Injection Molded Plastics Market Growth Accelerated by Rising Demand for Lightweight and Durable Materials

Injection Molded Plastics Market


Injection molded plastics are widely used in packaging, automotive, electronics, and construction industries owing to their properties such as durability, resilience and lightweight. Injection molded plastics find extensive applications in production of disposable medical devices, containers, automotive parts, electronic goods housing and piping systems.

The global injection molded plastics market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing demand for lightweight materials from automotive industry has been a major factor augmenting the growth of injection molded plastics market. Plastics help reduce the weight of vehicles without compromising on the strength, thereby improving fuel economy. Injection molded plastics are 30-50% lighter than traditional automobile materials such as steel. Ongoing development of advanced lightweight vehicles is expected to drive increasing consumption of plastic components like front-end modules, interior cockpits, and closure panels over the forecast period.

Segment Analysis
The injection molded plastics market is dominated by the packaging sub-segment due to the extensive use of plastics in packaging applications. Packaging accounts for over 30% of the total injection molded plastics market share due to the advantages offered such as cost-effectiveness, lightweight and preservation of product quality during transit. Within this sub-segment, food and beverage packaging holds the largest share owing to high demand from the growing food processing industry.

Key Takeaways
Global Injection Molded Plastics Market Size is expected to witness high growth over the forecast period supported by increasing penetration across industries such as automotive, packaging, consumer goods and healthcare.

Regional analysis: The Asia Pacific injection molded plastics market is estimated to outpace other regions during the forecast period attributed to swift industrialization and urbanization in emerging economies like China and India. China accounts for over 30% of the global demand backed by low-cost manufacturing base and supportive government policies to promote domestic manufacturing.

Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Aspect Imaging, Ltd. and Agilent Technologies Inc. The market is highly concentrated with top 5 players accounting for over 60% of the global share.

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