The Injection Molding Materials Market is estimated to
be valued at US$ 286.73 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Injection molding materials mainly consists of plastics, metals and elastomers
that are used to manufacture injection molded products across various end use
industries such as automotive, packaging, consumer goods, electronics and
others. Key materials include polypropylene, polycarbonate, nylon, polystyrene,
acrylonitrile butadiene styrene among others. Injection molding enables mass
production of complex parts with tight tolerances, making it suitable for
automotive and consumer goods applications.
Market Dynamics:
One of the key drivers for the growth of injection molding materials market is
the increasing demand from the automotive industry. Lightweight materials like
engineering plastics and polymers are extensively being used in automotive to
reduce the weight of vehicles and meet stringent fuel efficiency norms. For
instance, around 20-30% of a vehicle’s weight can be attributed to injection
molded plastics. Second driver is the growth in demand for packaging materials.
Injection molding facilitates mass production of plastic containers, bottles,
caps and closures used widely in food & beverage packaging. Cost effectiveness
and ability to incorporate intricate designs drives its adoption over
alternative process.
Segment
Analysis
The global Injection Molding Materials market is dominated by the Plastics
segment, accounting for over 70% of the total market share. Within plastics,
Thermoplastics dominates with a share of over 60% as they are easiest to mold
with high versatility and flexibility. Thermoplastics like Polypropylene (PP),
Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (PC), Polystyrene (PS)
find wide applications across end-use industries like Packaging, Consumer
Goods, Automotive, Healthcare etc.
PEST Analysis
Political: Stringent regulations around the use of plastics in many countries
can negatively impact the market. However, supportive green initiatives for
adoption of bio-based and recyclable plastics provide opportunities.
Economic: Strong GDP growth in developing nations driving increased consumption
and investment in manufacturing sectors boosts demand. Inflation and
fluctuations in raw material prices pose challenges.
Social: Growing health awareness and focus on safety and quality of materials
used in medicines and consumer goods favor the market.
Technological: Continuous advancements in 3D printing and additive
manufacturing technologies are likely to provide growth prospects while
reducing material wastage.
Key Takeaways
Global
Injection Molding Materials Market Size is expected to witness high
growth, exhibiting CAGR of 5.5% over
the forecast period of 2023 to 2030, due to increasing consumption across
diverse end-use industries. The market size is estimated to reach US$ 444.12 Bn
by 2030 from US$ 286.73 Bn in 2023.
Regional analysis: Asia Pacific dominates the global market with over 45% share
led by China, India, Japan and South Korea on account rapid industrialization.
Southeast Asian countries are emerging highly lucrative markets propelled by
growing Foreign Direct Investments in manufacturing sector.
Key players: Key players operating in the Injection Molding Materials market
are ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna
International, Newell Rubbermaid, Beckton Dickinson, and IAC group. Increasing
focus on product innovation and expansion into high growth regions will be the
key strategies adopted.
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