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 are high-performance thermoplastics and metals that are used to manufacture parts via injection molding process. Injection molding is a manufacturing process for producing parts by injecting molten material into a mold. The key advantages of injection molding materials are its ability to produce complex shapes and geometries in high volumes economically. Growing demand from automotive, packaging, healthcare and electronics industries is propelling the growth of injection molding materials market.

Market key trends:
One of the major trends witnessed in the injection molding materials market is the growing demand for lightweight vehicles. Increasing stringency of emission norms and fuel efficiency standards has pushed automakers to develop lightweight vehicles. Injection molding materials such as polypropylene are increasingly being used by automakers to manufacture various lightweight auto components such as interior and exterior parts. According to studies, replacement of 1kg of weight in an average passenger vehicle can improve its fuel efficiency by about 0.2%. This has prompted OEMs to incorporate more lightweight plastics in automotive designs which is fueling the demand for injection molding materials in automotive industry.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate. New entrants face high initial capital investment requirement for establishing manufacturing plants and R&D facilities.

Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers havea largenumber of established players to choose from. However, product differentiation limits switching.

Bargaining power of suppliers: The bargaining power of suppliers is moderate to high. Suppliers of raw materials like plastics have established themselves as manufacturers.

Threat of new substitutes: The threat of substitutes is low to moderate. Injection molding offers precision, customization and mass production which are not easily matched by other processes.

Competitive rivalry: Intense competition among existing key players.

SWOT Analysis

Strengths: Precision manufacturing capabilities, mass production abilities, customization abilities, cost-effectiveness.

Weaknesses: High initial investment, specialized skill requirement, dependency on raw material prices.

Opportunities: Growth in automotive, medical, packaging and consumer electronics industries, developing regions offering new growth avenues.

Threats: Volatility in raw material prices, environmental regulations, substitutes like 3D printing gaining ground.

Key Takeaways

The Global Injection Molding Materials Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from the automotive industry. The automotive industry accounts for over 30% of total injection molding materials consumption. Factors such as growing vehicle production and preference for high-performance plastics in automotive manufacturing are fueling the demand.

Regionally, Asia Pacific dominated the global market in 2023, accounting for over 40% market share, led by China, India, Japan and other developing Asian countries. This is attributed to availability of low-cost raw materials and labor, and presence of automotive production hubs in the region. The region is estimated to continue its dominance during the forecast period, growing at over 6% CAGR.

Key players operating in the injection molding materials market are ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, and IAC group. Key players are focused on expanding their production capacities and product portfolio to capitalize on lucrative growth opportunities in emerging nations.

For More Insights, Read: https://www.newswirestats.com/injection-molding-materials-market-demand-growth-and-regional-outlook-by-2030/