Redding, California - August 2, 2024
Injection Molding Market to be Worth $426.4 Billion by 2031
Injection Molding Market Size, Share, Forecast, & Trends Analysis by Material (Plastic, Metal), Technology, (Structural Foam Molding, Liquid Silicone Injection Molding), Application, Sector (Packaging, Electronics, and Healthcare), and Geography - Global Forecast to 2031
Meticulous Research®—leading global market research company, published a research report titled, ‘Injection Molding Market by Material (Plastic, Metal), Technology (Structural Foam Molding, Liquid Silicone Injection Molding), Application, Sector (Packaging, Electronics, and Healthcare), and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the injection molding market is projected to reach $426.4 billion by 2031, at a CAGR of 3.9% during the forecast period 2024–2031. The growth of the injection molding market is primarily driven by the high demand for injection-molded products in the packaging industry, increasing usage in the automotive sector, and rising demand from the consumer electronics industry. However, the high initial and maintenance costs of injection molding machines restrain the growth of this market.
Moreover, the increasing demand for injection-molded products in healthcare is expected to generate growth opportunities for the players operating in this market. However, misconceptions regarding injection molding are a challenge impacting the growth of the injection molding market.
The injection molding market is segmented by material (plastic, {polypropylene, polyurethane, acrylonitrile butadiene styrene, polyethylene terephthalate, polyethylene, and other plastic materials}, metal {stainless steel, tungsten carbides, alloys, cobalt-chrome, titanium, and other metal materials}, other materials), technologies (gas-assisted injection molding, thin-wall molding, liquid silicone injection molding, structural foam molding, and metal injection molding), application (automotive components, food & beverage packaging, stock materials, toys and figurines, mechanical components, electronics hardware and housings, medical device components, and other applications), sector (electronics, automotive, building & constructions, transportation, healthcare, packaging, consumer goods, mechanical engineering, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on material, the injection molding market is segmented into plastic, metal, and other materials. In 2024, the plastic segment is expected to account for the largest share of over 90.0% of the injection molding market. The segment’s large share is attributed to the growing focus on using recycled materials, developing biodegradable plastics, and increasing demand for consumer products such as packaging, household items, and toys. In addition, the benefits associated with plastic injection molding, such as high precision and consistency, efficiency in mass production, design flexibility, material versatility, and automation, further support the growth of this segment. Moreover, this segment is expected to grow at a higher CAGR during the forecast period.
Based on technology, the injection molding market is segmented into gas-assisted injection molding, thin-wall molding, liquid silicone injection molding, structural foam molding, and metal injection molding. In 2024, the structural foam molding segment is expected to account for the largest share of the injection molding market. The segment’s largest share is attributed to the rising adoption of foam injection molding in the automotive sector, growing industrialization and infrastructure development, and rising use of recyclable materials and the potential for reduced waste contribute to the structural foam molding. In addition, the benefits associated with structural foam molding, such as thermal and acoustic insulation, improved surface finish, high production efficiency, cost-effectiveness, and enhanced strength and durability, further support the growth of this segment. Moreover, this segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the injection molding market is segmented into automotive components, food & beverage packaging, stock materials, toys and figurines, mechanical components, electronics hardware and housings, medical device components, and other applications. In 2024, the food & beverage packaging segment is expected to account for the largest share of over 22.8% of the injection molding market. The segment’s large share is attributed to the rising demand for precise, tamper-evident, and secure packaging solutions, increasing demand for customized packaging, and growing use of containers, dairy juice & water packaging, beverage caps & closures, and specialty closures. Moreover, this segment is expected to grow at a higher CAGR during the forecast period.
Based on sector, the injection molding market is segmented into consumables & electronics, automotive, building & constructions, transportation, healthcare, packaging, consumer goods, mechanical engineering, and other sectors. In 2024, the packaging segment is expected to account for the largest share of over 24.0% of the injection molding market. This segment's large market share is attributed to the rising adoption of packaging items such as bottles, caps, containers, and closures, rising need for convenient and safe food packaging, and increasing consumer demand for personalized and unique packaging designs. In addition, the benefits associated with the packaging sector, such as high efficiency, cost-effectiveness, precision, design flexibility, high-quality, durable, and customizable packaging, further support the growth of this segment. Moreover, this segment is expected to grow at a higher CAGR during the forecast period.
Based on geography, the injection molding market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 41.3% of the injection molding market. The presence of prominent injection molding players is expected to contribute to the high revenue share of this region. In addition, the rapid growth in the automotive industry, high demand for injection molded in the packaging industry, rising demand from the consumer electronics industry, and growing emphasis on sustainability drive the demand for injection molding in the region.
Furthermore, the rapid industrialization and governments in the region investing in infrastructure and manufacturing capabilities are predicted to fuel the injection molding market's expansion. Moreover, Asia-Pacific is expected to witness the highest CAGR of 5.4% during the forecast period. Also, the rapid growth of this regional market is attributed to the growth in regional economies and the rapid infrastructure development, especially in Japan, South Korea, and India.
Key Players
The key players operating in the injection molding market are C&J Industries, Inc. (U.S.), Biomerics (U.S.), All-Plastics, LLC. (U.S.), Majors Plastics, Inc. (U.S.), HTI Plastics (U.S.), The Rodon Group (U.S.), EVCO Plastics (U.S.), Tessy Plastics Corporation (U.S.), SCHOTT AG (Germany), ENGEL AUSTRIA GmbH (Austria), Husky Technologies (Canada), and NISSEI PLASTIC INDUSTRIAL CO., LTD. (Japan).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of material, technology, application, and sector?
- What was the historical market size for injection molding globally?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the injection molding market?
- Who are the major players in the injection molding market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the injection molding market?
- What are the various growth strategies adopted by major market players?
- What are the major market trends, and which are the high-growth countries?
- Who are the local emerging players in the injection molding market, and how do they compete with other players?
