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).
Injection molding is a process for producing parts by injecting a material into a mold. Injection molding is used to produce a wide range of products with various raw materials, including plastics, metals such as iron, aluminum, copper, precious metals, and carbide. Increasing demand for injection moldings is experienced by various end-use industries such as automotive, consumer goods, packaging, healthcare, electrical & electronics, building and construction, and furniture. Injection molding parts are carefully designed to ease the molding process.
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Key Trends and Analysis of the Injection Molding Materials Market:
In 2022, plastics segment held a dominant position in the injection molding materials market. According to the India Brand Equity Foundation (IBEF), the per capita consumption of plastics in India accounted for around 4 kilograms per year. China and the U.S. recorded an average per capita consumption of 17 kg and 120 kg, respectively. Therefore, increasing income levels and demographic transition are major factors resulting in high plastic consumption in India.
Key Takeaways of the Market:
- Asia Pacific held a dominant position in the market in 2022 and is expected to sustain its dominance during the forecast period (2023-2030). The market growth in the region is attributed to the increasing demand for packaging employing injection molding, thus, boosting the growth of the packaging industry, in turn boosting demand for injection molding materials. Furthermore, the need for weight reduction in the automobile sector is increasing, in turn fuelling growth of the injection molding materials market. Several manufacturers are investing extensively in various segments of the industry. The industry has involved FDI (Foreign Direct Investment) worth US$ 15.79 billion during 2012-2020, according to DIPP (Department of Industrial Policy and Promotion). Growing environmental concerns together with dropping crude oil prices is expected to be a major issue for the participants in the market.
- The Europe market for injection molding materials is expected to exhibit a CAGR of 3.9% over the forecast period. The automotive end-use industry augments growth of the injection molding materials market. According to International Trade Administration, U.S. auto parts sector is one of the largest contributors to total U.S. exports.
- ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group among others are some of the key players operating in the global injection molding materials market. Major players in the market are implementing various organic and inorganic growth strategies. For instance, in 2020 Mitsubishi Heavy Industries Plastic Technology and Ube Machinery Corporation announced the merger of their business in injection molding machine to combine their strengths.
