by Injection molded plastics find widespread applications across various industries such as automotive, consumer goods, packaging, healthcare, construction, and electronics owing to their ease of manufacturing and cost-effectiveness. Materials such as polypropylene, polystyrene, polyvinyl chloride, polyethylene terephthalate, and acrylonitrile butadiene styrene are injected under high pressure to produce complex components. The increasing use of injection molded plastics in various healthcare applications such as medical devices, pharmaceutical packaging, and aesthetic implants is driving the market growth.
The global Injection Molded Plastics Market is estimated to be valued at US$ 362.79 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing use of injection molded plastics in healthcare applications is one of the major trends fueling market growth. Injection molded plastics find widespread applications in medical devices such as catheters, syringes, contact lenses, surgical trays, and diagnostic devices due to their sterilizability, biocompatibility, and precision manufacturing. They are also used for pharmaceutical packaging applications such as vials, caps and closures, pre-filled syringes owing to their moisture and chemical resistance. Furthermore, injection molded plastics such as polyetheretherketone and polyetherketoneketone are gaining traction for dental and orthopedic implants due to their bio-resorption properties inside the body. Thus, the rising healthcare expenditure coupled with increasing demand for medical devices and pharmaceutical products is expected to propel the demand for injection molded plastics over the forecast period.
SWOT Analysis
Strength: The injection molded plastics market is characterized by low production costs and high production output. Injection molding allows for precise replication of complex geometries and net shapes with a high degree of automation.
Weakness: Injection molded plastics are dependent on volatile petroleum prices as they are derived from petrochemical feedstock. Design changes often require expensive new molds to be produced.
Opportunity: Growing demand for lightweight and sustainable materials from end-use industries such as automotive, packaging, consumer goods will drive market growth. Development of bio-based and recycled plastics offers new opportunities.
Threats: Stringent environmental regulations around plastic waste management pose challenges. Substitution threat from alternative forming technologies and materials such as 3D printing.
Key Takeaways
The Global Injection Molded Plastics Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Injection Molded Plastics Market is estimated to be valued at US$ 362.79 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the market and is expected to maintain its leading position through 2031, driven by high demand from China, India, Indonesia and other developing nations. Countries like China, Japan and South Korea are also major manufacturing hubs for injection molded plastics.
Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, United Imaging Healthcare Co., Ltd., Mediso Kft., Positron Corporation, Esaote SpA, Carestream Health, Mirada Medical Limited, and Hermes Medical Solutions. These players are focusing on developing innovative biomaterials, exploring applications in 3D-bioprinting and advancing imaging modalities to stay ahead of competition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
