What is the global market size of Injection Molded Plastic Market?

Global Injection Molded Plastic Market size was valued at USD 284.7 billion in 2021 and is poised to grow from USD 296.66 billion in 2022 to USD 429.6 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).

Injection Molded Plastic Market Size, Share, Growth Analysis, By Raw Material(Polystyrene (PS), High-density polyethylene (HDPE), Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP)), By Application(Building & Construction, Automotive, Consumables & Electronics, Packaging), By Region - Industry Forecast 2024-2031

Q: What is the key driver of Global Injection Molded Plastic Market?

Increasing demand for plastic across various industries: The increased need for plastics across a range of end-use sectors is what is driving the growth of the injection molded plastic market. Due to advancements that lower the production rate for defects, injection-molding technology has grown in importance in the mass production of intricate plastic structures.

Report ID: SQMIG30H2032 | Region: Global | Published Date: October, 2024
Pages: 165 | Tables: 66 | Figures: 75

Injection Molded Plastic Market News

In February 2022, Port Washington, Wisconsin — Molded Dimensions, a manufacturer and supplier of custom rubber and urethane molded parts to original equipment manufacturers (OEM) and related businesses, announced the acquisition of GlobalTech Plastics in Fife, Washington.
In October 2021, Silgan Holdings acquired Gateway Plastic for a value of USD 485 million, which specializes in the manufacturing and marketing of dispensing closures and integrated dispensing packaging solutions.

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Global Injection Molded Plastic Market size was valued at USD 319.55 billion in 2022 and is poised to grow from USD 330.41 billion in 2023 to USD 431.74 billion by 2031, growing at a CAGR of 3.4% in the forecast period (2024-2031).

An enormously unorganized sector exists in the extremely fragmented global market, especially in the Asia Pacific and Latin America. In order to benefit from operational excellence and obtain economies of scale, businesses, particularly those from the Asia Pacific, have been on the lookout for sizable capacity additions over the past few years. The market is competitive in terms of price and distribution channels thanks to a varied product portfolio and differentiation. 'BASF SE', 'LyondellBasell Industries Holdings B.V.', 'Dow Inc.', 'SABIC', 'DuPont de Nemours, Inc.', 'Eastman Chemical Company', 'ExxonMobil Corporation', 'Huntsman Corporation', 'INEOS AG', 'Chevron Phillips Chemical Company LLC', 'Reliance Industries Limited', 'Formosa Plastics Corporation', 'LG Chem Ltd.', 'Total SA', 'Arkema SA', 'Covestro AG', 'Sumitomo Chemical Co., Ltd.', 'MRC Polymers Inc.', 'Saudi Basic Industries Corporation (SABIC)', 'Shin-Etsu Chemical Co., Ltd.'

The increased need for plastics across a range of end-use sectors is what is driving the growth of the injection molded plastic market. Due to advancements that lower the production rate for defects, injection-molding technology has grown in importance in the mass production of intricate plastic structures.

Innovation of Injection Molding Technologies: Continuous innovation has occurred in injection molding technologies, such as the growing trend toward an integrated approach to product design that emphasizes precision machining. The time between designing and manufacturing has thus been significantly shortened, especially in the case of complicated products like medical devices. When producing medical equipment, this technique is more commonly referred to as micro injection molding because it is used at a minuscule scale.

Based on the region, Asia Pacific currently dominates the injection molded plastic market with respect to market share. Market penetration in this region is projected to be supported by rising infrastructure investments and rising automobile demand in nations like China, India, Indonesia, and Malaysia. Due to the cheap labor costs, significant end-use sectors, like electronics and autos, are moving their manufacturing bases to nations like India, China, Indonesia, and Thailand, which is supporting the market growth.

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