by 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Injection molding materials are commonly used plastics such as polypropylene, polystyrene, acrylonitrile butadiene styrene, polyvinyl chloride and polycarbonate. These materials find widespread applications in automotive, packaging, consumer goods, electronics, medical devices and construction industries due to properties like durability, flexibility and corrosion resistance. Some key end-uses of injection molding materials include automotive components, toys, furniture, medical devices, containers and caps & closure.
Market Dynamics:
The injection molding materials market is primarily driven by growing automotive industry globally. Plastics have replaced many conventional materials in automobiles due to advantages like reduced weight, design flexibility and ability to integrate varied functionalities. Another major driver is robust growth of electronics industry. Miniaturization trend and need for ease of manufacturing is boosting usage of plastics in electronics through injection molding process. Preference for lightweight and composite materials in aerospace is also presenting growth opportunities. However, volatility in crude oil prices which is a raw material for plastics sometimes poses challenges for market. Also, stringent environmental regulations around plastic disposal and recycling may hamper market growth over the forecast period.
SWOT Analysis
Strength: Injection molding materials have strong durability and resistance to external factors which makes them suitable for a variety of applications. They provide dimensional stability and precision in mass production. Injection molding materials offers cost-effective production as it allows for high-speed manufacturing.
Weakness: Frequent equipment maintenance is required for injection molding machines which increases production costs. Stringent environmental regulations around the disposal of injection molding wastes pose challenges.
Opportunity: Rising demand from the automotive and packaging industries for lighter and durable materials offer market opportunities. Growing consumption of consumer electronics and home appliances will drive the need for injection molding materials.
Threats: Fluctuations in raw material prices can impact production costs. Developments in 3D printing technology poses a threat as a substitutive manufacturing method.
Key Takeaways:
Global Injection Molding Materials Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing consumption of plastics in the automotive industry. Plastic molding finds extensive applications in the manufacturing of automobile components such as dashboards, door panels, and headlight housing. The light weight and durability of injection molded plastic parts allows automakers to increase fuel efficiency and reduce vehicular weight.
The Asia Pacific region dominated the global market in 2023, accounting for around 35% of the overall shares. China, India, Japan, and South Korea are among the major consumers of injection molding materials in the region. This is attributed to the massive manufacturing activity, rapid industrialization and presence of an established automotive and electronic industries. Moreover, favorable government policies and expanding foreign investments have boost production of injection molded plastics.
Key players operating in the injection molding materials market are ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group. Leading companies are focusing on new product launches, mergers, acquisitions and collaborations to gain higher market shares. For instance, Huntsman Corporation recently acquired Gabriel Performance Products to strengthen its position in thermal insulation materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
