The global 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 primarily used in the manufacturing of plastic parts through injection molding process. The materials offer properties such as durability, strength and resistance to chemicals, which make them suitable for manufacturing a wide range of products across industries such as automotive, packaging, consumer goods and electronics.
Market key trends:
Usage of recycled plastics is one of the major trend being witnessed in the injection molding materials market. With growing concerns about plastic waste and push for circular economy, injection molding manufacturers are increasingly using recycled post-consumer plastics as raw materials. This helps reduce dependency on virgin plastics and supports sustainable production. Another key trend is development of bioplastics where renewable feedstocks such as corn or sugarcane are used instead of petroleum to manufacture biodegradable injection molding materials. This is driven by bans on single-use plastics and stringent regulations regarding use of conventional plastics.
Segment Analysis
The injection molding materials market is segmented by type and application. By type, the polypropylene segment dominated with a share of over 30% in 2022. Polypropylene offers advantages like durability, flexibility and hardness making it ideal for manufacturing auto parts, appliances, containers and caps & closures.
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 demand from automotive and packaging industries.
Regional analysis
North America dominated with a share of more than 35% in 2022 owing to high presence of key players and rapid expansion of automotive and packaging industries in the US and Canada. Asia Pacific is expected to be the fastest growing region on account of growth in automotive, consumer goods and packaging industries in developing economies like China and India.
Key players
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. The market is moderately consolidated with top players accounting for over 50% of the overall market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it