by Injection molded plastics are widely used in a variety of end-use industries owing to their lightweight, low cost and customizable properties. Injection molded plastics find major applications in automotive, packaging, consumer goods, electronics and healthcare sectors. Within the automotive industry, plastics are increasingly replacing metals to reduce vehicle weight and improve fuel efficiency. Plastic parts are easy to manufacture and facilitate mass production of complex designs. The global automotive sector has been witnessing solid growth over the past few years driven by rising vehicle ownership, especially in developing countries of Asia and Latin America. This in turn has fueled the demand for injection molded plastics from automotive OEMs and component manufacturers.
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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for bio-based plastics is a major trend permeating the global injection molded plastics market. Bio-based plastics are becoming increasingly popular owing to growing awareness about negative environmental impacts of widespread plastic pollution. Leading injection molders are focusing on developing novel bio-resins from renewable feedstock like sugarcane, switchgrass, corn etc. to reduce dependency on petroleum. Major automakers have also announced goals to increase the use of sustainable, bio-based plastics in vehicles. For instance, Ford aims that at least 10% of all plastics in vehicles will come from renewable sources by 2025. The availability of credible, large-volume supplies of bio-feedstock coupled with technological advancements will likely accelerate commercialization of bio-based injection molded plastics in the upcoming decade.
Porter’s Analysis
Threat of new entrants: Low capital requirements make entry slightly easier in the injection molded plastics market. However, established players have significant economies of scale and customer loyalty advantages.
Bargaining power of buyers: Large buyers in end-use industries like automotive and packaging have some bargaining power due to the importance of molded plastics in their supply chains. However, bargaining power is tempered by the availability of substitutes.
Bargaining power of suppliers: Major raw material suppliers like plastic resin producers hold some power given the importance of resins. However, substitutability of resins limits how much suppliers can influence prices.
Threat of new substitutes: Alternate forming technologies like blow molding, thermoforming and rotational molding pose a threat. However, injection molding maintains advantages of net-shape production, repeatability and automation.
Competitive rivalry: The global market is moderately fragmented with large multinationals and numerous mid-sized regional players. Competition is based on technology, quality, pricing and customer service.
Key Takeaways
The Global Injection Molded Plastics Market Demand is expected to witness high growth over the forecast period. The automotive industry is a major end-user and will drive demand across regions.
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 5.5% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific accounts for over 60% of the global injection molded plastics market due to huge production clusters in China, India, Japan and other countries. China alone consumes over 30% of global volumes owing to its massive automotive and packaging industries. Europe and North America are mature markets but still growing on the back of recovering vehicle demand.
Key players: Key players operating in the injection molded plastics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. They focus on specialty resins and materials to gain differentiation in addition to core processing technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
