- Report Code: 11422
- Available Format: PDF
- Report Description
- Table of Contents
- Market Segmentation
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Market Overview
The global injection molded plastics market size stood at $288.9 billion in 2022, and it is set to advance at 4.5% CAGR during 2022–2030, to reach $409.2 billion by 2030.
The growth can be primarily ascribed to the rising demand for components made of plastic across industries, such as automotive, medical devices, packaging, and home appliances. The rising demand for medical components propels the consumption of medical-grade products, to meet the medical hygiene and safety standards. Additionally, the increasing penetration of these materials in automotive applications, along with the rising infrastructure spending, particularly in Asia-Pacific and Latin America, is predicted to remain a key driving factor for the demand for these materials over the forecast period.
Polypropylene Sales Hold Major Share
Polypropylene held the major share, around 40%, in 2022 due to its lightweight nature, shock resistance, moisture resistance, low cost, high molding capacity, and excellent compatibility with food applications, especially in terms of packaging safety. It is one of the lowest-density plastics, therefore is safe for food containers, as it does not leach chemicals into food products. Moreover, it can be injection-molded to produce parts and products of various shapes and sizes. Polypropylene also has a semi-crystalline structure, because of which it possesses high flexural strength.
Packaging Application Is Largest Contributor to Revenue Generation
Among all applications, packaging dominates the market, with around 30% share in 2022; hence, the boom of the packaging sector is a key driving factor for the market. The increasing demand for plastic closures and caps is propelled by the long-term shift in the consumer packaging sector from glass and metals to polymers, because of the latter’s lower space requirement (which maximizes storage space), lower weight, durability, versatility, and cost-effectiveness.
| Report Attribute | Details |
Historical Years |
2017-2022 |
Forecast Years |
2023-2030 |
Market Size in 2022 |
$288.9 Billion |
Revenue Forecast in 2030 |
$409.2 Billion |
Growth Rate |
4.5% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Raw Material; By Application; By Region |
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APAC Is Leading Market
APAC has the leading position in the injecting molding plastics market, and it will hold the same position till 2030, with around 40% revenue share.
The increasing infrastructure spending, coupled with the growing automobile sales in China, India, Indonesia, and Malaysia, is expected to drive injection-molded plastics demand in the Asia-Pacific region.
Moreover, in China, India, Japan, and South Korea, the rising plastic demand from different industries, such as healthcare and packaging, apart from automotive, will increase the consumption of injection-molded plastics.
In APAC, China generates the highest revenue, which will grow with a CAGR of more than 5% because of the low cost of manufacturing a range of products in the country. The large population of China and the rapid urbanization in the country are the essential factors fueling the growth of the market. China consumes at least one-fifth of the world’s plastic, and it is their largest producer and exporter as well.
Moreover, India is the fastest-growing country in the Asia-Pacific region, attributed to the developments in the construction sector, driven by the growing economy. In March 2021, the parliament passed the bill to establish the National Bank for Financing Infrastructure and Development, for funding infrastructure projects. The same month, the country also sanctioned $1.89 billion (INR 13,750 crore) for the Smart Cities and AMRUT missions.
Increasing Polymer Demand in Automotive Application Drives Market
The automotive industry is one of the fastest-growing end users of injection-molded plastics. During the forecast period, the growth of the Asian automotive industry, particularly in China and India, will propel the demand for these materials.
With the technological innovations in the manufacturing of automobile components, thermoplastic elastomers, along with other injection-molded polymers, are finding new applications in the automobile industry. Until now, most vehicle parts were made from steel. However, now, steel is being rapidly replaced by plastics, to reduce the overall weight of vehicles.
Moreover, with automobile manufacturing technologies undergoing further evolution, high-performance materials, such as thermoplastic elastomers, are increasingly replacing conventional polymers, as the former have the characteristics of both rubber and plastic and are also lighter than other polymeric materials and steel. The impact of using such injection-molded materials in manufacturing auto components on the environment is clearly visible, in an almost 40% reduction in the vehicle weight, which, ultimately, reduces GHG emissions.
Moreover, all the purposes that were earlier met by traditional rubber components are now being met by these materials. All this is credited to the rising focus of the automotive industry on the reduction of automobile weight in order to improve fuel efficiency.
The recent amendment of the Corporate Average Fuel Economy (CAFE) standards has left automobile makers with no choice but to seek new ways to make vehicles fuel-efficient. Weight reduction will be a crucial to meet the regulations as the weight of an automobile directly influences the amount of fuel it consumes. In addition, the reduced weight provides a buffer for other heavy components, such as the bulky batteries of EVs. Hence, auto manufacturers, in order to improve the overall performance of automobiles and keep up with the popularity of lightweight vehicles, have been mainly focusing on manufacturing auto components from thermoplastic elastomers.
This factor, being extremely significant in India, Europe, and Japan, which are large automobile manufacturing centers, is expected to boost the demand for such plastics. The global automotive industry is growing continuously due to the low cost of manufacturing and tax benefits and financial incentives available, especially in the developing Asian countries, including China, India, Indonesia, and Thailand.
Key Players in Injection Molded Plastics Market Are:
- ExxonMobil Corporation
- BASF SE
- DuPont de Nemours Inc.
- Huntsman International LLC
- Eastman Chemical Company
- INEOS Group Holdings S.A.
- LyondellBasell Industries N.V.
- Magna International Inc.
- Rubbermaid Commercial Products
- Berry Global Inc.
Injection Molded Plastics Market Size Breakdown by Segment
The report analyzes the impact of the major drivers and restraints on the market, to offer accurate market estimations for 2017–2030.
Based on Raw Material
- Polypropylene
- ABS
- HDPE
- Polystyrene
Based on Application
- Packaging
- Consumables & Electronics
- Automotive
- Building & Construction
- Medical
Geographical Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
- U.A.E.
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