Plastic Injection Molding Market Size Worth USD 15734 Million By 2030 | CAGR of 4%

Introduction

Injection molding is a manufacturing technique for producing plastic products such as components and parts, which are used across various end-user industries. Plastic injection molding is chiefly used in packaging applications to manufacture packaging parts and components to increase the aesthetic value and consumer friendliness of the packaging products. Additionally, injection-molded plastics have various benefits such as increased shelf life of food products, increased durability, optical clarity, and reduced wear & tear. 

Market Dynamics

Demand from Packing Industry and Electronics Sectors Propelling Global Market

Plastics are widely used, similar to glass, and can be used as substitutes in frozen food packaging, vegetable packaging, bakery packaging, and ready meal packaging owing to their characteristics such as reduced packaging weight and availability of a wide range of packaging designs. The changing consumers’ preference and demand for packaged water and food are increasing the need for plastics. In regions such as Asia-Pacific, North America, and Europe, the demand for pharmaceuticals has increased at a rapid rate. This is predicted to increase the demand for plastic injection molded plastics for pharmaceutical packaging applications. On account of these factors, the growing demand for plastics in various packaging applications is expected to boost the growth of the global injection molded plastics market.

As electronic parts are reduced in size, micro injection molding and very high molding tolerances provide high precision molding that allows high quality while creating smaller parts for smaller products. Some of the electronic components where injection molding is commonly used are earphone cables and plugs, LEDs and assemblies, motor housings, electrical relays and switches, sensors, temperature control, inkjet printers, computer boards, and housings, cell phone components and covers, electrical conduit, electrical tool housings, and many more. The global consumer electronics industry has been growing rapidly worldwide over the years, owing to the consistently increasing demand for electronic gadgets. This increasing electronic usage is demanding molded plastics surging the global market.

Impact of COVID-19

The outbreak of COVID-19 has consequences in various industries, such as transportation, electronics, automotive, and other industrial manufacturing, which may affect the plastic injection molding market. Since demand for plastic injection molding is associated with the electronics and automotive industry that is directly linked to GDP growth, this situation is creating many challenges for the global plastic injection molding market. 

Owing to the pandemic impact, the activity in the commercial aerospace market may take a long duration to return to the levels observed in early 2020. The spread of COVID-19 further impacted the electronics supply chain and created a shortage of components like chips, semiconductors, circuit boards, and other components. This shortage in the supply chain led many automotive manufacturers and consumer electronics manufacturer to halt their production or produce with reduced capacity.

Regional Analysis

Asia-Pacific will hold the largest market share during the forecast period due to increasing demand for plastics in various industries, especially in healthcare, automotive, electronics, pharmaceuticals, packaging, baby products, and construction. The Asia-Pacific blow-molded plastic market was valued at USD 45562 million in 2021 and is expected to be valued at USD 71046 million by 2030 at a CAGR of 5%. Europe will account for the second-largest market share and was valued at USD 41821 million in 2021, owing to the increasing demand in construction, healthcare technology, and food packaging.

North America will witness steady growth, with the US occupying the majority of market value. Developing medical technologies, increasing usage of smartphones, the need for lightweight car components, and developing the construction industry will boost the market share. South America and Middle East & Africa will account for competitively lower growth, owing to the developing economy and the pandemic impact.

Key Highlights

• The global plastic injection molding market was valued at USD 11385 million in 2021 and is anticipated to generate USD 15734 million by 2030. The market is projected to grow at a CAGR of 4% during the forecast period (2022–2030).
• Based on the types of raw materials used, polypropylene is the major shareholder in the global plastic injection molding market. The polypropylene segment is projected to generate USD 70652 million in 2030 and grow at a CAGR of 4% by 2030.
• Based on application, the packaging segment is the largest market holder. The global packaging industry segment is projected to generate USD 60587 million in 2030 and grow at a CAGR of 4% by 2030.
• Geographically, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The market in Asia-Pacific is valued at 71046 million by 2030 at a CAGR of 5% during the forecast period

Competitive Players

1. ALPLA
2. Amcor PLC
3. AptarGroup Inc. (CSP Technologies)
4. BERICAP
5. Berry Global Inc.
6. EVCO Plastics
7. HTI Plastics
8. IAC Group
9. Magna International
10. Quantum Plastics
11. Silgan Holdings Inc
12. The Rodon Group

Recent Developments

Recent Developments

• January 2024 - A pioneer in the value chain, LyondellBasell announced that it is a partner in a ground-breaking project that will turn marine garbage from end-of-life products into creative plastics. This partnership involves a well-known German OEM and a specialist recycling business with knowledge of mechanically recycling plastic trash.
• April 2024 - Veteran members of the plastics industry Benjamin Harp and Tom Rybicki founded Polymer Medical Inc. to offer contract injection molding and assembly services to clients in the biosciences and healthcare sectors. The new company will aim to produce essential drug delivery systems, specialty packaging, pharmaceutical disposables, medical disposables such as syringes, and medical equipment for at-home healthcare to orthopedics.

Segmentation

1. By Raw Material
   1. Polypropylene
   2. Acrylonitrile Butadiene Styrene (ABS)
   3. Polystyrene
   4. Polyethylene
   5. Polyvinyl Chloride (PVC)
   6. Polycarbonate
   7. Polyamide
   8. AcrylonitrileButadieneStyrene
   9. High Density Polyethylene
   10. Other Raw Materials
2. By Application
   1. Packaging
   2. Building and Construction
   3. Consumer Goods
   4. Electronics
   5. Automotive and Transportation
   6. Healthcare
   7. Other Applications