The rapid growth of medical device industry is anticipated to openup the new avenue for Injection Molded Plastics Market

 
Injection Molded Plastics Market

The Injection Molded Plastics Market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Injection molded plastics are mass-produced plastic components created via an injection molding process. In this process, plastic resins in pellet or granular form are fed into a heated barrel. The molten plastic is then injected into a mold cavity, where it cools and solidifies into the final part. Common products made via injection molding include automobile components, packaging containers, household items, medical devices, toys and many more. It allows for high-volume, low-cost production of complex parts with intricate details.

Market Dynamics:
The growth of the medical device industry is a key driver for the injection molded plastics market. Modern medical devices increasingly incorporate plastics for their light weight, low cost and versatility. Plastics allow intricate details and miniaturization required for devices. The rising geriatric population and demand for quality healthcare is prompting growth in the medical device sector, fueling demand for injection molded plastics. Additionally, growing focus on sustainability is prompting companies to adopt greener plastic materials. Bioplastics derived from renewable sources offer an eco-friendly alternative and their adoption is growing, supported by legislation on single-use plastics.
Segment Analysis
The injection molded plastics market is dominated by the packaging sub-segment, which holds around 35% of the overall market share globally. This is because packaging is the largest application segment of plastics, with packaging of food & beverages as the major end-use industry. Injection molding allows for mass production of plastic parts in various shapes and sizes, making it suitable for producing packaging products like bottles, containers, closures, and others used across industries.

PEST Analysis
Political: Regulations around the use of plastics and policies promoting sustainable alternatives can impact the market. However, plastics continue to be widely used due to their functional advantages.
Economic: A strong economy favors the market with high demand from end-use industries. The market also benefits from the low production cost of plastics.
Social: Growing environmental concerns pose challenges, while Rising disposable incomes fuel demand for packaged goods and molded plastic products.
Technological: Advancements in material science aid new product development. Rapid prototyping and automation improve efficiency.

Key Takeaways
The Global Injection Molded Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from the automotive and packaging industries. The market size is projected to reach US$ 514.38 Mn by 2030 from US$ 314.92 Mn in 2023.

The Asia Pacific region dominates the global market with a share of over 40%, led by China, India, Japan, and other developing nations. This is attributed to factors like growing manufacturing sectors, rising incomes, increasing urbanization, and expanding middle-class population demanding packaged and molded plastic goods.

Key players operating in the injection molded plastics market include BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries. Major players are investing in R&D to develop bio-based and recyclable plastic alternatives with focus on sustainability. They are also undertaking strategic expansion initiatives to strengthen their market presence.

Read More:

https://www.marketwebjournal.com/the-injection-molded-plastics-market-size-share-analysis/

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