Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market dynamics of the injection molded plastics industry are shaped by a variety of factors that influence supply, demand, pricing, and overall market trends. One of the key drivers of this market is the increasing demand from various end-use industries such as automotive, packaging, electronics, healthcare, and consumer goods. These industries rely heavily on injection molded plastics for manufacturing components, packaging materials, and consumer products due to their versatility, cost-effectiveness, and lightweight nature.
Injection molding is the process of manufacturing plastic products of varying shapes and sizes using a mold. In this method, the raw materials are melted and then injected into a cavity of mold to cast into various shapes which solidify on cooling to obtain the shape. The melt takes the shape of mold once cooled and is ejected from the mold with clear finishing.
Moreover, technological advancements in the injection molding process have led to improved efficiency, shorter production cycles, and enhanced product quality, driving further demand for injection molded plastics. Additionally, the growing emphasis on sustainability and environmental concerns has prompted manufacturers to develop bio-based and recyclable plastics, which are gaining traction in the market.
On the supply side, the injection molded plastics market is influenced by factors such as raw material availability, production capacity, and regulatory policies. The availability and cost of raw materials, primarily petrochemical-based resins such as polyethylene, polypropylene, and polystyrene, play a significant role in determining the profitability and competitiveness of manufacturers. Fluctuations in crude oil prices, geopolitical tensions, and supply chain disruptions can impact the cost of raw materials and, subsequently, the overall market dynamics.
Furthermore, the competitive landscape of the injection molded plastics market is characterized by the presence of numerous players ranging from large multinational corporations to small and medium-sized enterprises. Intense competition among these companies compels them to innovate, invest in research and development, and differentiate their products to gain a competitive edge. Factors such as product quality, pricing, brand reputation, and customer service also influence market dynamics and the competitive positioning of manufacturers.
Moreover, globalization and the expansion of manufacturing facilities in emerging markets have led to significant shifts in the geographical distribution of production capacities and consumption patterns. Countries such as China, India, Brazil, and Mexico have emerged as key players in the injection molded plastics market due to their growing industrialization, large consumer base, and favorable business environments.
In terms of market trends, there is a growing demand for customized and high-performance plastics to meet the specific requirements of various end-use applications. Manufacturers are increasingly focusing on developing specialty grades of plastics with enhanced mechanical, thermal, and chemical properties to cater to the evolving needs of industries such as automotive, electronics, and healthcare.
Additionally, the COVID-19 pandemic has had a profound impact on the injection molded plastics market, causing disruptions in the supply chain, production slowdowns, and fluctuations in demand. While the pandemic initially led to a decline in market growth due to lockdowns and economic uncertainties, the gradual recovery of end-use industries and the adoption of stringent hygiene measures have spurred demand for plastic packaging, medical devices, and personal protective equipment.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|
Injection Molded Plastic Market Highlights:
Global Injection Molded Plastics Market Overview
Injection Molded Plastics Market Size was valued at USD 314.6 billion in 2023. The injection molded plastics industry is projected to grow from USD 324.98 billion in 2024 to USD 403.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.70% during the forecast period (2024 - 2032). The rising use of injection molded plastics in the automotive sector, building and construction, and other industries is the primary market driver credited for the industry's growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Injection Molded Plastics Market Trends
-
Rising demand from the automotive industry to propel the market growth
Automotive plastic injection moulding develops into a significant production process in the automotive sector, where quality, consistency, and safety are of utmost importance. Due to the rigidity, flexibility, corrosion resistance, and weather resistance of injection molded plastics like polypropylene and polystyrene, these materials are employed to create a variety of vehicle parts. Car doors, cable insulation, carpet fibers, bumpers, and bodies, for instance, are made of polypropylene, whereas the instrument panel is made of polystyrene. As per market dynamics, car businesses are gradually replacing their metal automotive parts with plastic because automotive injection-molded plastic is lightweight and less expensive. For instance, Toyota Motor Corp. used plastic injection moulding in 2020 to make seats for its 2021 Sienna Minivan lighter and less expensive. For the 2020 Model Y's headliner and HVAC system, Tesla employed plastics that were injected into moulds, and it plans to use more injection-molded plastic in its other vehicles going forward. Thus, this factor is driving the market CAGR for injection molded plastics.
Additionally, due to their qualities, such as reduced package weight and the availability of a wide range of container designs, plastics are frequently utilised, much like glass, and can be used as alternatives in frozen food packaging, vegetable packaging, bakery packaging, and ready meal packaging. The lack of raw resources, the labour scarcity, and the unbiased operation of manufacturing sectors all contributed to the expansion of COVID-19, which had an effect on the packaging industry. With evolving consumer tastes and a rise in the demand for packaged food and water, the market is anticipated to rebound. While other polymers are also in demand for various plastic packing applications during the COVID-19 pandemic, Vanden Recycling Ltd. claims that there has been no decrease in the market for PET and HDPE to be utilised in plastic bottles.
Furthermore, as new technologies are made available on the market for injection molded plastics, all manufacturers of injection molded plastics now have the opportunity to take use of these developments in their injection moulding process, giving them more control, flexibility, and precision. For instance, in 2020 Rodon Group added six Nissei Hybrid Injection Molding Machines to its manufacturing process; as a result, the company will be able to cut its energy costs by up to 47% and increase the range of products it offers for plastics that can be customized during the injection moulding process. A process monitoring system that Kistler developed in 2021 will stop the use of subpar material in the injection moulding process. As a result, the cost of producing injection molded plastics like acrylonitrile butadiene styrene and polypropylene can be decreased with the adoption of such new technologies. Thus, it is anticipated that this aspect will accelerate injection molded plastics market revenue globally.
Injection Molded Plastics Market Segment Insights
Injection Molded Plastics Type Insights
The injection molded plastics market segmentation has been segmented by type into polypropylene, ABS, ASA, SAN, HDPE, LDPE, LLDPE, polystyrene, polycarbonate, PEEK, PET, polyurethane thermoplastics and others. As per the market forecast, the battery electric vehicles segment dominated the injection molded plastics market data in 2021 and is projected to be the faster-growing segment during 2022-2030. Its superior qualities, such as light weight, shock resistance, low friction, chemical corrosion resistance, etc., account for this. Gears are made of polypropylene, which has a wide range of industrial applications, including the automotive industry. It is employed in the construction industry for the insulation of electrical cable systems and the sterilization of medical supplies like syringes and vials.
Injection Molded Plastics Application Insights
The injection molded plastics market segmentation, based on application, Packaging, Consumables & Electronics, Automotive & Transportation, Building & Construction, Medical and Others. The packaging segment dominated the injection molded plastics market revenue in 2023 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to a number of causes, including the rising need for long-lasting and non-toxic packaging materials by industries including food and beverage packaging. Various food-grade materials like low-density polyethylene, polystyrene, and polypropylene used in plastic injection moulding have unique qualities like high durability, chemical resistance, tolerance of all-weather type, etc. This makes them useful packaging materials in the food business.
Figure 2: Injection Molded Plastics Market by Application, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Injection Molded Plastics Regional Insights
By region, the study provides the market insights for injection molded plastics into North America, Europe, Asia-Pacific, and the Rest of the World. North America injection molded plastics market accounted for USD 114.3 billion in 2021 and is expected to exhibit a 42.60% CAGR during the study period due to the region's electronics and packaging sectors' exponential growth in demand. For instance, cutting-edge computer chips are still produced in the US and are used in a variety of products, including military hardware, medical devices, communication technology, and others. Additionally, there is a sizable manufacturer base in this area, thus it is anticipated that the injection molded plastics industry will experience robust expansion soon.
Further, the major countries studied in the market report for injection molded plastics are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: INJECTION MOLDED PLASTICS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific injection molded plastics market is expected to grow at a significant CAGR from 2022 to 2030 due to the packaging and automobile industries' growing demand for injection molded plastics. China is a large customer because of its expanding population and quick urbanization, which will have a big impact on the expansion of the regional market for injection molded plastics. Further, the China injection molded plastics market held the largest market share, and the India injection molded plastics market was the fastest-growing market in the region.
European injection molded plastics market accounts for the second-fastest growing market share. The manufacturers of packaging materials have broadened their perspectives in response to the rising need for efficient packaging for food and beverages. Companies like Berry global and Mondi Group are devoting a lot of money to creating new packaging items, such as bottles with unusual forms, strong, easy-to-pour tops and closures, and long-lasting containers. The demand for these items, which are typically produced using plastic injection moulding, is anticipated to increase gradually throughout the European region over the projected period. Moreover, Germany injection molded plastics market held the largest market share, and the UK injection-molded plastics market was the fastest-growing market in this region.
Injection Molded Plastics Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the injection molded plastics industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. According to the market competitive landscape, players in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the injection molded plastics industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, the injection molded plastics industry has provided medicine with some of the most significant benefits. The injection molded plastics market major player such as BASF SE (Germany), Huntsman International LLC (US), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings BV (Netherlands), DowDuPont (US), INEOS Group Holdings SA (UK), Chevron Phillips Chemical Company (US), Reliance Industries Limited (India) and Eastman Chemical Company (US).
Holding company INEOS Group Holdings S.A. conducts business. The Company produces petrochemicals and oil products like polymers, ethylene oxide, and acetate esters through its subsidiaries. International customers are served by INEOS Group Holdings. In July 2022, to expand its footprint in China, INEOS signed three petrochemical contracts with Sinopec, totaling USD $7 billion.
Also, a multinational chemical corporation with offices in London, the UK and Houston, Texas, LyondellBasell Industries N.V. was founded in the Netherlands. In terms of polyethylene and polypropylene technologies, the firm is the largest licensee. In June 2021, the successful launch of Ulsan PP Co., Ltd.'s 400 kilotons per annum (KTA) polypropylene production facility in South Korea was announced by LyondellBasell. PolyMirae Company Ltd., a 50:50 partnership between LyondellBasell and DL Chemical, and SK Advanced are partners in Ulsan PP Co., Ltd. This action strengthens LyondellBasell's position in the polypropylene production industry and lays the groundwork for future expansion in related industries.
Key Companies in the injection molded plastics market include
- BASF SE (Germany)
- Huntsman International LLC (US)
- SABIC (Saudi Arabia)
- Exxon Mobil Corporation (US)
- LyondellBasell Industries Holdings BV (Netherlands)
- DowDuPont (US)
- INEOS Group Holdings SA (UK)
- Chevron Phillips Chemical Company (US)
- Reliance Industries Limited (India)
- Eastman Chemical Company (US)
Injection Molded Plastics Industry Developments
August 2020: Injection moldable thermoplastic elastomers were added to the Versaflex line by Avient Corporation (Formerly PolyOne). The product was created without using any derivatives from animals and can be used for a number of medical device applications.
June 2020: A 5,000 square foot manufacturing and office addition was made to the California location of Pacific Plastics Injection Molding, a subsidiary of Diversified Plastics Inc. This extension was carried out to boost output and ensure security.
August 2023: BASF announced the development of a new bio-based nylon resin called PA 6.10 CF, which is made from renewable resources and is reinforced with carbon fiber for added strength and stiffness. The new resin is expected to be used in a variety of applications, including automotive parts, sporting goods, and electronics
Injection Molded Plastics Market Segmentation
Injection Molded Plastics Type Outlook (USD Billion, 2018-2030)
-
Polypropylene
-
ABS
-
ASA
-
SAN
-
HDPE
-
LDPE
-
LLDPE
-
Polystyrene
-
Polycarbonate
-
PEEK
-
PET
-
Polyurethane Thermoplastics
-
Others
Injection Molded Plastics Application Outlook (USD Billion, 2018-2030)
-
Packaging
-
Consumables & Electronics
-
Automotive & Transportation
-
Building & Constructions
-
Medical
-
Others
Injection Molded Plastics Regional Outlook (USD Billion, 2018-2030)
-
North America
-
-
US
-
Canada
-
-
Europe
-
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
