May 23, 2024

Injection Molding Materials Market Poised for Swift Growth Owing to Rising Demand from Automotive Industry

The injection molding materials market is a multibillion-dollar industry globally. Injection molding is a widely used manufacturing process for producing parts from both thermoplastics and thermosets. Materials used in injection molding include metals, elastomers, polymers, glasses and ceramics. Plastics dominate the injection molding materials market and account for around 80% of all injection molded materials. The four main plastic resins used are polypropylene, polycarbonate, acrylonitrile butadiene styrene and nylon. Injection molding materials find widespread applications in automotive, packaging, electronics, consumer goods and medical devices due to their versatility and ability to be molded into complex parts at high production rates.

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.

Key Takeaways

Key players operating in The Injection Molding Materials are Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd.

The market is expected to witness lucrative opportunities owing to rising demand from end use industries like automotive, consumer goods, and packaging. Automotive manufacturers are increasingly focusing on reducing weight to meet stringent emission norms which is auguring well for lightweight plastics in injection molding.

The market is also witnessing rapid global expansion driven by growing industrialization in Asia pacific and Latin America. Countries like China, India, Mexico and Brazil are large production hubs for injection molded components and parts prompting increasing capacities of material manufacturers to cater to growing local demand.

Market drivers

The key driver for growth of injection molding materials market is the rising demand from automotive industry. Automotive manufacturers are aggressively focusing on lightweight materials to meet stringent emission norms which is driving plastic content in vehicles. Injection molding enables complex lightweight parts to be manufactured at scale making plastics increasingly popular substitutes for metals. The growing electric vehicles market is also creating opportunities for plastics due to their insulation properties and compatibility with electronic components.

PEST Analysis

Political: Key policies related to manufacturing, trade activities positively impact the market. Subsidies and funding for R&D boost innovation.

Economic: Rising disposable incomes and economic growth drive demand from end-use industries like automotive, packaging, healthcare.

Social: Aging population and growing health concerns boost demand for medical devices and equipment. Rapid urbanization increases demand for consumer goods.

Technological: Developments in materials science, 3D printing technologies aid design flexibility and yield optimization. Automation reduces production costs.

The regions concentrating the highest market share in terms of value are North America and Europe. Strong presence of automotive and packaging industries coupled with technological advances make these lucrative markets.

The Asia Pacific region is growing the fastest due to increasing economic activities, rising incomes, and improving standards of living in countries like China, India, Indonesia, and Vietnam. Growing manufacturing sectors and expanding consumer markets drive material demand. Focus on infrastructure modernization also contributes to regional growth.

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