Injection molded plastics are widely used across various industries due to their lightweight, corrosion resistance, stability and economic cost of production. Medical industry has emerged as one of the major end use industries where injection molded plastics products are finding increasing application for medical devices, implants and other medical disposables. Key advantage of plastic molding is mass production ability of complex parts in high precision and quality which is ideally suited for medical devices.

The global Injection Molded Plastics Market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Opportunities in Medical Industry
The medical industry offers high growth opportunities for injection molded plastic products owing to rising demand for medical devices, implants and disposables across healthcare sector globally. Key factors driving the demand include growing geriatric population, increasing incidence of chronic diseases and surgical procedures along with rising healthcare expenditure. Injection molding enables mass production of complex medical parts with precision and quality standards required for medical applications. This presents lucrative opportunity for injection molding companies to partner with medical device manufacturers and cater to the growing product requirements in medical industry over the forecast period.

Porter’s Analysis
Threat of new entrants: Low capital requirement for injection molding machinery and technology is widely available, make threat of new entrants medium in the injection molded plastics market. However, established brand loyalty and need for significant investment makes entry difficult.
Bargaining power of buyers: Large buyers in the automotive and packaging industries have significant bargaining power due to the fragmented nature and availability of substitutes. However, customized product development limits switching behavior.
Bargaining power of suppliers: Major raw material suppliers like plastic resin producers have moderate bargaining power due to availability of alternative sources and suppliers.
Threat of new substitutes: Alternatives like blow molding, extrusion, and thermoforming pose medium threat due to their process flexibility. However, injection molding remains optimal for net-shaped parts production.
Competitive rivalry: The injection molded plastics market experiences high competitive rivalry due to numerous global and regional players and undifferentiated offerings. Intense price competition exists.

SWOT Analysis
Strength: Injection molding enables mass production of complex parts with tight tolerances. It yields products with superior mechanical properties at relatively low costs.
Weakness: Injection molding machines require large capital investments. Mold designing and fabrication are complex and time-consuming processes.
Opportunity: Growing demand from automotive, packaging, consumer goods, and medical industries drives the need for injection molded plastics. Developing nations offer new avenues for market expansion.
Threats: Stringent environmental regulations limit the use of certain petroleum-based resins. Volatility in raw material prices increases product costs.

Key Takeaways
Global Injection Molded Plastics Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by growing end-use applications in automotive, packaging, medical and other industries.

Regional analysis: North America dominates the global injection molded plastics market currently owing to robust demand from the automotive industry in the region. Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to high consumption in China, India, Thailand and other developing countries supported by growing manufacturing activities.

Key players related content: Key players operating in the injection molded plastics market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Inc., Hitachi, Ltd., CLARIANT

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