The injection molding materials market is used widely to manufacture automobile components. Materials such as thermoplastics and thermosets are preferred for injection molding owing to their ability to form complex geometry parts with high precision and smooth finish.
The global injection molding materials market is estimated to be valued at US$ 330.32 billion in 2024 and is expected to exhibit a CAGR of 36% over the forecast period 2024 to 2031.
Injection molding is one of the most commonly used manufacturing processes to produce plastic parts for various applications. It involves injecting molten plastic into a mold cavity, where it cools and solidifies into the final shape with great accuracy. The process facilitates mass production and is highly economical for productions runs. This has resulted in increased usage of injection molding for automotive, consumer goods, packaging, electrical/electronics and medical applications. The rapidly growing automotive sector is a major consumer of injection molded plastic components for interior and exterior parts. This is expected to drive the demand for injection molding materials over the coming years.
Key Takeaways
Key players operating in the injection molding materials market are Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd.
The injection molding materials market provides several opportunities such as growing demand for miniaturized and customized products, rise of 3D printing for prototyping, and development of recyclable and bio-based plastics. Technological advancements are also being witnessed in the areas of light emitting diode (LED) lighting, 5G network infrastructure and electric vehicles which will boost the demand for injection molded components and materials.
Market Drivers
The major driver contributing the Injection Molding Materials Market Growth is surge in automotive production globally. Automotive manufacturers are increasingly utilizing plastics to reduce weight and improve fuel efficiency of vehicles. This presents a huge opportunity for injection molding of components. The increasing stringency of emissions norms is propelling innovation in electric powertrains, which further accelerates the use of plastics in vehicles.
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