July 12, 2024

The Injection Molded Plastics Market Driven By Rising Demand From The Automotive Industry

The injection molded plastics market comprises a wide range of plastic polymers that can be molded into various shapes and designs through the injecting of molten plastic under high pressure into a metal mold. Injection molded plastics have become one of the most commonly used fabrication methods for the automotive, packaging, consumer goods and electrical/electronics industries due to their ability to create complex and intricate parts with precision and repeatability. The global market for injection molded plastics has seen tremendous growth in recent years driven by rising vehicle production. Characteristics such as durability, lightweight and affordable production costs have made plastics a preferred material over metals for various exterior and interior automotive components.

The global Injection Molded Plastics Market is estimated to be valued at US$ 314.92 Million in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

 

One of the major trends driving growth in the injection molded plastics market is the shift toward electrified vehicles. Auto manufacturers are increasingly utilizing plastics to reduce vehicle weight and boost efficiency of hybrid and electric vehicles. Plastics allow for substantial weight savings compared to metals and help extend driving range. Additionally, their innate insulating properties make them suitable for electrical vehicle parts that require protection from short circuits. Laser-assisted injection molding is another emerging trend, which involves lasers to improve plastic flow and weld parts together for more complex designs and multi-material solutions in automotive and consumer electronics.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the injection molded plastics market is moderate as it requires huge capital investments to build injection molding facilities.

Bargaining power of buyers: The bargaining power of buyers is moderate since molded plastics are widely used across industries. Buyers can select from multiple suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is low given the fragmented nature of suppliers and availability of raw materials from multiple sources globally.

Threat of new substitutes: The threat of substitutes is low as injection molded plastics have properties that are difficult to replace. There are no direct substitutes for molded plastics.

Competitive rivalry: The competition in the market is high among the top players to gain more market share.

Key Takeaways

The Global Injection Molded Plastics Market Demand is expected to witness high growth over the forecast period. The global injection molded plastics market is estimated to be valued at US$ 314.92 million in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

Regional analysis:

 

Asia Pacific accounts for the largest share in the global market. The presence of established automotive, packaging, and consumer goods industries drives the demand. China, India, Japan, and South Korea are the key countries contributing to the region’s large market share.

Key players:

 

Key players operating in the injection molded plastics market are LyondellBasell, SABIC, ExxonMobil Corporation, DuPont, Reliance Industries Limited, WestRock Company, HTI Plastics and The Dow Chemical Company.

LyondellBasell is one of the largest plastics, chemicals and refining companies globally. It produces polypropylene, polyethylene, polyvinyl chloride and advanced engineered materials. SABIC manufactures and markets chemical, commodity and high performance products including bottles, packaging films and pipes.

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