Ottawa, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The global plastic injection molding market size was worth at USD 167.2 billion in 2020. The plastic injection molding market is expected to be driven by rising demand for plastic components from various end use sectors such as packaging, automotive, household appliances, medical devices, and electrical and electronics. The injection molded technology has grown in importance in the mass manufacturing of difficult plastic shapes as a result of modern advancements to reduce the rate of defective production.
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The molded plastics have a wide range of uses in a variety of industries. The biggest demand generators are the automobile, electronics, and construction industries. As a result of the rise of these industries, plastic injection molding market’s share is steadily expanding.
Report Highlights
- Polypropylene is the most popular form of injection molded plastic in the world. This dominance is due to polypropylene’s superior physical and chemical characteristics. It’s less expensive than other plastics and has a high flexural strength. It is water resistant and offers resistance to a wide range of chemical reactions.
- By application, the packaging segment dominates the plastic injection molding market. Packaging plastics are in high demand in the pharmaceutical, food and beverage, and consumer packaged goods industries.
| Report Highlights | Details | |
| Market Size by 2030 | USD 266.1 Billion | |
| CAGR from 2021 to 2030 | 4.8 | % |
| Largest Revenue Holder | Asia Pacific | |
| Fastest Growing Region | Europe | |
| Base Year | 2021 | |
| Forecast Period | 2021 to 2030 | |
| Companies Covered | Magna International Inc., Toshiba Corporation, DOW Inc., BASF SE, LyondellBasell, HTI Plastics, DuPont, Huntsman Corporation, Valder Kunststoffverarbeitungs GmbH, Coastal Plastic Molding Inc. | |
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Regional Snapshot
Asia-Pacific is the largest segment for plastic injection molding market in terms of region. In developing countries of the Asia-Pacific region, rising infrastructure spending combined with rising automotive demand is expected to drive the market penetration. Due to the low labor costs in the Asia-Pacific nations such as Japan, China, and South Korea and major end use industries like automobile and electronics are driving the market growth.
Europe region is the fastest growing region in the plastic injection molding market. The cosmetics, pharmaceuticals, and home chemicals are some of the packaging applications in the Europe region. The consumables and electronics applications demand is predicted to be driven by rising demand for electronic appliances like laptops and cell phones, notably in the developed regions.
Market Dynamics
Drivers
Surge in demand for plastic injection molding in diverse sectors
The plastic injection molding market is expanding due to rising demand for molded plastics in various end-user industries. The injection molding process enables the mass production of plastic goods with high efficiency and minimal resource waste. As a result, its market share is growing as a result of its low production costs and high reproducibility. Injection molded plastic has a wide range of applications in a variety of end-user industries. The automotive industry is also increasing its demand for lightweight and long-lasting objects to replace heavy metal parts. Similarly, the expansion of the packaging, construction, and pharmaceutical industries is increasing demand for injection molded plastics. Furthermore, technological advancements in molding technology will undoubtedly benefit the injection molding industry and fuel plastic injection molding market growth.
Restraints
High cost of manufacturing technology
The high initial cost of injection molding machines is the primary growth constraint in the global plastic injection molding market. As petroleum products are raw materials for the plastic industry, the fluctuating nature of fuel prices limits market growth. Furthermore, growing concern about the negative environmental impact of plastics, as well as research into alternatives, will have a negative impact on the market.
Opportunities
Increased emphasis on light weight materials to reduce fuel consumption
Injection molded plastics are used to make a variety of automotive parts, including wheel covers, enclosures, consoles, headlight housings, and interior parts. Their high tensile strength, chemical corrosion resistance, lightweight, durability, and high resistance to physical impact have encouraged manufacturers to replace metal parts in automotive design. The implementation of stringent vehicle emission regulations, as well as a greater emphasis on fuel efficiency, has increased demand for lightweight vehicles, propelling the plastic injection molding market in these regions. Furthermore, automotive manufacturers are effectively utilizing injection molded plastics because they provide improved recyclability, durability, abrasion resistance, vibration control, and strength. Injection molded plastics also allow manufacturers to reduce production costs, facilitate modular assembly, and improve vehicle exterior aerodynamics. Thus, increased emphasis on light weight materials to reduce fuel consumption is creating lucrative opportunities for the growth of plastic injection molding market during the forecast period.
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Challenges
Presence of alternative technologies
There are several other cost-effective methods that limit the use of injection molding. The plastic injection molding is a high-cost technology that limits the market growth even more. The emerging technologies like 3-dimensional (3D) printing are evolving all the time and can now create miniature things that are similar to injection molded ones. In the near future, further improvement in such technologies is projected to have a detrimental influence on demand for plastic injection molding products.
Segments Covered in the Report
By Raw Material
- Polypropylene
- AcrylonitrileButadieneStyrene
- Polystyrene
- High Density Polyethylene
- Others
By Application
- Automobile
- Consumer Goods
- Electronics
- Packaging
- Building & Construction
- Healthcare
By Geography
- North America
- Europe
- Asia-Pacific
- MEA
- Latin America
- Rest of the World
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