Injection molded plastics are thermoplastic materials that are shaped by the injection molding process to form complex customized parts. They provide dimensional stability, durability and corrosion resistance. Due to their enhanced properties, injection molded plastics find wide application in healthcare devices and equipment manufacturing.
The global Injection Molded Plastics Market is estimated to be valued at US$ 314.92 million 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 increasing demand from the healthcare industry has been a key trend driving the growth of the injection molded plastics market. Healthcare organizations globally have been increasingly adopting injection molded plastics for various medical devices and equipment due to advantages such as durability, precision in complex designs, biocompatibility and sterilization capabilities. Injection molded plastics are used in surgical and medical devices, testing and examination equipment, drug delivery systems, prosthetics and many other applications. The rising healthcare expenditure along with growing elderly population has been leading to higher demand for medical devices and equipment, thereby fueling the need for injection molded plastics in the industry.
SWOT Analysis
Strength: Injection molded plastics offer durability and customization. They can be molded into complex shapes and sizes as per application requirements.
Weakness: Setting up injection molding machines requires high capital investments. Changes to the design or mold often require expensive modifications.
Opportunity: Growing demand from end-use industries like automotive, packaging, consumer goods etc. offers significant opportunities. Development of bio-based and recyclable plastics also opens new avenues.
Threats: Stringent environmental regulations around plastic waste disposal and recycling poses challenges. Volatility in raw material prices can impact profit margins.
Key Takeaways
Global Injection Molded Plastics Market Size is expected to witness high growth.
North America currently dominates the market owing to strong demand from various industries. Asia Pacific is expected to be the fastest growing market in the forecast period due to rising manufacturing activities and emerging economies.
Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V. Injection molded plastics find diverse applications across industries like medical, packaging, automotive etc. Major players are focusing on sustainable product innovations and solutions to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it