Injection molded plastics are extensively used in the automotive industry for manufacturing various interior and exterior automotive components. Plastics provide advantages like durability, lightweight, and design flexibility over other conventional materials. Growing vehicle production worldwide owing to increasing disposable income is fueling the demand for plastic components in automobiles. Key automotive plastic injection molded parts include instrument panels, door panels, bumpers, seating components, and others. The lightweight and durable nature of plastics also aid in reducing vehicle weight and improving fuel efficiency, facilitating the uptake of plastics in automobiles.

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 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing automotive industry is one of the major drivers boosting the injection molded plastics market. Increasing vehicle production worldwide is propelling the demand for plastic components in automobiles. As per projections provided by IHS Markit, global light vehicle production will reach 97.3 million units by 2025. This rising vehicle output will subsequently fuel consumption of plastic injection molded parts. Moreover, stringent fuel efficiency and emission standards are promoting auto manufacturers to reduce vehicle weight through incorporating lightweight plastics. The growing automotive industry and adoption of lightweight materials are acting as primary growth stimulants for the injection molded plastics market.

Environmental protection laws and regulations regarding emission levels are also prompting automakers to substitute heavy metal components with plastics. This is positively impacting the injection molded plastics industry expansion.

Segment Analysis

The global injection molded plastics market is dominated by the packaging sub-segment which accounts for over 35% of the market share. Packaging is increasingly being done using injection molded plastics owing to its cost effectiveness and ability to provide durable and tamper proof packaging solutions for food and beverage products. The automotive sub-segment is another fast growing segment in the market driven by the use of plastics in various interior and exterior automotive components to reduce vehicle weight and increase fuel efficiency.

PEST Analysis

Political: Any changes in environmental policies promoting the use of sustainable plastics will impact the market. Currently, there are no significant trade barriers.

Economic: A stable economic growth will drive the consumption of packaged consumer goods and automotive production, benefiting the plastics market. However, high inflation can squeeze consumer spending.

Social: Growing health awareness is increasing the demand for hygienic and tamper proof food packaging. Changing lifestyles and urbanization are propelling the automobile market.

Technological: Developments in machinery allowing for reduced cycle times and multi-material processing have enhanced productivity and flexibility. Advances in material science are leading to new high performance plastics.

Key Takeaways

The Global Injection Molded Plastics Market Demand is expected to witness high growth over the forecast period supported by expanding end-use industries such as packaging, automotive, electronics among others. 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 5.4% over the forecast period 2023 to 2030.

Regional analysis:

Asia Pacific dominates the global market accounting for over 40% of the revenue share led by China, India and other ASEAN countries. This can be attributed to presence of a large consumer base and rapid growth of the packaging and automotive industries in the region.

Key players:

Key players operating in the injection molded plastics market include BASF SE, DuPont, ExxonMobil Corporation, LyondellBasell Industries Holdings B.V., SABIC, INEOS Group Holdings SA, Berry Global Inc., Arkema S.A., Eastman Chemical Company, and Chevron Phillips Chemical Company.

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