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, and IAC group. Increasing focus on product innovation and expansion into high growth regions will be the key strategies adopted.
Read More- https://www.newsstatix.com/injection-molding-materials-market-forecast-analyss-and-insights/
