February 22, 2024
Injection Molded Plastics Market

The Injection Molded Plastics Market is Estimated To Witness High Growth Owing To Sustainability Trend

The 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 Overview:
Injection molded plastics are products manufactured from thermoplastic and thermosetting plastic materials that are forced into a cavity of a molding tool or die under high pressure. Injection molded plastic products have extensive application scope across various end-use industries such as automotive, packaging, construction, consumer goods, and electronics owing to their properties such as durability, flexibility, insulation, lightweight and sustainability.

Market key trends:
One of the major trends driving the growth of the injection molded plastics market is the increasing focus towards adoption of sustainable and biodegradable plastics. The rising environmental concerns regarding the disposal of conventional plastics have prompted manufacturers to develop sustainable alternatives. Bioplastics are renewable and biodegradable plastic alternatives made from biomass sources such as corn starch, sugarcane and microorganisms. The demand for bioplastic materials such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA) is expected to grow significantly during the forecast period owing to the stringent government regulations regarding single-use plastics.

Porter’s Analysis

Threat of new entrants: Moderate threat exists from new entrants as moderate capital requirements for injection molding and brand recognition play an important role.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many established players and standardized products.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and fragmented supplier base.

Threat of new substitutes: Threat from substitutes like blow molding, rotational molding and thermoforming is low to moderate as injection molded plastics provide advantages in mass production.

Competitive rivalry: High competitive rivalry exists among key players to gain market share.

SWOT Analysis

Strength: Availability of wide range of materials, colors and finishes. Ability to produce complex and intricate designs in high volumes.

Weakness: High setup and tooling costs. Vulnerable to fluctuations in raw material prices.

Opportunity: Growing demand from end-use industries like automotive, electronics, packaging etc. Potential in emerging markets of Asia Pacific and Middle East & Africa.

Threats: Stringent environmental regulations around plastic waste disposal. Threat from substitutes in certain applications.

Key Takeaways

The Global Injection Molded Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from packaging and automotive industries. Asia Pacific dominates the global market currently due to presence of major automotive and consumer goods manufacturing hub in countries like China, India, Japan, and South Korea. The region is expected to maintain its dominance during the forecast period with highest CAGR.

Key players operating in the injection molded plastics market are BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries. BASF is one of the leading suppliers of polypropylene and engineering plastics. DOW Chemicals is a major producer of polyethylene and polypropylene resins.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it