by The injection molding materials market is estimated to be valued at US$ 286.73 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Injection molding is a manufacturing process for producing parts by injecting material into a mould. The most common materials are thermoplastics and thermosetting polymers such as polyamides, polycarbonates, polypropylenes and cycloolefin copolymers. Injection molding materials offer advantages such as versatility, repeatability and sustainability for manufacturing a variety of complex parts used in applications across industries like automotive, packaging, healthcare and electronics.
Market key trends:
One of the major trends driving the growth of the injection molding materials market is the rising demand from the automotive industry. Injection molding enables mass production of durable and lightweight auto components like instrument panels, door panels, bumpers and cargo boxes. The low cost of production and minimal wastage when using injection molding materials helps auto manufacturers increase productivity and reduce costs. Growing automotive production globally, especially in developing regions of Asia and Latin America is propelling the consumption of injection molding materials. Increasing penetration of plastics in vehicles to reduce weight and enhance fuel efficiency is also boosting the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the injection molding materials market due to high R&D and capital investments required to build manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various material substitutes and undifferentiated products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials suppliers are few. However, they have a diversified customer base to service.
Threat of new substitutes: The threat of new substitutes is moderate as alternative materials such as aluminum continue to gain acceptance where weight savings are important.
Competitive rivalry: Competition in the market is high.
SWOT Analysis
Strength: The injection molding materials market exhibits steady growth owing to their widespread applications in various end-use industries. The market is driven by increasing demand from automotive and packaging industries.
Weakness: Volatility in raw material prices impacts the overall production cost of injection molded products. Strong bargaining power of buyers puts pressure on profit margins.
Opportunity: Growing demand for eco-friendly materials presents an opportunity for bio-based polymers in the market. Emerging economies offer significant untapped growth potential.
Threats: Stringent environmental regulations regarding non-biodegradable plastics pose a key challenge. Substitute materials such as aluminum can replace plastics in certain applications.
Key Takeaways
Global Injection Molding Materials Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from automotive and packaging industries. The market size for 2023 is estimated to reach US$ 286.73 Bn.
Regionally, Asia Pacific dominates the global injection molding materials market and is expected to maintain its leading position throughout the forecast period. This is attributed to growing automotive and packaging industries in China and India. Injection molded plastics find widespread utilization in manufacturing interior and exterior automotive components in the region.
Key players operating in the injection molding materials market are ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group. Key players focus on expanding their production capacities and geographical reach through mergers & acquisitions to strengthen their market position. They also emphasize on development of bio-based and specialty polymers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
