INJECTION MOLDING MATERIALS MARKET ANALYSIS

Injection molding process is the manufacturing process of production by inserting materials into a mold to create varied shapes and sizes of the object. Injection molding can be achieved with a host of materials consisting of metals, elastomers, glasses, confections, and polymers. Injection molding is extensively used for manufacturing a variety of components such as automotive parts, bottle caps, packaging, storage containers, mechanical parts, and wire spools. Low maintenance cost, low consumption of energy, high accuracy are some of the properties offered by injection molding process, which, in turn contributes to the growth of the injection molding materials market.

Driver:

The global injection molding materials market was valued at US$ 271.6 Billion in 2022 and is expected to exhibit a CAGR of 5.57%, in terms of revenue and expected to reach at US$ 419.1 Billion over the forecast period (2023 – 2030).

Growing demand for injection molding materials from end use sectors, increased awareness of manufacturer are likely to drive up demand for injection molding material market. Infrastructure development in nations such as Brazil and India is growing significantly for heat and pressure resistant material. This is likely to expand the use of injection molding materials.

Plastic is the most attractive material segment and accounts for the largest market share owing to its increasing demand from various end-use industries such as packaging, automotive, electronics and consumer goods, medical disposal, and building and construction.

Packaging industry accounted for the largest market share in the injection molding materials market in 2022 due to the increased consumption of consumer goods, cosmetics, and healthcare products. Hydraulic injection molding machinery is extensively used in the injection molding process. The high demand for hydraulic molding machines is attributed to its advancement in technology, lower cost, improved performance, and long service life.

Asia Pacific is the most dominant region in the global injection molding materials market in 2022, owing to the growing automotive and packaging industries in the region, which employ the injection molding process for various applications. Furthermore, increasing number of commercial vehicles and technological advancements in the region, is expected to boost the demand for injection molding materials globally, in turn fuelling growth of the market over the forecast period. According to IBEF, 14 million vehicles were manufactured in 2015. India offers low manufacturing costs owing to low design, limited investment in research activities, and low labor cost coupled with local sourcing of components. Policy initiative such as low excise duties and Value Added Tax (VAT) have been implemented to boost the demand for automotive industry in India.

Europe is the second largest region in terms of value in the global injection molding materials market. Increasing demand for electrical appliances and automotive components fuels the growth of the injection molding materials market in Europe. Moreover, increasing globalization and production have led to the steady growth of the market in the region. Manufacturers operating in the injection molding materials market are largely investing in research and development to expand their product portfolio in Europe.

The injection molding materials market in North America is expected to experience significant growth during the forecast period.

Figure 1. Global Injection Molding Materials Market Share, By Region, 2022

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Asia Pacific accounted for major shares in the global injection molding market, in terms of revenue, in 2022 and are expected to sustain their dominance over the forecast period. However, the recent economic depression in Europe and the entry of new market players in the global injection molding materials market are expected to thwart growth of the market in Europe during the forecast period.

Figure 2. Global Injection Molding Materials Market Share, By Application, 2022

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Packaging application has highest demand in the industry and accounted for largest revenue 32.01%. Injection molding has increased demand in packaging. Consumable & electronics has second highest demand in the industry.

Global Injection Molding Materials Market- Impact of Coronavirus (Covid-19) Pandemic

Covid-19 pandemic affected every several industry including injection molding materials market industry, manufacturer shut down their production due to less demand. The COVID-19 pandemic has amplified the focus on productivity and forced injection molding decision makers to reconsider how automation and digitalized technologies can facilities working smarter.

Recent Development:

On December 2022, ExxonMobil  an oil and gas company announced successful startup of one of the largest advanced recycling facilities in North America. The facility at the company’s integrated manufacturing complex in Baytown, Texas, U.S. uses proprietary technology to break down hard to recycle plastics and transform them into raw materials for new products.

On 11 January 2023, SABIC a chemical manufacturing company will be making a strong presence at the highly anticipated Plastindia 2023, a major plastic and rubber tradeshow. The event is making a return after a three year pause due to challenges from the COVID-19 pandemic.

On 15 February 2023, Magna announces new facility and expands in five other locations across Ontario to support new businesses.

On September 2022, IAC unveils couture gown grafted from sustainable automotive materials for North American international auto show event.

 Major Players in the Global Injection Molding Material Market

Some of the key players in the global injection molding materials market include ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group.