by The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Injection molding materials are thermoplastic or thermosetting polymers that are forced into a mold cavity under high pressure to form complex and precise shapes. Common injection molding materials include polyethylene, polypropylene, nylon,ABS, and polycarbonate. Injection molding is widely used for manufacturing automotive components, packaging, consumer goods, medical devices and many other applications due to its design flexibility and high dimensional precision. The process offers shorter lead times, better consistency and lower production costs than traditional manufacturing methods.
Market key trends:
One of the key trends in the injection molding materials market is the rising demand for specialty polymers. Conventional commodity polymers are being replaced by specialty plastics with enhanced properties such as strength, lightweight, thermal and chemical resistance. Specialty polymers include liquid crystal polymers, PEEK, PEI and TPU. They enable manufacturing of high performance parts for industries such as aerospace, medical devices and electronics. The development of specialty injection molding materials allows for greater design complexity and expanded applications of the technology.
Porter’s Analysis
Threat of new entrants: Low to medium, as injection molding material production requires high capital investments and technical expertise. Existing players enjoy economic scales.
Bargaining power of buyers: Medium, as materials account for significant share of overall injection molding costs. However, buyers have limited bargaining power due to availability of close substitutes.
Bargaining power of suppliers: Medium, as supply of raw materials concentrated among few players. However, entry barriers for raw material production are also low.
Threat of new substitutes: Low, as injection molding technique offers design flexibility and precision. Emerging technologies offer potential substitution over long term.
Competitive rivalry: High, as market fragmented with large multinational and local players. Intense competition on pricing and customer service.
Key Takeaways
The 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 injection molding materials is projected to reach US$ 286.73 Bn by 2023.
Regional analysis of North America dominates injection molding materials market currently, owing to high concentration of automotive OEMs as well as packaging industries. Asia Pacific is expected to witness fastest growth during forecast period supported by rising per capita income, growth in automotive sector and increasing demand for consumer goods from China and India.
Key players operating in the injection molding materials market include ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
