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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Injection molding materials are used to manufacture plastic parts in industries such as automotive, packaging, consumer goods, electronics, among others through injection molding process. These materials offer benefits such as durability, strength, stability and lightweight.
Market key trends:
Growing demand from the automotive industry is one of the key trends propelling the global injection molding materials market growth. Vehicle components such as interior and exterior parts including bumpers, grills, doors and panels are increasingly being manufactured using injection molding of plastics owing to the material advantages. In addition, replacement of metal components with plastics helps in reducing the overall vehicle weight and improving fuel efficiency.
Strength: Injection molding materials have wide applications in automotive, packaging, consumer goods and medical industries due to their high durability and affordability. They can be easily molded into complex shapes.
Weakness: Non-biodegradable nature of petroleum-based injection molding materials is a major concern. Volatility in raw material prices adds to production costs.
Opportunity: Growing demand for lightweight and specialized materials from end-use industries offers opportunities. Bio-based and recyclable materials present a huge scope.
Threats: Stringent environmental regulations around the world regarding use of plastics pose threats. Substitute materials like 3D printing also threaten the market.
The 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 industry. Growing automotive production and focus on lightweight vehicles are driving the need for injection molding materials.
North America dominated the market, accounting for around 30% share in 2023. Presence of major automotive companies and plastic product manufacturers support market growth. Asia Pacific is expected to be the fastest growing region, owing to growth of automotive and consumer goods industries in developing economies such as China and India.
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 industry is moderately consolidated with top players accounting for over 60% share. Companies are investing in R&D to develop new bio-based materials.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it