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Injection Molded Plastic Market Share

ID: MRFR//4091-CR | 449 Pages | Author: Priya Nagrale| October 2021

In the competitive landscape of the Injection Molded Plastics Market, companies employ various strategies to position themselves and capture market share. One prevalent approach is differentiation, where companies focus on unique features or attributes of their products to stand out from competitors. This could involve using innovative materials, incorporating advanced technologies, or offering customization options tailored to specific customer needs. By highlighting these distinguishing factors, companies can attract customers who value differentiation and are willing to pay a premium for specialized products.

injection molded plastic has wide application in various end-user industries. The demand from the automotive industry is also increasing to replace heavy metal parts with lightweight and durable objects. Similarly, the growth of the packaging, construction, and pharmaceutical industries is also increasing the demand for injection molded plastics. Moreover, technological advancements in molding technology will surely benefit the injection molding industry and fuel market growth.

Another strategy is cost leadership, which involves offering products at lower prices compared to competitors. This requires efficient production processes, economies of scale, and careful cost management to maintain profitability while undercutting rivals. Companies pursuing cost leadership often target price-sensitive segments of the market, aiming to capture market share by appealing to budget-conscious customers. Additionally, they may leverage strategic partnerships or sourcing agreements to reduce input costs and further strengthen their competitive position in terms of pricing.

Market segmentation is also crucial for effective positioning in the Injection Molded Plastics Market. By dividing the market into distinct segments based on factors such as geographic location, industry vertical, or application requirements, companies can tailor their products and marketing strategies to better meet the needs of specific customer groups. This targeted approach allows companies to focus their resources more efficiently, maximizing their impact within each segment and gaining a competitive edge by delivering solutions that precisely match customer preferences and demands.

Furthermore, companies often invest in branding and marketing efforts to enhance their visibility and reputation within the market. A strong brand presence can instill trust and loyalty among customers, making it easier for companies to retain existing clients and attract new ones. Effective marketing campaigns, coupled with consistent messaging and brand positioning, help companies differentiate themselves and create a compelling value proposition that resonates with their target audience.

In addition to these proactive strategies, companies must also monitor and respond to market dynamics and competitive pressures in real-time. This involves conducting regular market research, staying abreast of industry trends, and analyzing competitor actions to identify emerging threats and opportunities. By remaining agile and adaptive, companies can adjust their positioning strategies accordingly, seizing opportunities to expand their market share or mitigate potential challenges posed by competitors.

Collaboration and partnerships can also play a vital role in market share positioning within the Injection Molded Plastics Market. By forming strategic alliances with complementary businesses or suppliers, companies can access new markets, technologies, or distribution channels that would otherwise be out of reach. Collaborative initiatives can enable companies to leverage each other's strengths and resources, creating synergies that drive mutual growth and competitive advantage.

Ultimately, successful market share positioning in the Injection Molded Plastics Market requires a combination of strategic foresight, operational excellence, customer-centricity, and adaptability. Companies must continuously evaluate their positioning strategies in light of evolving market dynamics and customer preferences, ensuring that they remain relevant and competitive in an ever-changing landscape. By effectively differentiating themselves, targeting specific market segments, investing in branding and marketing, monitoring the competition, and fostering collaboration, companies can strengthen their market share and position themselves for long-term success in the Injection Molded Plastics Market.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2023
Forecast Period	2024-2032
Growth Rate	5.87% (2024-2032)

Injection Molded Plastic Market Highlights:

Injection Molded Plastic Market Trends

Injection Molded Plastic Market Analysis

Injection Molded Plastic Market Share

Injection Molded Plastic Companies

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.

Injection Molded Plastics Market Overview

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 (%)

INJECTION MOLDED PLASTICS MARKET SHARE BY REGION

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

HDPE

LDPE

LLDPE

Polystyrene

Polycarbonate

PEEK

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

Injection Molded Plastic Companies

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