Injection Molding Industry Overview
The global injection molding market size is anticipated to reach USD 397.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. The market is driven by the rising demand for injection-molded components from various end-user industries since it offers cost-effective and efficient methods for manufacturing high-volume production of parts and products. The market has witnessed growth especially from the medical industry, with the emergence of the COVID-19 pandemic, as this product can offer accuracy, a high range of operation, repeatability, and cleanliness. Furthermore, packaging manufacturers leverage injection molding with robotics to run faster production rates with cost-effectiveness.
Injection Molding Market Segmentation
Grand View Research has segmented the global injection molding market on the basis of material, application, and region:
Based on the Material Insights, the market is segmented into Plastics, Metals, and Others.
- The injection molding in plastics led the market and accounted for the largest revenue share of 98.3% in 2021 owing to low-cost technology suitable for high-volume production runs and applications that require consistency in design and strict tolerances that plastic
- Recent innovations to minimize the rate of faulty production have encouraged mass production of complicated plastic shapes, especially in packaging, consumer goods, and construction augmenting the industry growth. The demand for plastic resinsin injection molding is witnessing increased adoption due to factors such as high tensile strength, increased metal tolerance, and high-temperature endurance.
- The metal material segment is likely to witness a CAGR of 7.3% over the forecast period. Factors such as resistance to corrosion, superior surface finish, and ability to manufacture parts with complex geometries have resulted in demand for metal molded components.
Based on the Application Insights, the market is segmented into Packaging, Consumables & Electronics, Automotive & Transportation, Building & Construction, Medical, and Others.
- The packaging applications segment led the industry and accounted for the largest revenue share of 32.4%. The increased demand for injection molding in packaging is attributed to the changing consumer trends, sustainability, and e-commerce
- The growth in smartphone, artificial intelligence, and voice recognition technologies coupled with the presence of technology-driven companies is expected to play a key role in the injection molding market growth. Rising demand for connectors, plug connectors, and sensors, as well as electronic components and other electronics, is expected to drive the growth.
- The advent of electric vehiclesglobally has provided an opportunity for injection molding service providers in automobile applications. Brakes, clutching system, and drive trains, consists of components such as gears, seals, and magnets, manufactured using injection molding.
Injection Molding Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
The market is highly competitive with companies focusing on acquisitions to acquire the market share and also increase capacity to meet the growing demand from various end-user industries. Furthermore, the companies have realized the importance of forward integration as several companies are utilizing their cash flows during the pandemic to acquire these product suppliers.
Some of the prominent players in the injection molding market include:
- C&J INDUSTRIES
- All-Plastics
- Biomerics
- HTI Plastics
- The Rodon Group
- EVCO Plastics
- Majors Plastics, Inc.
- Proto Labs, Inc.
- Tessy Plastics
- Currier Plastics, Inc.
- Formplast GmbH
- H&K Müller GmbH & Co. KG
- Hehnke GmbH & Co KG
- TR PLAST GROUP
- D&M Plastics, LLC
Order a free sample PDF of the Injection Molding Market Intelligence Study, published by Grand View Research.
