Injection Molding Market Size, Share & Trends Analysis Report By Material (Plastics, Metal, Others), By Application (Packaging, Consumables & Electronics, Automotive & Transportation), By Region, And Segment Forecasts, 2024 - 2030

Injection Molding Market Size & Trends

The global injection molding market size was estimated at USD 285.5 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030. The growing demand for injection molded components in the automotive industry is driving the demand for the market over the forecast period. Injection molding is suitable for producing a wide variety of exterior automobile components such as mudguards, door panels, wheel arches, grilles, trunk trims, front and rear covers, and outside car door trims. Injection molding is a crucial manufacturing process employed for developing different components used in the automotive industry as safety, consistency, and quality are critical for this industry.

In the U.S., the growing adoption of electric vehicles is driving the demand for light weight  electric vehicle exterior components made of plastics. In addition, the favorable government regulations & initiatives, infrastructure availability, high expenditure on research & development, etc. are likely to contribute to the growth of electric vehicle manufacturing. For instance, Hyundai Motor Group announced a new electric vehicle factory in Georgia, U.S. in February 2024. The factory is set to open in 2025 with an annual production capacity of 300,000 electric vehicles.

Further, the federal government is providing support in the form of tax rebates and subsidies have further fueled the demand for electric vehicles. Increasing demand for injection molded components in both, conventional and electric vehicles for developing their interiors and exteriors, is expected to augment the growth of the market in the U.S. in the coming years.

Moreover, ongoing technological innovations in injection molding are propelling the market expansion. Technologically advanced injection molding improves the productivity and surface finish of the components. For instance, Metal parts manufactured from Metal Injection Molding (MIM) technology are utilized to manufacture medical components owing to the lesser manufacturing time, elimination of secondary operations, and better tolerance levels of final products. Extensive technological advancement has fostered the development of a wide array of components that can be manufactured easily with differing sizes and high complexities using the injection molding process.

At the global level, increasing penetration of injection molded plastic products in healthcare is one of the factors driving the market. Plastic is cost-effective, does not rust or corrode like metal, lightweight opposed to other material, pliable, and it can be molded into more complex shapes, sizes, and patterns. These factors are increasing the demand for plastics in healthcare products.

Market Concentration & Characteristics

The industry is characterized by a high degree of competition owing to the various cost-efficient technologies adopted by the Industry players for the manufacturing of components using injection molding process. Further, emerging economies witnessed rapid growth in the packaging industry due to the penetration of e-commerce, thereby driving the competition between the Industry players.

The industry is also characterized by a moderate degree of innovation, which results in the development of high-quality injection molding equipment & services. For instance, in March 2022, Hehnke GmbH & Co KG implemented the first Arburg-GESTICA control system through the installation of a new Arburg injection molding machine 520A. This energy-efficient and fully automated equipment is integral to a comprehensive reusable material packaging process. The adoption of the GESTICA control system represents a significant stride in the company's digital transformation journey.

The market is fragmented in nature, with a few major players such as C&J Industries, HTI Plastics, and The Rondon Group dominating the Industry and some smaller companies competing in space. In the injection molding Industry, acquisitions and regional expansion are the strategies most adopted by the key players. In May 2023, Biomerics the company completed a merger with Precision Concepts' medical business. This transaction involved the acquisition of both the medical business of Precision Concepts International ("PCI") and Precision Concepts Group ("PCG"). The merged entity will operate under the name Biomerics and boast a collective manufacturing space exceeding 1.2 million square feet across 13 locations.

Moreover, the impact of regulations are likely to remain high on the market. ASTM Standards and ISO regulations are the group of regulations primarily impacting the market. Regulations in the injection molding machine market are vital for safety standards and ensures ergonomics, noise reduction, and the overall safety of the machinery. For instance, ANSI/PLASTICS B151.1-2017 - Plastics Machinery - Safety Requirements for Injection Molding Machines is an American National Standard that focuses on the safe use of Horizontal Clamp Injection Molding Machines (HCIMMs) and Vertical Clamp Injection Molding Machines (VCIMMs) that process plastic materials and inject them into a mold held closed by the acting clamp.

Material Insights

The plastics segment dominated the market with the largest revenue share of 98.3% in 2023. Plastic injection molding involves manufacturing molded products by injecting molten plastic into a mold and then solidifying them. This process is used for manufacturing injection molding plastics used in various application industries such as packaging, construction, consumer goods, and automotive.

The metal segment is anticipated to witness the highest CAGR of 7.4% over the forecast period as the demand for metal injection molding is rising. Metal injection molding (MIM) is suitable for manufacturing intricate, small, and precision metal components required by the medical, automotive, aerospace, and consumer goods industries. The metal injection molding process uses powder metallurgy injection molding. The ability of the metal injection molding machines to lower the inventory costs, workforce, and raw material makes it a cost-effective option compared to the conventional fabrication methods.

Application Insights

The packaging segment dominated the market with the largest revenue share in 2023. The packaging industry contributes significantly to the market, as it is used to make thin wall containers, dairy juice & water packaging, beverage caps & closures, and specialty closures, among others. Increasing consumption of packaging products in the healthcare, cosmetics, personal care, and consumer goods industries is expected to boost the packaging industry market over the forecast period.

The medical segment is anticipated to witness high growth over the forecast period. Injection molding is used in the medical industry for manufacturing small and complex items such as dental implants, prosthetic replacements, endoscopic tools, implantable components, orthopedics, and drug delivery equipment. The increasing demand for medical disposables, technological developments, and rising plastics consumption in healthcare applications are driving the industry growth for medical injection molding.

Regional Insights

The North American injection molding market is characterized by industrial dynamics and commodity abundance in its countries.  In addition to that, factors such as ongoing urbanization, increasing purchasing power of consumers, ongoing industrialization, and changing consumer food preferences in North America are attributable to the growth of the packaging industry in the region.

U.S. Injection Molding Market Trends

The injection molding market in the U.S.accounted for more than 80.0% of the regional revenue share in 2023. The rising demand for packaged products in the U.S., owing to the increased purchasing power and the busy lifestyle of consumers, is expected to have a positive impact on the growth of the packaging industry in the country.

Europe Injection Molding Market Trends

The injection molding market in Europe is characterized by advanced infrastructure and facilities, increased research and development initiatives, and the availability of a highly skilled workforce, which is likely to drive the market over the forecast period.

Germany injection molding market accounts for more than 20.0% of the regional revenue. The demand for injection molding in Germany is increasing due to the presence of precise and innovative nature of car manufacturers and suppliers based in the country.

The injection molding market in Italy is expected to grow significantly due to the strong emphasis on the rising adoption of hybrid and electric vehicles and rising investments in the construction sector.

Asia Pacific Injection Molding Market Trends

Asia Pacific led the market and accounted for 40.8% of the global revenue share in 2023. The flourishing automotive industry in Asia Pacific is projected to contribute to the adoption of injection molding in the region over the forecast period.

China injection molding market held over 40.0% of the Asia Pacific market, driven by increasing investments in infrastructural developments, robust economic recovery, and growing disposable income. Furthermore, the government of China encourages the adoption of electric vehicles through a variety of programs such as subsidies, vehicle manufacturing quotas, refunds, and tax breaks, which is likely to generate demand for injection molding in coming years.

The injection molding market in India is anticipated to grow at the highest CAGR of 6.2% over the forecast period due to government initiatives and regulations to promote the adoption of electric vehicles, rising disposable income, and growth of medical products, thereby driving the demand for injection molding in the country.

Central & South America Injection Molding Market Trends

The injection molding market in Central & South America is expected to witness significant growth owing to the presence of favorable policies to develop the electric vehicle network and objectives to cut vehicle emissions along with surging sales of electric vehicles. Furthermore, the rising investment in the building & construction sector is driving the demand for the injection molding market.

Brazil injection molding market is projected to grow with a CAGR of 5.9% over the forecast period. Continued expansion of the country’s private healthcare sector coupled with adequate purchasing power of public and private hospitals is likely to generate demand for medical devices. This is anticipated to augment the demand for medical injection molding in Brazil.

Middle East & Africa Injection Molding Market Trends

The injection molding market in Middle East and Africa is driven by the rising investment in infrastructure development. The region is witnessing a number of construction & building projects, this boost in the number of projects is expected to drive the adoption of components made of injection molding, such as roofing, flooring, and windows, among others

Saudi Arabia injection molding market is projected to grow with a CAGR of 5.0% over the forecast period. The growing investment to support automotive production, develop the robust healthcare network & facilities are likely to drive the demand for injection molding market.

Key Injection Molding Company Insights

Some of the key players operating in the market include C&J INDUSTRIES, HTI Plastics, The RODON Group, EVCO Plastics, and All-Plastics.

• The C&J Industries company is involved in plastic injection molding and contract manufacturing. It specializes in high precision injection molded components and assemblies. The company uses the latest technologies in both specialized disciplines. It is a vertically integrated plastic contract manufacturer. C&J currently has over 50 plastic injection molding machines with clamping pressures ranging from 20 tons to 720 tons. The company also provides a comprehensive set of medical contract manufacturing services

• HTI Plastics, manufactures high-quality injection molded products and contract manufacturers. The company was acquired by PCE, Inc. (Plastic Companies Enterprises) to grow its plastics division. Its advanced technology consists of robotic technology, injection molding processes, & machines. The company also offers on-site design, ensuring satisfaction. It operates through its 24 Krauss Maffei injection molding machines that range from 55 tons to 1,800 tons. The company is ISO certified to 3485:2016 and ISO 9001:2015 and has Class 1 pharmaceutical medical devices.

Some of the emerging players operating in the market include TR PLAST GROUP, Formplast GmbH, CURRIER PLASTICS, INC.

• TR PLAST GROUP develops and produces high-precision products. The company’s services portfolio includes complete systems, multi-component injection molding, cascade injection molding, over-molding & assembly, assembly & post processing, and surface finishing. It is certified with IATF 16949 at all locations, IATF 640823-000, IATF 640823-002, and IATF 640823-001, and has presence in Germany.

• Formplast, specializes in the international trading of used plastic machinery. The company’s core product line comprises injection molding machines of various types, as well as plastic accessories and peripheral devices. The company has presence across Germany. Its client base includes Arburg, Battenfeld, BILLION, Demag, Engel, Ferromatik Milacron, Krauss-Maffei, and SEPRO.

Recent Developments

• In September 2023, Biometrics completed a significant expansion of its operations in Minnesota, U.S., adding 100,000 sq. ft to its facility and bringing its total size to 170,000 sq. ft. This expansion is likely to help the company improve its market penetration. 

• In November 2023, C&J Industries announced to expand its facility footprint at Meadville, Pennsylvania, and to update equipment present in the facility. The currently 2,14,400 square foot facility is currently being renovated with an addition of 25,000 square foot space. This addition of a new area in its facility is likely to improve its production capabilities.

Injection Molding Market Report Scope

Global Injection Molding Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global injection molding market report based on material, application and region. 

• Material Outlook (Revenue, USD Million, 2018 - 2030)

  • Plastics

  • Metal

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Packaging

  • Consumables & Electronics

  • Automotive & Transportation

  • Building & Construction

  • Medical

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE