SEATTLE, Sept. 21, 2017 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global injection molding market was valued at US$ 212.82 million in 2016 and is projected to witness a CAGR of 6.0% over the forecast period (2017-2025). The increasing trend of lightweighting of vehicles to achieve enhanced fuel efficiency is leading to burgeoning growth of the injection molding market. Also, the consumer inclination towards aesthetically appealing products in packaging industry, such as containers, cups, frozen food packaging, bakery packaging, and ready meal packaging are fueling market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/injection-molding-market-751
Key Trends and Analysis of the Injection Molding Market:
Packaging and automotive end-use industries collectively account for the largest market share in injection molding market as these help produce lightweight and highly durable components. In packaging industry it is used for manufacturing caps and closures and rigid bulk packaging. In automotive industry, injection molding is used for manufacturing various components such as clusters with in-molded chrome rings, lenses and faceplates, interior armrests, interior bezels, radio control, hinged electronic sensor modules, and trim panel splash guards.
Key Market Takeaways:
- Asia Pacific accounts for the largest market share, in terms of revenue, in the global injection molding market, primarily owing to the rapid growth in automotive industry in this region. According to IBEF, sales of passenger vehicles in India is projected to reach US$ 13.4 million by 2026. This creates a highly conducive environment for growth of the injection molding market.
- North America market is expected to witness a CAGR of 5.2% during the forecast period. According to International Trade Administration (ITA), industrial molds are used for casting shapes and objects made of plastic, rubber, glass, or other materials. In 2015, the U.S. exports of industrial molds accounted for US$ 624.7 million. Automotive exports in Mexico increased by 152% from US$ 27.9 billion to US$ 70.3 billion, between 2002- 2012 and electronic export was increased by 73% from US$ 43.3 billion to US$ 74.9 billion. Rampant growth of the automotive and electronic industries is a major factor for the growth of injection molding market in North America.
- Leading players in the injection molding market follow inorganic growth strategies to enhance their product portfolios. In 2017, Parkway Products LLC announced its acquisition of LMR Plastics to expand its business in injection molding.