DUBLIN, Aug. 23, 2023 /PRNewswire/ — The “Plastics Injection Molding Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com’s offering.
The global Plastics Injection Molding market is poised for growth, with an estimated increase from 5.66 million tons in 2023 to 6.95 million tons by 2028. This projected growth reflects a Compound Annual Growth Rate (CAGR) of 4.18% during the forecast period of 2023-2028.
Despite a dip in demand for injection molding during the COVID-19 pandemic, the market exhibited resilience, recovering steadily and regaining pre-pandemic activity levels.
Key Factors Driving Demand and Growth
Several significant factors are driving the demand for injection molding within the market:
- Automotive Applications: Increasing usage of injection molding in automotive applications is contributing to market growth.
- Packaging Industry: The growing demand from the packaging industry is another key driver, offering versatile solutions from high-volume packaging to thin-wall containers and bottle molds.
- Consumer Goods and Electronics: Rising demand from the consumer goods and electronics sectors is further fueling growth prospects.
Challenges and Opportunities
While the injection molding market is on a growth trajectory, it also faces challenges and opportunities:
- High Initial Costs: The high initial costs associated with entering the injection molding market are a challenge for potential entrants.
- Alternative Technologies: The strong prevalence of alternative and emerging technologies like 3D printing poses a challenge to market growth.
- Shift Towards Lightweight and Electrified Vehicles: The shift towards manufacturing lightweight and electrified vehicles presents a lucrative opportunity for market growth.
- Healthcare Sector Applications: Emerging applications in the healthcare sector also hold potential for the plastics injection molding market.
Regional Dominance: Asia-Pacific
The Asia-Pacific region is anticipated to dominate the global plastics injection molding market. This dominance is attributed to emerging economies such as China, India, Japan, and South Korea. China’s packaging industry and automotive sector are expected to drive demand, while India’s focus on affordable housing and the electronic sector contribute to market growth.
Trends and Opportunities: Packaging Segment
The packaging segment is set to dominate the plastics injection molding market due to its versatile solutions and ecological benefits. The global packaging industry’s rapid evolution, driven by factors such as population growth, sustainability concerns, and retail sector expansion, fuels the demand for plastic molding solutions.
Industry Overview
The plastics injection molding market is characterized by fragmentation, with top players holding a marginal market share. Key companies in the market include Berry Global Inc, AptarGroup, Inc., Silgan Holdings Inc., Amcor PLC, and ALPLA.
Market Dynamics
Drivers:
- Growing Demand from the Packaging Industry
- Favorable Demand from Consumer Goods and Electronics
- Increasing Usage in Automotive Applications
Restraints:
- High Entry Cost and Presence of Alternative Technologies
Competitive Portfolio:
- ALPLA
- Amcor PLC
- AptarGroup Inc. (CSP Technologies)
- BERICAP
- Berry Global Inc.
- EVCO Plastics
- HTI Plastics
- IAC Group
- Magna International
- Quantum Plastics
- Silgan Holdings Inc.
- The Rodon Group
For more information about this report visit https://www.researchandmarkets.com/r/pc3n14
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