May 18, 2024
Injection Molding Materials Market

The Global Injection Molding Materials Market Driven By Increased Usage For Automotive Parts

Injection molding materials are engineered thermoplastic or thermosetting polymers that are molded into intricate shapes using an injection molding machine. These materials are supplied in powder or pellet form to injection molding machines where they are heated and forced into complex molds under high pressure. Injection molding materials find extensive usage in automotive, packaging, consumer goods, electrical/electronics and construction industries due to their ability to be molded into precise shapes and sizes with tight tolerances. Commonly used injection molding materials include polypropylene, polyethylene, polycarbonate, acrylonitrile butadiene styrene, nylon and polyvinyl chloride. The global injection molding materials market is witnessing significant growth due to rising demand from the automotive industry for durable and lightweight parts. With stricter fuel emission standards, automakers are increasingly utilizing injection molded plastics to produce interior and exterior body panels, bumpers and other components to reduce vehicle weight.

The global Injection Molding Materials Market is estimated to be valued at US$ 330.32 Bn in 2024 and is expected to exhibit a CAGR of 36.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends spurring growth in the Global Injection Molding Materials Market Size is the increasing penetration of electric vehicles. With focus shifting towards more sustainable transportation solutions, automakers are developing new EV models at a rapid pace. Injection molding plastics play a vital role in EV manufacturing as they allow for cost-effective production of large plastic body parts, which help reduce battery cost and extend vehicle range per charge. Furthermore, regulations mandating higher recycled content in automotive plastics are also driving material suppliers to enhance their product portfolios with bio-based and recyclable injection molding materials. This is expected to shape the future of e-mobility andpush forward the adoption of sustainable plastics.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the injection molding materials market is moderate. High capital requirements for setting up manufacturing facilities pose a barrier.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customized product development increases customer dependence.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many supplier alternatives for raw materials.

Threat of new substitutes: The threat of substitutes is low as injection molding materials have advantages over other manufacturing processes.

Competitive rivalry: Competition in the market is high due to the presence of numerous international and regional players.

Key Takeaways

The global injection molding materials market is expected to witness high growth over the forecast period.

Regional analysis: Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period supported by the rapidly expanding automotive, electronics, and consumer goods industries in China, India, and other emerging countries in the region.

Key players: Key players operating in the injection molding materials market are Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it