Injection molded plastics are manufactured by injecting molten plastic material into a mold cavity under high pressure. They are used in various industries such as automotive, consumer goods, packaging and many more owing to their advantages like durability, lightweight, easy-to-mold, and cost-effectiveness. Injection molded plastics find extensive use in automotive components like door panels, dashboards, bumpers, interior and exterior trims. The global automotive industry has been witnessing high demand for lightweight materials to improve vehicle efficiency and reduce emissions. The use of plastics helps reduce vehicle weight significantly as they are 40% lighter than steel or aluminum.

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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for injection molded plastics lies in the automotive industry. The demand for fuel-efficient and eco-friendly vehicles has been increasing steadily. Lightweighting of vehicles through the usage of plastics helps automakers comply with stringent emission norms and enhances fuel efficiency. Injection molded plastics can reduce vehicle weight by 40-70% compared to conventional materials. Their use in under-hood components, interior, exterior trims and various other auto parts improves mileage by 6-10%. The global automotive plastics market size is projected to grow at a CAGR of over 7% through 2030. This rising demand from automotive OEMs and increasing preference for plastics over other conventional materials will drive the injection molded plastics market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. The injection molded plastics market requires high initial capital investments for machinery like injection molding machines, tooling, high operating costs. However, low brand loyalty makes it easier for new players to gain market share.
Bargaining power of buyers: The bargaining power of buyers is high. The injection molded plastics market has numerous global players providing substitutable products. Buyers can negotiate on price and demand better quality and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major raw materials include polymers, plastic resins and colors which have few substitutes and suppliers. However, switching costs are low which balances supplier power.
Threat of new substitutes: The threat of substitutes is moderate. Alternatives exist like die-casting, extrusion and blow molding. However, injection molding offers design flexibility, lower costs for high-volume production.
Competitive rivalry: The market has numerous global and regional players competing on cost and technology.

SWOT Analysis

Strengths: Injection molding offers design flexibility, precision and ability to mass-produce complex parts. It caters to various industries like automotive, packaging and healthcare.
Weaknesses: Injection molding requires high capital investments and operating costs. Environmental concerns over non-biodegradable plastic waste generation.
Opportunities: Growth in automotive, consumer goods and medical devices industries will boost demand. Developing nations offer new markets with rising living standards.
Threats: Stringent environmental regulations on emission levels and recycling. Volatility in raw material prices impacts operating costs.

Key Takeaways

The Global Injection Molded Plastics Market Growth  is expected to witness high over the forecast period of 2023-2030. 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 5.5% over the forecast period 2023 to 2030.

North America is currently dominating the market owing to presence of major automotive companies and key players. The Asia Pacific region is expected to witness fastest growth in the forecast period led by China, India and other Southeast Asian countries due to rapid industrialization and growth of end use industries like consumer goods and automobiles.

Key players operating in the injection molded plastics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. Regional players are expanding to other geographies by mergers and acquisitions to meet growing demand.

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