Global injection molding market forecast at $418 billion by 2031

Westford, MA – The Global Injection Molding Market size was valued at USD 274.37 Billion in 2022 and is poised to grow from USD 287.54 Billion in 2023 to USD 418.39 Billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031) according to SkyQuest.

The injection molding industry is observing the increasing demand for injection-molded parts during the forecast period. Many external automotive parts such as mudguards, door panels, wheel arches, grilles, trunk trims, front and rear covers, and outside car door trims can be manufactured using injection molding. Since the automobile business is focused on safety, reliability, and quality, injection molding should be a backbone manufacture for producing different parts of cars. There is a huge demand for lighter plastic body parts in electric vehicles in the United States due to the rising trend of electric cars usage. Other factors that will contribute to the growth of electric car production are: Some favorable policies and programs on the part of the government in relation to production, infrastructure available, huge investments in R&D, etc. For instance, Hyundai Motor Group announced its plan to set up a new electric car manufacturing facility in Georgia, USA, in February 2024. This plant has a designing capacity of 300,000 electric vehicles per year and will begin operations in 2025. Tax breaks and subsidies provided by the federal government also have helped increase demand for electric cars. The more concerning requirement for injection-molded components to expand the exterior and interior of both traditional and electric cars within the coming years will help the injection molding market growth.

The global injection molding market is segmented into technology, material, application, and region. By technology, the market is divided into traditional injection molding, micro injection molding, injection compression molding, and 2K/multicomponent injection molding. Depending on material, it is classified into plastics, metal, and others. According to the application, the market is categorized into packaging, consumables & electronics, automotive & transportation, building & construction, medical, and others. Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

As per the injection molding market analysis, the plastics category led the market with the largest revenue share in 2023 at 98.3%. Injection molding is a manufacturing process that involves forcing melted plastic into a mold where it cools and hardens to form a variety of items. Molded plastic parts are highly manufactured using this flexible manufacturing process for a significant number of industries, such as consumer goods, automobiles, building, and packaging. The plastic material is selected for high volume production because it has wide usage, low cost, durability, and ease of molding. In addition, advances in molding technology and new material compositions such as bioplastics are propelling this market.

However, based on the injection molding market forecast, the metal segment is also expected to have the highest CAGR of 7.4% in the projection period due to the increasing demand for metal injection molding. All of the consumer goods, automotive, aerospace, and medical industries require accurate, dense, and intricate metal parts, and metal injection molding is a smart way to produce them. Powder metallurgy injection molding is the process utilized in metal injection molding. As compared to other conventional manufacturing processes, the metal injection molding machines are economical as they save on inventory costs, labor cost, and raw material price.

In 2023, the injection molding industry was led by the packaging sector to produce the highest revenue share. Manufacturing of the various packaging products such as thin-walled containers, dairy, juice and water packaging, beverage caps and closures, and specialty closures depends on this market. Since this process of injection molding can produce large volumes of cost-effective, lightweight and durable products, this process widely finds its application in the packaging sector. The packaging category is expected to experience higher growth during the forecast period because of increased demand across various industries, including consumer goods, cosmetics, health care, and personal care. More importantly, the increasing demand from consumers to be sustainable and convenient is driving further advancement in packaging materials and design, particularly recyclable and biodegradable plastics.

Contrarily, the medical segment is expected to witness strong growth over the forecast period with increasing demand for injection molding within the manufacture of medical devices. Injection molding is better for producing small, intricate parts such as dental implants, prosthetic replacements, endoscopic instruments, implanted parts, orthopedic devices, and medication administration systems. Injection molding is highly applicable for such complex applications because of its precision and speed, mainly in mass production of small parts with consistent quality. The medical injection molding market is thriving because the demand for medical disposables is greater, technical improvements are constant, and plastics usage increases within the healthcare sector. This sector’s growth is further complemented by the aging of the world’s population and the progress of healthcare facilities in developing countries.