Injection Molded Plastic Market Share, Size, Trends, Industry Analysis Report, By Raw Material (Acrylonitrile Butadiene Styrene [ABS], Polypropylene [PP], Polystyrene [PS], Polyethylene [PE]); By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:May-2024
- Pages: 114
- Format: PDF
- Report ID: PM1060
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global Injection Molded Plastic Market Size was valued at USD 302.81 billion in 2023. The Injection Molded Plastic Industry is projected to grow from USD 309.36 billion in 2024 to USD 411.86 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.6% during the forecast period (2024 - 2032).
The injection molded plastic market is propelled by growing demands in automotive, packaging, and electronics sectors. For instance, in 2021, according to the Association for Packaging and Processing Technologies (PMMI), the global packaging industry reached a total value of USD 42.2 billion. Further, advancements in material technology and manufacturing processes enhance market dynamics, fostering continuous expansion and innovation within the industry.
To Understand More About this Research: Request a Free Sample Report
Injection molding is a manufacturing process for the fabrication of plastic parts. The injection molding process uses an injection molding machine, raw plastic material, and a mold. The injection molding machine melts the plastic, which is then injected into the mold, cooled, and solidified into the final product. The process of plastic injection molding is used in manufacturing large quantities of the same plastic product in a short time period. The raw materials used for the production of injection molded plastic include polypropylene, ABS, polystyrene, and polyoxmethylene, among others.
The injection molded plastic market is experiencing significant growth driven by several factors. These include reduced labor costs, faster manufacturing speeds, reduced waste, and enhanced material flexibility. However, challenges such as increasing demand for bio-based polymers and concerns over environmental impact are hindering complete market expansion. Despite these challenges, the industry shows promising potential, particularly fueled by rising demand from emerging economies and advancements in technology.
Moreover, the sector has seen notable growth due to heightened global demand for gloves, masks, personal protective equipment (PPE), and related packaging materials. Despite COVID-19-related disruptions, plastic resin production in the United States increased by 0.9%, underscoring resilience in the face of operational challenges. Restrictions on movement and adherence to social distancing guidelines have also spurred a significant shift towards e-commerce, driving up the need for packaging boxes and containers and further boosting industry growth prospects.
Injection Molded Plastic Market Trends:
Rising Technological Innovations in Injection Molding are Projected to Spur the Product Demand.
Market CAGR for injection molded plastic is being driven by the rising technological innovations in injection molding. The injection molding industry is experiencing transformative advancements driven by emerging technologies. Additive manufacturing, particularly the use of 3D-printed molds, offers faster prototyping and tooling iterations, reducing time and cost. For instance, in April 2022, Marco Polo launched 3D printed injection molds at TAGMA DMI 2022, aiming to reduce operational time significantly. Smart injection molding machines equipped with IoT sensors and connectivity enable real-time monitoring of process parameters, enhancing quality control and predictive maintenance. Furthermore, advancements in material sciences, including bio-based and recycled plastics, respond to sustainability demands. These innovations not only improve operational efficiency but also expand the application scope of injection-molded plastics across automotive, medical, and consumer electronics sectors. As these technologies evolve, they continue to redefine standards in manufacturing precision and environmental responsibility.
Regional Government Initiatives And Capital Deployment Are Boosting The Demand for Injection Molded Plastic
Regional governments are increasingly playing a pivotal role in driving growth within the injection molding plastics market through strategic initiatives and capital deployment. These efforts include subsidies for adopting advanced manufacturing technologies like Industry 4.0, which enhance productivity and sustainability. Investment incentives and grants further encourage local manufacturers to modernize their facilities, improving competitiveness and attracting foreign investment.
Moreover, regulatory frameworks promoting the use of eco-friendly materials and recycling initiatives bolster market expansion by addressing environmental concerns. Such proactive measures not only stimulate economic development but also foster innovation and resilience in the regional plastics manufacturing sector, ensuring sustainable growth in the long term.
Injection Molded Plastic Market Segment Insights:
Injection Molded Plastic Raw Material Insights:
The global injection molded plastic market segmentation, based on raw material, includes acrylonitrile butadiene styrene (ABS), polypropylene (PP), high-density polyethylene (HDPE), polystyrene (PS), low-density polyethylene (LDPE), and polyethylene (PE). The polypropylene (PP) segment dominated the market in 2023, driven by increasing utilization in various sectors such as household products, packaging, and automotive parts. This rise is fueled by the material's suitability for applications like protective caps in electrical contacts, battery housings, and food packaging due to its corrosion resistance and electrical insulation properties. These factors contribute to its expected rapid expansion throughout the projected period.
On the other hand, the acrylonitrile butadiene styrene (ABS) segment is expected to dominate the injection molded plastic market industry during forecast period, driven by robust demand across consumer appliances, automotive components, medical equipment, and electronic housings. ABS's popularity stems from its exceptional strength and durability, making it a preferred choice in diverse industries including tool manufacturing and home appliances. As consumer and industrial demands evolve, ABS is anticipated to maintain its growth trajectory over the forecast period, underpinned by its superior performance characteristics.
Injection Molded Plastic Application Insights:
The global injection molded plastic market segmentation, based on application, includes packaging, automotive & transportation, building & construction, consumables & electronics, medical, and others. In 2023, the packaging sector dominated the market and is expected to dominate the market outlook during the forecast period. The packaging segment is a major application of the injection molding plastics market characterized by its pivotal role in ensuring product protection, shelf appeal, and sustainability. Injection molded plastics are extensively utilized in packaging due to their versatility, durability, and ability to achieve intricate designs. Key applications include containers, caps, closures, and trays across food and beverage, pharmaceuticals, and consumer goods industries.
Growing consumer demand for convenient and eco-friendly packaging solutions is driving innovation in materials like bioplastics and recyclable polymers. As regulatory pressures intensify towards reducing plastic waste, manufacturers are increasingly focusing on developing packaging solutions that offer both functionality and environmental responsibility, shaping the future of the segment.
Global Injection Molded Plastic Market, Segmental Coverage, 2019 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, PMR Database and Analyst Review
Injection Molded Plastic Regional Insights:
By region, the study provides market insights into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia Pacific injection molded plastic market dominated the global market revenue with the largest market share in 2023 and is expected to maintain its dominance over the market forecast period. The growth of the segment market can be largely attributed to lower labor costs. Many end-use industries like electronics and automotive are moving their manufacturing bases to Asia Pacific nations like Thailand, Indonesia, and India. Manufacturers in these areas are given government incentives in the form of tax breaks. Throughout the projection period, there will likely be a rise in the market demand for injection molded plastics due to this aspect, which also raises the need for manufacturing various automotive and electrical parts.
The China injection molded plastics market continues to expand significantly, driven by robust growth in automotive, electronics, and packaging industries. Factors such as cost-effectiveness, design versatility, and technological advancements bolster market demand. Additionally, increasing applications in consumer goods and healthcare sectors further fuel market growth. With China's manufacturing prowess and infrastructure development, coupled with rising demand for lightweight and durable materials, the injection molded plastics market is poised for sustained expansion in the foreseeable future.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
GLOBAL INJECTION MOLDED PLASTIC MARKET, REGIONAL COVERAGE, 2019 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, PMR Database and Analyst Review
The Europe region is expected to be the fastest growing region with a healthy CAGR during the projected period, owing to the artificial intelligence market experiencing significant growth, driven by various factors, including increased automotive production, a high standard of living, and a growing population in Europe. These factors are notably contributing to the expansion of the injection molded plastics industry across the region. Additionally, Europe's increased consumption of consumer goods, appliances, and electronics, many of which rely on injection molded plastic components. This trend is expected to further boost the market demand for injection molded plastics in various industries beyond automotive, including consumer electronics, healthcare, and packaging.
Injection Molded Plastic Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the injection molded plastic market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Injection Molded Plastic industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Injection Molded Plastic industry to benefit clients and increase the market sector. In recent years, the Injection Molded Plastic industry has offered some technological advancements. Major players in the injection molded plastic market, including ExxonMobil Corporation, BASF SE, DuPont de Nemours, Inc., Dow, Inc., Huntsman International LLC., Eastman Chemical Company, INEOS Group, LyondellBasell Industries Holdings B.V., SABIC, Magna International, Inc., IAC Group, Berry Global, Inc., Master Molded Products Corporation, HTI Plastics Inc., and Rutland Plastics.
BASF SE is a chemical corporation that operates all over the world. It operates through seven segments including chemicals, industrial solutions, materials, surface technologies, nutrition & care, and agricultural solutions, and others. Injection Molded Plastic and intermediates are provided in the chemicals section. Advanced materials and their precursors for applications such as isocyanates and polyamides are available through the Materials section, as well as inorganic basic products and specialties for the plastic and plastic processing industries. In Feb 2022, BASF expanded its European portfolio with Solvay's polyamide acquisition, offering advanced plastics like Ultramid One J for diverse industrial applications.
Dow Inc., operating through its subsidiaries, is a provider of materials science solutions worldwide, catering to diverse industries such as packaging, mobility, infrastructure, and consumer applications. The company's operations are organized into three main segments: Industrial Intermediates & Infrastructure, Packaging & Specialty Plastics, and Performance Materials & Coatings. The Packaging & Specialty Plastics focuses on delivering a range of products, including ethylene, propylene, polyethylene, and elastomers for applications in mobility, transportation, consumer goods, wire and cable, and construction. The company is headquartered in Midland, Michigan, and has a global presence, serving markets in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. In June 2024, Dow launches Revoloop Recycled Plastics Resins for non-food packaging, enhancing circularity with up to 100% post-consumer recycled content.
Key Companies in the injection molded plastic market include:
- ExxonMobil Corporation
- BASF SE
- DuPont de Nemours, Inc.
- Dow, Inc.
- Huntsman International LLC.
- Eastman Chemical Company
- INEOS Group
- LyondellBasell Industries Holdings B.V.
- SABIC
- Magna International, Inc.
- IAC Group
- Berry Global, Inc.
- Master Molded Products Corporation
- HTI Plastics Inc.
- Rutland Plastics
Injection Molded Plastic Industry Developments
- March 2023: WMG Technologies was acquired by ABC Technologies Holding Inc. for USD 165 million. Fluids, HVAC, outside systems, interior systems, and others are the three product categories that ABC Technologies Holdings Inc. provides to its customers. Similarly, tier-1 and tier-2 major global vehicle OEMs receive advanced tooling from WMGT for injection-molded exterior and interior parts, lighting molds, and optic inserts. It also provides a large selection of various outside goods.
- April 2023: Nexa3D completed the acquisition of Addifab, the parent company of Freeform Injection Molding. This strategic move aims to leverage Addifab's expertise in high-temperature soluble and high-impact resins. By integrating these capabilities with Nexa3D's rapid 3D printing technology, the acquisition enables the development of advanced tools suitable for a wide range of injection molding materials. This collaboration is set to innovate the production of molds and tooling, enhancing efficiency and versatility in manufacturing processes.
- Sept 2021: ExOne introduced X1 Tooling, a diverse range of 3D printed solutions for rapid, cost-effective production of metal, plastic, and composite parts' final tooling needs.
Injection Molded Plastic Market Segmentation:
Injection Molded Plastic Raw Material Outlook
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- High-Density Polyethylene (HDPE)
- Polystyrene (PS)
- Low-Density Polyethylene (LDPE)
- Polyethylene (PE)
- Others
Injection Molded Plastic Application Outlook
- Packaging
- Automotive & Transportation
- Building & Construction
- Consumables & Electronics
- Medical
- Others
Injection Molded Plastic Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Injection Molded Plastic Report Scope:
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 302.81 billion |
|
Market size value in 2024 |
USD 309.36 billion |
|
Revenue Forecast in 2032 |
USD 411.86 billion |
|
CAGR |
3.6% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments covered |
|
|
Regional scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
|
Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
© 2024 Polaris Market Research and Consulting. All rights reserved
