Injection Molded Plastics Global Market Opportunities and Strategies to 2033

This report describes and explains the injection molded plastics market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global injection molded plastics market reached a value of nearly $316.75 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.2% since 2018. The market is expected to grow from $316.75 billion in 2023 to $408.04 billion in 2028 at a rate of 5.2%. The market is then expected to grow at a CAGR of 6.3% from 2028 and reach $554.78 billion in 2033.

Growth in the historic period resulted from growth in construction activity, emerging markets growth, the growing demand for plastic components from various end-use industries and the growing demand for electric vehicles (EV). Factors that negatively affected growth in the historic period was presence of alternative technologies.

Going forward, the increasing infrastructure spending, the rising demand for food packaging, the growing demand from automotive industry and the rising online retail sales will drive the growth. Factor that could hinder the growth of the injection molded plastics market in the future include growing stringent government regulations.

The injection molded plastics market is segmented by raw material into polypropylene (PP), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polystyrene (PS) and other raw materials. The polypropylene (PP) market was the largest segment of the injection molded plastics market segmented by raw material, accounting for 36.3% or $114.87 billion of the total in 2023. Going forward, the polystyrene (PS) segment is expected to be the fastest growing segment in the injection molded plastics market segmented by raw material, at a CAGR of 6.6% during 2023-2028.

The injection molded plastics market is segmented by type into electric type, hydraulic type and hybrid type. The electric type market was the largest segment of the injection molded plastics market segmented by type, accounting for 49% or $155.33 billion of the total in 2023. Going forward, the hybrid type segment is expected to be the fastest growing segment in the injection molded plastics market segmented by type, at a CAGR of 6% during 2023-2028.

The injection molded plastics market is segmented by application into packaging, consumables and electronics, automotive and transportation, building and construction, medical and other applications. The packaging market was the largest segment of the injection molded plastics market segmented by application, accounting for 34.7% or $109.77 billion of the total in 2023. Going forward, the medical segment is expected to be the fastest growing segment in the injection molded plastics market segmented by application, at a CAGR of 6.2% during 2023-2028.

Asia Pacific was the largest region in the injection molded plastics market, accounting for 35.5% or $112.42 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions.

Going forward, the fastest-growing regions in the injection molded plastics market will be South America and Middle East where growth will be at CAGRs of 8.8% and 6% respectively. These will be followed by Asia Pacific and Western Europe where the markets are expected to grow at CAGRs of 5.4% and 5.2% respectively.

The global injection molded plastics market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 15.1% of the total market in 2022. LyondellBasell Industries N.V. was the largest competitor with a 3% share of the market, followed by BASF SE with 2.8%, Berry Global Inc. with 2.7%, Exxon Mobil Corporation with 1.4%, the Dow Chemical Company with 1.3%, Reliance Industries Limited with 1.2%, Eastman Chemical Company with 0.9%, SABIC with 0.7%, Huntsman Corporation/Huntsman International LLC with 0.6% and INEOS Group Holdings S.A. Plc with 0.5%.

The top opportunities in the injection molded plastics market segmented by raw material will arise in the Polypropylene (PP) segment, which will gain $32.65 billion of global annual sales by 2028. The top opportunities in the injection molded plastics market segmented by type will arise in the electric type segment, which will gain $45.54 billion of global annual sales by 2028. The top opportunities in the injection molded plastics market segmented by application will arise in the packaging segment, which will gain $28.63 billion of global annual sales by 2028. The injection molded plastics market size will gain the most in the USA at $20.02 billion.

Market-trend-based strategies for the injection molded plastics market include launch of innovative products for a wide range of applications, artificial intelligence technology to aid development of smart injection molding factories, use of 3D printing technology to improve efficiencies, cloud-based software technology to enhance injection molding process and strategic partnerships and acquisitions among market players to drive innovation in the market.

Player-adopted strategies in the injection molded plastics market include focus on strategic partnerships and collaborations to better serve the industry and to strengthen their position.

To take advantage of the opportunities, the analyst recommends the injection molded plastics companies to focus on driving growth through innovative product offerings, focus on advancing operations with AI-integrated injection molding, focus on revolutionizing production with 3D printing integration, focus on expanding in the polystyrene (PS) segment, focus on driving growth with the hybrid type segment, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations for market expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, maximize digital platforms for global reach and focus on medical segment for accelerated growth.