Ottawa, Jan. 24, 2022 (GLOBE NEWSWIRE) — The world Plastic injection molding market size was worth USD 167.2 billion in 2020. The plastic injection molding market is expected to be driven by growing demand for plastic components from various end-use sectors such as packaging, automotive, household appliances, medical devices, electricity and electronics. Injection molding technology has gained prominence in the mass production of difficult plastic shapes as a result of modern advancements aimed at reducing the rate of defective production.
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Molded plastics have a wide range of uses in a variety of industries. The biggest demand generators are the automotive, electronics and construction industries. Due to the boom in these industries, the market share of plastic injection molding continues to grow.
- Polypropylene is the most popular form of injection molded plastic in the world. This predominance is due to the superior physical and chemical characteristics of polypropylene. It is less expensive than other plastics and has 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.
|Market size by 2030||$266.1 billion|
|CAGR from 2021 to 2030||4.8||%|
|Biggest earner||Asia Pacific|
|Fastest growing region||Europe|
|Year of reference||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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Asia-Pacific is the largest segment of the plastic injection molding market in terms of region. In developing countries in the Asia-Pacific region, rising infrastructure spending combined with rising automotive demand is expected to boost market penetration. Due to low labor costs in Asia-Pacific countries such as Japan, China and South Korea, major end-use industries such as automotive and electronics are driving the market growth.
The Europe region is the fastest growing region in the plastic injection molding market. Cosmetics, pharmaceuticals and household chemicals are some of the packaging applications in the Europe region. The demand for electronic consumables and applications is expected to be driven by the growing demand for electronic devices such as laptops and mobile phones, especially in developed regions.
Rise in demand for plastic injection molding in various sectors
The plastic injection molding market is expanding owing to the growing demand for molded plastics from various end-user industries. The injection molding process enables the mass production of plastic products with high efficiency and minimal waste of resources. As a result, its market share is increasing thanks to 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 durable objects to replace heavy metal parts. Likewise, expanding packaging, construction, and pharmaceutical industries are increasing the demand for injection molded plastics. In addition, technological advancements in molding technology will undoubtedly benefit the injection molding industry and the growth of the plastic injection molding market.
High cost of manufacturing technology
The high initial cost of injection molding machines is the major impediment to the growth of the global plastic injection molding market. Since petroleum products are raw materials for the plastics industry, the fluctuating nature of fuel prices limits the growth of the market. Additionally, growing concerns about the negative environmental impact of plastics, along with the search for alternatives, will negatively impact the market.
Increased focus on lightweight materials to reduce fuel consumption
Injection molded plastics are used to make a variety of automotive parts, including wheel covers, housings, consoles, headlight housings and interior parts. Their high tensile strength, resistance to chemical corrosion, light weight, durability, and high resistance to physical impact have encouraged manufacturers to replace metal parts in automotive design. The implementation of stringent vehicle emission regulations, along with the emphasis on fuel efficiency, has increased the demand for light-duty vehicles, propelling the plastic injection molding market in these regions. Additionally, automakers use injection molded plastics efficiently because they offer improved recyclability, durability, abrasion resistance, vibration control, and strength. Injection molded plastics also allow manufacturers to reduce production costs, facilitate modular assembly and improve the exterior aerodynamics of vehicles. Thus, the increased emphasis on lightweight materials to reduce fuel consumption creates lucrative opportunities for the growth of the plastic injection molding market over the forecast period.
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Presence of alternative technologies
There are several other cost-effective methods that limit the use of injection molding. Plastic injection molding is a high cost technology which further limits market growth. Emerging technologies such as 3D printing (3D) are constantly evolving and can now create miniature objects similar to injection molded ones. In the near future, further improvements in these technologies are expected to adversely influence the demand for plastic injection molding products.
Segments covered in the report
By raw material
- Acrylonitrile butadiene styrene
- High density polyethylene
- Consumer goods
- Building construction
- Health care
- North America
- Asia Pacific
- Latin America
- Rest of the world
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