers are the primary materials used in 2 Shot Injection Molding, each with distinct characteristics and applications. Thermoplastics, valued at USD 6.2 billion in 2023, hold a significant market share due to their versatility, recyclability, and ease of processing. Thermosets, projected to reach USD 4.5 billion by 2032, are known for their high strength, dimensional stability, and resistance to heat and chemicals. Elastomers, estimated to be worth USD 2.8 billion in 2023, offer flexibility and impact resistance, making them suitable for applications requiring shock absorption and sealing.The growth of these materials is driven by increasing demand from industries such as automotive, electronics, and healthcare.
2 Shot Injection Molding Market Machine Type Insights
The 2 Shot Injection Molding Market is segmented by Machine Type into Horizontal, Vertical, and Rotary. Horizontal injection molding machines are commonly used for larger and more complex parts, and are characterized by a moving mold platen that slides horizontally to open and close. Vertical injection molding machines are more compact and are often used for smaller parts, and are characterized by a moving mold platen that slides vertically to open and close. The growth of this segment is attributed to the increasing demand for large and complex plastic parts in various industries such as automotive, consumer electronics, and healthcare.The Vertical segment is projected to grow at a CAGR of 5.8% during the forecast period 2024-2032. This growth is attributed to the increasing demand for smaller plastic parts in various industries such as electronics, packaging, and medical devices. The Rotary segment is projected to grow at a CAGR of 4.9% during the forecast period 2024-2032. This growth is attributed to the increasing demand for high-volume production of small plastic parts in various industries such as toys, packaging, and consumer goods.
2 Shot Injection Molding Market End-Use Industry Insights
The 2 Shot Injection Molding Market is segmented based on end-use industry into automotive, medical, electronics, aerospace, and consumer products. The automotive segment held the largest market share in 2023, accounting for over 35% of the global market revenue. The automotive industry uses 2 shot injection molding to produce a wide range of components, including interior trim, exterior body panels, and functional parts. The medical segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for medical devices and components.The electronics segment is also expected to witness significant growth, owing to the rising demand for electronic devices and components. The aerospace segment is expected to grow steadily, driven by the increasing production of aircraft and spacecraft. The consumer products segment is expected to grow at a moderate pace, driven by the rising demand for consumer products such as toys, appliances, and furniture.
2 Shot Injection Molding Market Regional Insights
The 2 Shot Injection Molding Market is segmented into North America, Europe, APAC, South America, and MEA. APAC is expected to hold the largest market share in 2023, owing to the increasing demand for 2 shot injection molding in the automotive and electronics industries. North America is expected to be the second largest market, followed by Europe. The growth of the market is attributed to the increasing demand for 2 shot injection molding in the automotive, electronics, and medical industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Shot Injection Molding Market Key Players And Competitive Insights:
Major players in 2 Shot Injection Molding Market industry are constantly striving to gain a competitive edge by investing in research and development to introduce innovative products and technologies. Leading 2 Shot Injection Molding Market players are focusing on expanding their global presence through strategic partnerships, acquisitions, and joint ventures. The 2 Shot Injection Molding Market development is driven by the increasing demand for lightweight, durable, and cost-effective components across various industries. The competitive landscape is characterized by the presence of both established players and emerging entrants, each vying for market share through product differentiation, strategic alliances, and aggressive marketing campaigns.Ajinomoto build its position in 2 Shot Injection Molding Market industry through its commitment to innovation and customer satisfaction. The company invests heavily in research and development to create cutting-edge solutions that meet the evolving needs of the market. Moreover, Ajinomoto's global presence and extensive distribution network allow it to cater to a wide range of customers efficiently. The company's strong financial performance and commitment to sustainability further contribute to its competitive advantage.On the other hand, Sumitomo Chemical has established a strong position in 2 Shot Injection Molding Market through its focus on product quality and customer service. The company's commitment to producing high-quality products has earned it a reputation for reliability and excellence. Additionally, Sumitomo Chemical's extensive product portfolio allows it to cater to a diverse range of customer requirements. The company's focus on sustainability and environmental responsibility also aligns with the growing demand for eco-friendly solutions, giving it a competitive edge in the market.
Key Companies in the 2 Shot Injection Molding Market Include:
2 Shot Injection Molding Market Industry Developments
The 2 Shot Injection Molding Market is expected to reach USD 22.9 billion by 2032, exhibiting a CAGR of 6.03% during the forecast period (2024-2032). Rising demand for lightweight and durable plastic components in various industries, such as automotive, medical, and consumer electronics, is driving market growth. Technological advancements, such as the integration of automation and Industry 4.0 solutions, are further enhancing efficiency and productivity in the 2 Shot Injection Molding process. Key industry players are investing in research and development to introduce innovative materials and molding techniques, which is expected to create new growth opportunities in the market.
2 Shot Injection Molding Market Segmentation Insights
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2 Shot Injection Molding Market Application Outlook
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Automotive
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Healthcare
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Consumer Electronics
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Packaging
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Industrial
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2 Shot Injection Molding Market Material Outlook
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Thermoplastics
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Thermosets
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Elastomers
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2 Shot Injection Molding Market Machine Type Outlook
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Horizontal
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Vertical
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Rotary
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2 Shot Injection Molding Market End-Use Industry Outlook
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Automotive
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Medical
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Electronics
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Aerospace
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Consumer Products
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2 Shot Injection Molding Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
12.75(USD Billion) |
| Market Size 2023 |
13.52(USD Billion) |
| Market Size 2032 |
22.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.03% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Sumitomo (SHI) Demag ,Engel ,Husky Technologies ,Yizumi Precision Machinery ,KraussMaffei ,Arburg ,Mayer ,Windsor Mold Group ,Milacron Holdings ,Chen Hsong ,Haitian International Holdings ,Billion ,Vegatec ,Stark |
| Segments Covered |
Application ,Material ,Machine Type ,End-Use Industry ,Regional |
| Key Market Opportunities |
Automotive industry growth Medical device manufacturing expansion Consumer electronics innovation Packaging industry advancements Construction sector development |
| Key Market Dynamics |
Rising demand for lightweight materials Increasing adoption in healthcare and automotive industries Advancements in technology and versatility |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The 2 Shot Injection Molding Market is estimated to reach USD 22.9 billion by 2032, exhibiting a CAGR of 6.03% during the forecast period of 2023-2032.
The Asia-Pacific region dominated the 2 Shot Injection Molding Market in 2023 and is projected to maintain its dominance throughout the forecast period. The growth in this region is primarily attributed to the increasing demand for 2 shot injection molded products from various end-use industries, such as automotive, healthcare, consumer electronics, and packaging.
Major growth drivers of the 2 Shot Injection Molding Market include rising demand for lightweight and durable plastic components in various industries, technological advancements leading to improved efficiency and precision in molding processes, and increasing adoption of 2 shot injection molding in the production of complex and multi-component products.
2 Shot Injection Molding finds applications in a wide range of industries, including automotive, healthcare, consumer electronics, packaging, and construction. In the automotive industry, 2 shot injection molding is used to produce interior and exterior components, such as dashboards, door panels, and bumpers. In the healthcare industry, it is used to manufacture medical devices, such as syringes, vials, and surgical instruments. In the consumer electronics industry, 2 shot injection molding is used to produce components for smartphones, laptops, and other electronic devices.
Key players in the 2 Shot Injection Molding Market include Haitian International Holdings Limited, Sumitomo (SHI) Demag Plastics Machinery GmbH, Engel Holding GmbH, KraussMaffei Technologies GmbH, and Milacron Holdings Corp.
The 2 Shot Injection Molding Market faces challenges such as high tooling costs, complex manufacturing processes, and intense competition from alternative manufacturing technologies. Additionally, fluctuations in raw material prices and economic downturns can impact the growth of the market.
Opportunities for growth in the 2 Shot Injection Molding Market include increasing demand for lightweight and durable plastic components, technological advancements leading to improved efficiency and precision in molding processes, and rising adoption of 2 shot injection molding in the production of complex and multi-component products.
Key trends in the 2 Shot Injection Molding Market include the adoption of automation and Industry 4.0 technologies, the development of new materials and technologies for 2 shot injection molding, and the increasing use of 2 shot injection molding in the production of sustainable and environmentally friendly products.
The 2 Shot Injection Molding Market is expected to grow from USD 13.52 billion in 2023 to USD 22.9 billion by 2032, at a CAGR of 6.03% during the forecast period of 2023-2032.
Key factors driving the growth of the 2 Shot Injection Molding Market include rising demand for lightweight and durable plastic components, technological advancements leading to improved efficiency and precision in molding processes, and increasing adoption of 2 shot injection molding in the production of complex and multi-component products.
