San Fransico, CA – The global injection molding market size was estimated at USD 261.8 billion in 2021 and is anticipated to expand at a compounded annual growth rate (CAGR) of 4.8% from 2022 to 2030 according to Grand View Research. The market growth is expected to be driven by the increasing demand for mass production of thousands of identical components at lower costs coupled with design flexibility, precision from various end-user industries such as packaging, medical, and electronics. The global economic recovery has been jolted by the quick emergence of the omicron strain in 2021. High transmissibility and ability to infect the vaccinated may lead to the imposition of lockdown and cause supply chain disruptions.
Furthermore, countries such as China, India, South Korea are focusing on strengthening domestic manufacturing to hedge themselves from future disruptions which are expected to boost the market demand. The injection molding market in the U.S witnessed a transition due to the COVID-19 pandemic as the players are increasing capacity to meet the growing needs of the market. Factors such as the rising number of manufacturers using medical injection molding technology, increasing demand for medical equipment, and growing healthcare expenditure in the country are expected to positively affect the growth.
The three important steps in injection molding services consist of prototype making, bridge tooling, and mass manufacturing. Prototypes are vital for the development of parts as they allow the shape and form of these parts to be tested before moving forward to their production with the actual designs. Prototyping ensures the performance of parts is in line with their intended functions after mass manufacturing them without deviating from the set objectives. Bridge tooling is another step in the molding process that occurs between prototyping and production tooling. This stage can be used for the improvisation of parts that have been successful in their early testing phases.
Bridge tooling is suitable for fine-tuning the process, estimating project ROI, and testing before entering the market. The growing packaging and medical device industry is expected to drive growth. Manufacturing injection molded components by OEMs in-house can prove to be a significant challenge from efficiency, cost perspective, and quality. Many players are opting for outsourcing injection molding services as it offers strategic optimization, streamlined inventory, economies of scale, quick start-up time, improved quality among others.