Injection Molding Market Size, Share, Growth Analysis, By Material (Plastics, Metal), By Application (Packaging, Medical), By Technology (Micro Injection Molding, Injection Compression Molding), By Region -Industry Forecast 2024-2031

Global Injection Molding Market size was valued at USD 274.37 Billion in 2022 and is poised to grow from USD 287.54 Billion in 2023 to USD 418.39 Billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

The injection molding industry is observing the increasing demand for injection-molded parts during the forecast period. Many external automotive parts such as mudguards, door panels, wheel arches, grilles, trunk trims, front and rear covers, and outside car door trims can be manufactured using injection molding. Since the automobile business is focused on safety, reliability, and quality, injection molding should be a backbone manufacture for producing different parts of cars. There is a huge demand for lighter plastic body parts in electric vehicles in the United States due to the rising trend of electric cars usage. Other factors that will contribute to the growth of electric car production are: Some favorable policies and programs on the part of the government in relation to production, infrastructure available, huge investments in R&D, etc. For instance, Hyundai Motor Group announced its plan to set up a new electric car manufacturing facility in Georgia, USA, in February 2024. This plant has a designing capacity of 300,000 electric vehicles per year and will begin operations in 2025. Tax breaks and subsidies provided by the federal government also have helped increase demand for electric cars. The more concerning requirement for injection-molded components to expand the exterior and interior of both traditional and electric cars within the coming years will help the injection molding market growth.