Injection Molded Plastics Global Market Report 2024

The injection molded plastics market has grown strongly in recent years. It will grow from $316.76 billion in 2023 to $332.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion observed in the historical period can be attributed to factors such as industrialization and mass production, innovation and development in materials, evolution of consumer products, environmental concerns and regulations, and a focus on cost-effectiveness and production efficiency.

The injection molded plastics market is expected to see steady growth in the next few years. It will grow to $403.24 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to increasing demand in the automotive sector, rising adoption in medical devices, a shift towards sustainable solutions, increasing demand in the packaging industry, and the integration of automation and Industry 4.0 practices. Key trends expected in the forecast period involve customization and design flexibility, a rise in lightweight components, advanced material development, expansion in medical device applications, and global market expansion in the field of injection molded plastics.

The injection molded plastic market is poised for growth due to increased spending on construction activities. Construction involves the assembly of structures for residential and commercial purposes using various materials and techniques. Injection molded plastics find extensive use in construction applications such as flooring, roofing, walls, and insulation, thanks to their attributes of higher durability, lighter weight, and superior insulation properties. Notably, in December 2022, data from the Federal Reserve Bank of St. Louis revealed a rise in total spending on commercial construction to $131 million, up from $103 million in December 2021. Additionally, residential construction spending reached $954 million in May 2022, marking an increase from $797 million in May 2021. The upward trend in construction spending is expected to drive the injection molded plastics market.

The injection molded plastics market is set to experience growth fueled by the burgeoning demand from the automotive industry. The automotive sector encompasses a diverse range of activities related to motor vehicle design, development, manufacturing, and more. Injection molded plastics are increasingly sought after in the automotive industry due to their flexibility, catering to the innovative needs of designers and engineers for aspects such as aerodynamics, aesthetics, and functional integration. As reported by Forbes, a U.S. business magazine, global auto sales are estimated to witness a 4% increase in 2023, reaching 89.7 million units. Thus, the growing demand from the automotive industry is a significant driver for the injection molded plastics market.

A prominent trend in the injection-molded plastics market is the focus on product innovations by major companies. These companies leverage new technologies to introduce innovative products, ensuring they remain competitive in the market. For instance, Saudi Arabia's Basic Industries Corporation (SABIC), a chemical manufacturing company, introduced a personalized portfolio of new mineral-reinforced SABIC PP compounds in July 2022. These compounds, including PPc F9015, PPc F9005, and PPc F9005 grades, are designed for foam injection molding (FIM) and enhance aesthetics for automotive interior parts.

Innovation in technologies, such as AI-based smart injection molding systems, is a strategic focus for major companies in the injection molded plastics market. AI-based smart injection molding systems incorporate artificial intelligence to optimize the injection molding process. LS Mtron, a South Korea-based manufacturer, launched the CSI4.0 system in August 2022. This system features an AI Molding Assistant to reduce setup time and Smart Weight Control to detect weight changes in real-time, optimizing processing conditions.

In November 2022, NewCo Plastics, a U.S.-based plastic manufacturing platform, acquired PM Mold. This move aimed to enhance NewCo Plastics' suite of manufacturing services, covering the entire process from product design to final shipment.

Major companies operating in the injection molded plastics market report are ExxonMobil Corporation, Badische Anilin- und Sodafabrik, DuPont de Nemours Inc., Dow Inc., Huntsman International LLC., Eastman Chemical Company, INEOS Group, LyondellBasell Industries Holdings B.V., Saudi Arabia's Basic Industries Corporation, Magna International Inc., InterActiveCorp Group, Berry Global Inc., HTI Plastics Inc., Rutland Plastics, The Rodon Group, Heppner Molds Inc., Formosa Plastics Corporation, Reliance Industries Limited, China National Petroleum Corporation, AptarGroup Inc., Silgan Holdings Inc., Amcor PLC, ALPLA INDIA PRIVATE LIMITED, LTM Plastics Inc., MSI Mold Builders., GSH Industries Inc., Britech Industries, Nylacarb Corp., Proto Labs, EVCO Plastics, Crescent Industries, Stack Plastics, Universal Plastic Mold, Plastic Molding Technology Inc., Kamek Precision Tools Inc., Plastic Injection Molding Inc., RSP Inc., Plastic Design International Inc.

Asia-Pacific was the largest region in the injection molded plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global injection molded plastics market during the forecast period. The regions covered in the injection molded plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the injection molded plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main raw materials for injection molded plastics include polypropylene (PP), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polystyrene (PS), and other materials. Polypropylene (PP) is a thermoplastic polymer derived from propylene monomer through polymerization. It is favored in various industries for its versatility, durability, and chemical resistance. The types of injection molded plastics include electric type, hydraulic type, and hybrid type, and these are applied in diverse industries such as automotive, medical, food and beverage, consumer goods, electronics and telecom, construction, shoe manufacturing, home appliances, and others.

The injection molded plastic market research report provides injection molded plastic market statistics, including injection molded plastic industry global market size, regional shares, competitors with injection molded plastic market share, detailed injection molded plastic market segments, market trends, and opportunities, and any further data you may need to thrive in the injection molded plastic industry. This injection molded plastic market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The injection molded plastics market consists of sales of acrylic (PMMA), nylon polyamide (PA), and polycarbonate (PC). Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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