Injection Molded Plastic Market Size, Share & Trends Analysis Report By Raw Material (PP, ABS, HDPE, PS), By Application (Packaging, Automotive & Transportation, Electronics, Medical), By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global injection molded plastic market size was valued at USD 303.78 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.6% from 2023 to 2030. Growing demand for plastic components from various end-use industries including automotive, packaging, home appliances, electrical and electronics, and medical devices is anticipated to drive the growth. Modern innovations to minimize the rate of faulty production have enhanced the significance of injection molded technology in the mass production of complicated plastic shapes. Volatile prices of major raw materials such as benzene, ethylene, propylene, and styrene coupled with growing environmental concerns regarding their disposal is expected to hinder market growth over the forecast period.

Companies focus on developing injection molded plastics using bio-based counterparts to overcome such challenges. Increasing construction spending, particularly in emerging markets such as Brazil, China, India, Mexico, Russia, and South Africa is expected to drive product demand. The versatile properties of finished products including better heat and pressure resistance make them more applicable to various industries.

Government support in the form of tax benefits and financial incentives in China and India to increase the Foreign Direct Investments (FDI) flow has helped develop the market for plastics in these countries. In addition, they offer low-cost labor, which further reduces the overall manufacturing cost for producers. However, this shift has resulted in the overcapacity of various plastics products, affecting their prices.

However, the halt in manufacturing activities to contain the spread of coronavirus has led to a decline in the consumption of injection molding plastics and negatively impacted their demand in various applications across the globe.Manufacturers are experiencing difficulties in running their production units owing to logistic restrictions and limitations on the movement of people, which are further cascading the negative impact on the demand for injection molded plastics.

Raw Material Insights

In terms of revenue, polypropylene held the largest market share of more than 34.5% of the overall demand in 2022, owing to its increasing consumption in automotive components, household goods, and packaging applications. Growing polypropylene finished products penetration in protective caps in electrical contacts and battery housings, food packaging is anticipated to further drive its demand over the forecast period.

Polypropylene components are widely used in food packaging and electrical contacts due to corrosion resistance and electrical insulation properties respectively. On account of the aforementioned factors, the segment is expected to witness the highest growth over the forecast period.

However, the halt in manufacturing activities to contain the spread of coronavirus has led to a decline in the consumption of polypropylene and negatively impacted its demand in various applications. Manufacturers are experiencing difficulties in running their production units owing to logistic restrictions and limitations on the movement of people, which are further cascading the negative impact on product demand.

Acrylonitrile butadiene styrene (ABS) emerged as the second major raw material for injection molded plastics in terms of the overall revenue share in 2022. Rising acrylonitrile butadiene styrene component demand in medical devices, automotive components, electronic housings, and consumer appliance manufacturing is expected to drive its growth over the forecast period.

Application Insights

The packaging segment wielded the majority of the pie and accounted for more than 30.5% of the overall market share in 2022. The finished products used in packaging undergo various development phases to meet regulatory guidelines and end-user requirements. A few requirements plastics need to meet for packaging application are increased shelf life of food products, better performance toward wear, and tear, and durability.

Injection molded plastics hold immense potential in the medical and automotive industries. The industry is expected to witness the highest growth in the medical devices & components sector. Optical clarity, biocompatibility, and cost-effective method of production are expected to drive the demand in the medical industry.

The stringent regulatory scenario regarding medical grade polymers use in healthcare sectors is anticipated to positively impact growth in the sector over the forecast period. Rising preference towards bio-degradable polymers among medical device manufacturers is also anticipated to create profitable opportunities in the medical industry over the forecast period.

A strong shift in the trend toward replacing steel with plastics in the automotive industry is expected to spur the growth in demand for injection molded plastics over the forecast period. Recently, government regulations have forced automotive manufacturers to use plastics instead of other materials such as iron and steel.

Automobile manufacturers have been focusing on reducing the overall weight of vehicles to improve fuel efficiency. Increasing use of plastics to replace metals and alloys in automotive components is expected to drive product demand from the automobile segment, thereby providing an immense opportunity for growth in the near future.

Regional Insights

Asia Pacific led the global demand with a market share of more than 39.4% in terms of revenue in 2022. Increasing infrastructure spending coupled with growing automobile demand in countries such as China, India, Indonesia, and Malaysia is expected to drive market penetration in the region.

Major end-use industries such as electronics and automobiles are shifting their manufacturing bases to Asia Pacific countries such as India, China, Indonesia, and Thailand owing to low labor costs. Government incentives in the form of tax benefits are offered to manufacturers in these regions. This factor increases the requirement for manufacturing various automotive and electrical parts which in turn is expected to drive product demand over the forecast period.

Europe was one of the prominent markets for injection molded plastics with a total demand estimated to reach USD 103.5 billion by 2030. Europe’s non-food and beverage packaging applications include cosmetics and toiletries, pharmaceuticals, and household chemicals. Increasing demand for electronic appliances such as laptops and cellular phones in U.K., Germany, and France is expected to drive demand from consumables and electronics application. Growth of the automobile industry in Europe is expected to further drive regional demand over the forecast period.

Key Companies & Market Share Insights

The global market is highly fragmented with the presence of large unorganized sectors, particularly in Asia Pacific and Latin America. Companies from Asia Pacific have been constantly looking for significant capacity additions over the past few years to take advantage of operational excellence and achieve economies of scale. Diverse product portfolios and differentiation make the market competitive in terms of price and distribution channels. Some prominent players in the global injection molded plastic market include:

• ExxonMobil Corporation

• BASF SE

• DuPont de Nemours, Inc.

• Dow, Inc.

• Huntsman International LLC.

• Eastman Chemical Company

• INEOS Group

• LyondellBasell Industries Holdings B.V.

• SABIC

• Magna International, Inc.

• IAC Group

• Berry Global, Inc.

• Master Molded Products Corporation

• HTI Plastics Inc.

• Rutland Plastics

• AptarGroup, Inc.

• LACKS ENTERPRISES, INC.

• The Rodon Group

• Heppner Molds.

Injection Molded Plastic Market Report Scope

Global Injection Molded Plastic Market Report Segmentation

This report forecasts revenue and volume growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global injection molded plastics market report based on raw material, application, and region:

• Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Polypropylene (PP)

  • Acrylonitrile Butadiene Styrene (ABS)

  • High-Density Polyethylene (HDPE)

  • Polystyrene (PS)

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Packaging

  • Consumables & Electronics

  • Automotive & Transportation

  • Building & Construction

  • Medical

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia