May 21, 2024

Injection Molded Plastics Market is expected to be Flourished by Growing Demand from Packaging Industry

Injection molded plastics are extensively used in manufacturing packaging materials such as bottles, containers, and blister packs. Plastics provide advantages such as versatility, durability, cost-effectiveness, and sustainability in packaging applications. Growing consumption of processed and packaged food & beverages is propelling the demand for plastic packaging globally. Plastics are becoming an essential part of various lifestyle and consumer products such as automotive components, medical devices, and household goods. The global injection molded plastics market provides a wide range of application opportunities in industries including automotive, packaging, electronics & telecommunication, consumer goods, and healthcare.

The global injection molded plastics market is estimated to be valued at US$ 362.79 Mn in 2024 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 Dynamics:

One of the key drivers for the growth of injection molded plastics market is the growing demand from the packaging industry. Plastics are increasingly being used in the production of flexible and rigid packaging for food & beverages, consumer goods, industrial products, and pharmaceutical products. Properties such as impermeability, durability, printability, lightweight, and moldability make plastics suitable for packaging applications. Growing consumption of packaged and processed foods coupled with rising demand for convenience packaging from various end-use industries is fueling market growth. Moreover, favorable government policies and regulations supporting the use of plastics in food-grade packaging are positively impacting the sales of injection molded plastics.

Segment Analysis
The injection molded plastics market can be segmented into packaging, consumer goods, automotive, electrical & electronics, building & construction, medical and others. The packaging segment dominates the market and accounts for over 30% share owing to the extensive use of injection molded plastics in packaging of various products ranging from food items, beverages, cosmetics and pharmaceuticals. Within packaging, rigid packaging dominates due to its high durability and reusability.

PEST Analysis
Political: Government regulations around the use of plastic are influencing the market. Restrictions on single-use plastics are increasing.
Economic: The growing GDP and disposable incomes in developing nations are driving demand from end use industries like consumer goods and automotive.
Social: Population growth and rising living standards are increasing demand for packaged and branded consumer goods.
Technological: Developments in injection molding techniques allow for complex designs and shapes to be produced conveniently.

Key Takeaways
The Global Injection Molded Plastics Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The global injection molded plastics market is estimated to be valued at US$ 362.79 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.

Regional analysis:
The Asia Pacific region dominates the global market and is expected to witness the fastest growth owing to large production bases and rising consumption from China, India and other developing Asian countries. The thriving automotive and packaging industries in the region are major contributors of growth.

Key players:
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. GE Healthcare leads the market with specialized healthcare solutions and diversified portfolios.

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