Injection Molded Plastic Market Growth & Trends
Theglobal injection molded plastic market size is anticipated to reach USD 423.7 billion by 2030, expanding at a CAGR of 3.6% during the forecast period, according to a new study by Grand View Research, Inc. Growing demand from key applications including automotive, packaging, and construction in Brazil, Russia, India, China, and South Africa (BRICS) nations, is likely to drive the growth. The high-growth regions such as the Middle East and Asia Pacific have witnessed a surge in capacity addition over the last few years.
The increasing presence of plastic injection molding companies in China on account of low manufacturing costs and ample availability of skilled labor is anticipated to benefit the regional market. Major foreign companies are increasing their production capabilities in the region, owing to the growing demand for plastic products. Government support in the form of tax benefits and financial incentives in China and India to increase the FDI flow has helped develop the market for plastics in these countries.
In packaging application, high-density polyethylene (HDPE) is extensively used in thin-wall injection molding. Growing packaging demand from food, bin liners, and thing gauge bags is anticipated to drive its growth over the forecast period. The rising penetration of injection molded HDPE in shipping containers, industrial pails, and houseware application is anticipated to further drive its demand over the forecast period.
The recent outbreak of the COVID-19 pandemic has affected the revenue generation of the companies operating in the injection molded plastics industry owing to the halt or slowdown in the production facilities. Thus, the companies are focusing on stepping up their resources and production capabilities to help in the fight against the pandemic. For instance, G&C Products, a U.S.-based plastic injection mold-making company that produces plastic products for fishing and the medical industry, started the production of personal protective equipment such as face shields and face masks.
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Injection Molding Plastic Market Highlights
The global injection molded plastics market was valued at USD 303.7 billion in 2022 and is estimated to grow at a CAGR of 3.6% from 2023 to 2030
In terms of revenue, demand for injection molding from the packaging industry in Asia Pacific is projected to reach USD 181.9 billion by 2030 at a CAGR of 4.2% from 2023 to 2030
The growth of the electronics industry coupled with the cost-effectiveness of electrical appliances is projected to remain a key driving factor for the next eight years
Demand from the medical sector in North America is anticipated to expand at an estimated CAGR of more than 2.7% from 2023 to 2030
Packaging was the prominent application segment in the France injection molded plastics industry and is expected to augment at a CAGR of 3.1% over the forecast period
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