Injection molding materials are widely used for manufacturing of auto components. Plastics are preferred over other materials for their advantages like lightweight, durability and cost effectiveness. Rising automobile production is propelling the demand for injection molding of high-performance plastics and polymers for various automotive parts.
The global Injection Molding Materials Market is estimated to be valued at US$ 330.32 Bn in 2024 and is expected to exhibit a CAGR of 36% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the automotive industry is one of the major factors driving the growth of the Global Injection Molding Materials Market Size. With growing automobile production globally, there is rising demand for lightweight and durable automotive components. Plastics manufactured using injection molding technique meet these requirements and help in reducing the overall weight of the vehicles. The weight reduction translates to better fuel efficiency. Hence, automakers are widely using injection molded plastics for various exterior and interior automotive parts. This growing preference for plastics over other traditional materials in the automotive industry is expected to propel the demand for injection molding materials over the forecast period.
SWOT Analysis
Strength: Injection molding materials have high durability and mechanical strength for manufacturing a variety of products. They can be easily molded into complex shapes and designs.
Weakness: Significant capital investment is required to set up injection molding facilities and machines. Changes to mold designs require additional costs and time.
Opportunity: Growing demand for lightweight and durable plastic components from automotive and packaging industries presents significant growth opportunities. Injection molding materials allow mass production of products economically.
Threats: Stringent environmental regulations around plastic waste management pose challenges. Volatility in raw material prices impacts the overall costs.
Key Takeaways
The global Injection Molding Materials market is expected to witness high growth.
Regional analysis: Asia Pacific region dominates the global market with over 50% share owing to high production and consumption of plastics in countries like China, India, Indonesia and Japan.
Key players operating in the Injection Molding Materials are Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd. These players are focused on developing innovative materials with enhanced properties using advanced technologies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it