Plastic Injection Molding Market Size, Share, Growth, Report 2024 to 2033

Plastic Injection Molding Market Size and Growth 2024 to 2033

The global plastic injection molding market size was estimated at USD 341.94 billion in 2023 and is expected to be worth around USD 479.52 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.15% from 2024 to 2033.

Over the past few decades, custom plastic injection molding has quickly become one of the most popular methods for producing a wide range of simple and complex parts. It offers improved design flexibility and exceptional cost efficiency. Plastic injection molding is a manufacturing process that creates parts by injecting molten plastic resin into a mold. The speed and pressure at which the material is injected into the mold can affect the desired shape. Plastic injection molding is a huge cost-saving measure because multi-step manufacturing processes can be extremely expensive. The production cycle is relatively short, meaning that parts have a short turnaround time to move on to the next steps. The molding process is repeatable thousands of times; therefore, plastic injection molding is one of the most cost-effective and efficient manufacturing options for the production of large part volumes. A variety of thermoplastic resins are used in injection molding that are tailored as per the required specifications of the part.

Report Highlights

• Asia-Pacific region has dominated the market with highest reveneue share of 38.50% in 2023.
• Europe has generated revenue share of around 27.20% in 2023.
• In 2023, the polypropylene segment dominated the market by raw material type.
• In 2023, the packaging segment is projected to hold the largest market share by application.

Plastic Injection Molding Market Growth Factors

• Rising Demand from the Packaging Industry: Injection molded plastics are widely used in packaging applications, especially in food packaging, as they do not react with food, thus making it durable. The most common applications for these are caps, closures, containers, bottles, and many more. Moreover, the latest innovations in injection molding technology are expected to have a positive impact on the injection molded plastics market growth as the new packaging that is coming into the market is eco-friendly and 100% recyclable. Furthermore, various government bodies are supporting recyclable packaging as it reduces the carbon footprint and thus is expected to boost the market.
• The Expanding Automotive Industry: Because injection molded plastics are versatile, lightweight, and affordable, automakers are using them more and more. These polymers are utilized in a variety of automotive parts, such as engine parts, under-the-hood components, exterior and interior panels. Lightweight materials are being used by automakers for increasing fuel efficiency and lowering emissions in owing to the consumer demand for environmentally friendly automobiles. Furthermore, the demand for injection-molded plastics is projected to soar in tandem with the global automotive industry and thus continue to expand in the future.
• Increased Demand for Consumer Goods & Electronics: Plastic is an ideal material for products in electronics as it is easy to mold and design and can be molded with reduced assembly costs by incorporating self-adhesive tabs that fit together without additional clips, brackets, screws or fasteners. Some of the electronic components where injection molding is commonly used are headphone cables and plugs, LEDs and assemblies, motor housings, electrical relays and switches, sensors, temperature control, inkjet printers, computer boards and casings, cell phone components and covers, electrical wiring, power tool casings and many more.
• Growth in the Construction Industry: The construction industry is expected to grow due to a combination of factors such as government regulations promoting energy-efficient structures and smart building technologies, consumer preference for high-performance materials, and the adoption of new manufacturing technologies. In the construction industry, injection-molded plastics are used to replace a variety of alloys and metals to enhance waterproofing, weight, insulation, UV protection, and cost-effectiveness. In the construction sector, plastic is most frequently used for flooring, pipes, walls, roofs, and insulation.

Plastic Injection Molding Market Trends

• Increasing Automation and Smart Manufacturing: One trend that is evident in the plastic injection molding market is the introduction of sustainable and eco-friendly products. Moreover, every insulation material today is manufactured in a way that minimizes the environmental impact, either from recycled material or using bio-based resources. Global sustainability initiatives appear to be having an impact on this trend, as there is a growing consumer demand for eco-friendly building solutions.
• Innovation in Technologies: Injection molding technologies have been continuously evolving, as evidenced by the increasing inclination towards an integrated approach in product design that prioritizes manufacturability. New technologies such as IoT, automation, and others are being integrated into the existing injection molding technology to monitor operations. For example, BOY Machines, a precision injection molding machine provider, has launched its Status app that enables remote monitoring of injection processes 24 hours a day, 7 days a week using internet-enabled devices.
• Growing Industrialization in Emerging Economies: The market for plastic injection molding is anticipated to be significantly impacted by the rapid industrialization occurring in the emerging markets. Plastic injection molding plays a vital role in producing complex parts in large quantities and at low costs, this industrial activity in turn necessitates the need for efficient manufacturing processes. Since plastic injection molding can work with a wide variety of materials and create complex designs, hence they are very flexible in response to the changing needs of any business. Consequently, the rapid industrialization of emerging economies is further expected to drive significant growth in the market.

Report Scope

Plastic Injection Molding Market Dynamics

Drivers

Increased Government Support and Incentives

• Government incentives and subsidies to promote energy-efficient construction are a major driver of the plastic injection molding market. These efforts include subsidies for the adoption of advanced manufacturing technologies such as Industry 4.0 that increase productivity and sustainability. Investment incentives and grants further encourage local manufacturers to upgrade their facilities, improve competitiveness, and attract foreign investment.

Growing Demand in Houseware Market

• Injection molded plastics are used to manufacture various household goods such as drinkware, cookware, dinnerware, bakeware, cutlery, and dining utensils. The growth of the household goods market is also attributed to the increasing global population. Therefore, the growth of the household goods market is expected to promote the injection molded plastics market growth worldwide.

Restraints

High Initial Costs

• The plastic injection molding market especially for startups and small and medium-sized businesses (SMEs) may face difficulties, owing to high initial investment costs. The substantial costs are also associated with purchasing, installing, and maintaining the pieces of equipment may discourage prospective buyers from making an investment. The cost of operator training and technology upgrades also contributes to the overall burden.

Stringent Regulations

• ASTM standards and ISO regulations are the group of regulations that most influence the market. Regulations in the injection molding market are critical for safety standards, ensuring ergonomics, noise reduction, and overall safety of the machines. The American national standard ANSI/PLASTICS B151.1-2017, addresses the safe use of horizontal clamp injection molding machines (HCIMMs) and vertical clamp injection molding machines (VCIMMs), which help in processing plastic materials and inject them into a mold that is kept closed by the active clamp.

Opportunities

Manufacturing Lightweight and Electrified Vehicles

• High-performance materials like thermoplastic elastomers, which combine the qualities of plastic and rubber and weigh less than steel and other plastic materials, are replacing conventional plastics in automobile technology due to their rapid advancement. Car manufacturers are primarily concentrating on auto components made from various types of thermoplastic elastomers to increase vehicle performance and keep up with the trend of lightweight vehicles, thereby providing an opportunity for electric cars.

Growing Demand from the Healthcare Sector

• The need for various medical devices, like syringes, surgical instruments, and diagnostic tools, is growing as the world's population ages. For instance, one in six people on Earth will be over 60 by 2030, increasing the need for medical devices and healthcare services. Since plastic injection molding is the preferred process for producing accurate, high-volume medical components, this demand would ultimately result in propelling the market growth.

Challenges

Presence of Alternative Technologies

• Extrusion, blow molding, polymer casting, and 3D printing are some of the substitute methods for producing plastic products. 3D printers use layers of plastics to assist in the construction of three-dimensional objects until a completed physical part is produced. The cost of producing a custom part is decreased by the 3D printers because they require less tooling and setup time for a new design than traditional production methods. The production cost per part is continues to drop as there are technological advances in 3D printing, thus creating a bigger market for low- to medium-volume applications.

Environmental Concerns

• Plastics are usually derived from crude oil and typically release large amounts of toxic gases into the environment both during manufacturing and combustion. It turns out that global carbon dioxide emissions are increasing due to the rapid industrialization of developing countries. Several reactive policies and regulations have focused on plastic packaging. Designers and manufacturers of containers and packaging are under pressure to consider the composition and life cycle of their products. Therefore, such increasing environmental concerns and the implementation of strict government policies are hampering market growth.

Plastic Injection Molding Market Segmental Analysis

Raw Materials Analysis

Based on raw material, the plastic injection molding market is segmented into polypropylene (PP), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polystyrene (PS), polyethylene, polyvinyl chloride (PVC), polycarbonate, polyamide, and others.

Polypropylene (PP): Polypropylene is the preferred resin for the automotive and construction industries because it is lightweight and impact-resistant, which are important properties in terms of safety. It is one of the lowest-density plastics and is safe for food containers because it does not leach chemicals into food products. Polypropylene plastic injection molding is used to manufacture various parts and products of all shapes and sizes. Some of the major reasons for the widespread use of polypropylene in injection molding are moisture resistance, high moldability, food-grade availability, excellent food grade, chemical resistance, and low cost.

Acrylonitrile butadiene styrene (ABS): Acrylonitrile butadiene styrene (ABS) has high strength, good toughness, and is easily moldable. ABS is used in numerous applications in automotive parts, packaging, consumer products, industrial parts, and others. It is mainly used for these materials because it has high impact resistance, toughness, and scratch resistance and offers excellent dimensional stability.

High-density polyethylene (HDPE): Typically found in pellet form, high-density polyethylene (HDPE) is a resin that is designed for injection molding applications. It can withstand high impact resistance, stress cracking resistance, and exceptional durability. HDPE is an efficient thermoplastic with strong impact resistance and good tensile strength. This standard plastic is also very moisture-resistant and relatively easy to manufacture using the injection molding process. HDPE is used in many applications but has a high thermal expansion rate.

Polystyrene (PS): Polystyrene (PS) is a standard thermoplastic with an amorphous structure. It has excellent resistance to gamma rays and therefore supports sterilization by radiation. Polystyrene plastics can be either transparent or opaque, and unmodified polystyrene is clear, rigid, brittle, and moderately strong. Additionally, polystyrene is low-cost and supports injection molding. Polystyrene has several advantages that make it an ideal material for applications ranging from injection-molded automotive parts to medical products.

Others: The others include low-density polyethylene (LDPE), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). Low-density polyethylene (LDPE) has good strength in relative to its density and is flexible even at low temperatures. LDPE is odorless, sterile, and waterproof, and can withstand considerable stretching before breaking. LDPE also maintains its structural integrity and has low water absorption. Applications of injection-molded LDPE include hose connections for water supplies. Polyethylene terephthalate (PET/PETP) is a thermoplastic, semi-crystalline polymer with very high dimensional stability, excellent wear resistance, and low coefficient of sliding friction. PET has good chemical resistance and low moisture absorption. PET plastic is well suited for injection-molded parts with high requirements for dimensional accuracy and surface quality. Injection molding of thin-walled and dimensionally stable PET parts such as rings, sliding elements, washers, or bushings improves the durability and running conditions of applications. PVC injection molding is a manufacturing process used to create parts from polyvinyl chloride (PVC), one of the most widely used plastics in the world. PVC does not absorb moisture and has good chemical resistance. Although it is not recommended for high-temperature applications, PVC is considered flame retardant because it is self-extinguishing. Injection molded PVC is used in the healthcare, construction, and consumer goods industries.

Application Analysis

Based on application, the plastic injection molding market is segmented into automotive, medical, packaging, building & construction, electrical & electronics and others.

Automotive: Weight reduction in vehicles is one of the top priorities for automakers to increase fuel economy. Automotive injection molding is a manufacturing process that helps in creating a wide range of automotive parts, including body panels, engine parts, and interior components, through injecting plastic under high pressure. It is one of the most popular processes for mass producing plastic parts because it can quickly and effectively produce large quantities. Some of the frequently used plastics to make injection molded automotive parts are nylon, polypropylene, ABS, and other specialty polymers. The increasing use of plastics as a replacement for metals and alloys in automotive components is expected to drive product demand in the automotive end-use segment and provide tremendous opportunities for injection molded plastics to enter the market.

Packaging: The segment is driven by applications in food and beverage, pharmaceuticals, and retail. The demand for plastic closures and caps is driven by the secular shift in consumer packaging as people have switched from glass and metal to plastic due to the excellent properties of plastic packaging. Many injection molding companies work closely with food and beverage, pharmaceutical, and other manufacturers as these companies contend with government regulations and legal obligations. The packaging segment is also driven by the demand from various other industries such as personal care and beauty, biomedical, and others.

Building & Construction: Purchasing premium building materials, such as injection-molded plastic assemblies and products, is one of the secrets to undertaking successful construction projects. These materials comprise of a range of sturdy polymers, each of which has some unique qualities and that allows it to be used in a variety of construction settings. Injection molded plastics are also used for many purposes throughout the construction industry. Plastics can be frequently used, as building materials for piping, walls, windows, flooring, roofing, and insulation. Additionally, they are molded into assemblies and parts for a range of construction tools, including heavy machinery and portable power tools.

Electrical & Electronics: Electronic components are primarily made by plastic injection molding, these are used for the process because of their flexibility, inert qualities, conductive and non-conductive qualities, and inexpensive assembly. Electronic components are made from raw plastic that are in the form of pellets or granules at first, and are then converted using injection molding. The plastic is melted and then injected into a pre-made shape using an injection molding machine. The plastic part is removed from the mold for direct use or any form of additional finishing after it has cooled. Injection molded plastics are lightweight, durable and inexpensive and are used in countless applications such as coffee makers, irons, blenders, hair dryers and electric shavers.

Medical: Injection molding is used in the medical industry to manufacture small and complex items such as dental implants, prosthetic replacements, endoscopic instruments, implantable components, orthopedic products, and drug delivery devices. Increasing demand for disposable medical items, technological developments, and increasing plastic consumption in healthcare applications are driving industry growth in medical injection molding.

Others: The others segment includes food & beverage, consumer goods, and aerospace. Equipment used in the processing of food and beverages must adhere to safety regulations for its parts and components. GMA compliance and FDA certification are two examples of these. To meet the regulatory standards, plastic injection molded parts for these industries are made from food-grade materials, which are generally non-toxic and BPA-free. There are numerous applications for plastic in the consumer goods section. For most plastic consumer goods, injection molding has long been the go-to manufacturing process because of its speedy and affordable mass production. Certain requirements must be met by aerospace components. They need to be strong, resilient, and light to survive drastic temperature fluctuations. Panels, housings, and chassis parts are the most often injection-molded parts used in aerospace.

Plastic Injection Molding Market Regional Analysis

The plastic injection molding market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has lead the market in 2023 and will also witness strong growth in upcoming years. Here is a brief overview of each region:

What makes Asia Pacific a leader in the plastic injection molding market?

The Asia-Pacific plastic injection molding market size was estimated at USD 126.79 billion in 2023 and is projected to hit around USD 184.62 billion by 2033. Increasing demand for injection molded plastics from packaging and automotive industries is the major driver of the Asia Pacific plastic injection molding market. China is a major consumer due to growing population and rapid urbanization and hence will have a significant impact on the growth of the regional market. Moreover, increasing economic growth in Asia Pacific and consumer inclination towards efficient and smart buildings have led manufacturers to develop high performance products in construction. The region is expected to witness the highest growth globally in this market. China, India and Japan are major countries contributing to this market growth due to demand for healthy food with proper packaging and rising construction activities in these countries.

Why is North America exhibit healthy growth in plastic injection molding market?

The North America plastic injection molding market size was valued at USD 73.77 billion in 2023 and is expected to reach around USD 107.41 billion by 2033. The North America is driven by exponentially increasing demand from the packaging and electronics industries of this region. For example, the US still manufactures sophisticated computer chips that are used in various fields such as medical devices, military equipment, communication technologies, and others. There is also a large manufacturer base in this region, and hence the market is expected to exhibit healthy growth in the near future.

What factors are driving steady growth in the plastic injection molding market in Europe?

The Europe plastic injection molding market size was estimated at USD 89.58 billion in 2023 and is predicted to surpass around USD 130.43 billion by 2033. The increasing demand for convenient packaging for food and beverages has broadened the vision of packaging product manufacturers. Companies such as Berry Global and Mondi Group are investing a large number of resources in developing innovative packaging products including bottles with novel shapes, easy-to-pour and sturdy caps and closures, and durable containers. These products are mainly manufactured using injection molding plastics, and hence the demand across the European region is expected to grow steadily during the forecast period. Moreover, the use of molded plastics for electronic goods is the other key factor driving the market growth in Europe.

LAMEA plastic injection molding market is growing

The LAMEA plastic injection molding market size was accounted for USD 39.19 billion in 2023 and is anticipated to reach around USD 57.06 billion by 2033. The construction industry in Latin America is growing due to growing population and improved living conditions. Moreover, the demand for molded plastic furniture is gaining traction in the region as it is more affordable as compared to metal and wood alternatives, leading to slow but steady growth of the market. However, the lack of manufacturing infrastructure in the region is a key hindrance to the growth of the market. The demand for molded plastic products such as furniture, consumer goods, and electronic components is growing rapidly in the Middle East, primarily because they are cheaper and have similar physical properties to conventional metal products. Therefore, the Middle East market is expected to witness golden times during the forecast period.

Plastic Injection Molding Market Top Companies

• ExxonMobil Corporation
• BASF SE
• DuPont de Nemours, Inc.
• Dow, Inc.
• Huntsman International LLC.
• Magna International, Inc.
• IAC Group
• Kreate
• Eastman Chemical Company
• INEOS Group
• LyondellBasell Industries Holdings B.V.
• SABIC
• Berry Global, Inc.
• Master Molded Products Corporation
• LACKS ENTERPRISES, INC.
• The Rodon Group
• Heppner Molds
• HTI Plastics Inc.
• Rutland Plastics
• AptarGroup, Inc.
• Coastal Plastic Molding, Inc.

Among the emerging players, BASF SE, HTI Plastics, DuPont, and others have developed strong regional presence, product offerings and distribution channels. In August 2023, BASF announced the development of a new bio-based nylon resin called PA 6.10 CF, it is made from renewable resources and is reinforced with carbon fiber for getting the added strength and stiffness. The new resin is expected to be used in a variety of applications, including auto parts, sporting goods and electronics. In May 2023, the company Biomerics completed a merger with Precision Concepts' medical business. This transaction included the acquisition of both Precision Concepts International's ("PCI") medical business and Precision Concepts Group ("PCG"). With 13 locations and more than 1.2 million square feet of manufacturing space, the merged company is said to operate under Biomerics. With their creative solutions and calculated moves, these major players are consolidating their position as leaders and exerting more influence in the rapidly expanding plastic injection molding industry.

CEO Statements

Boo-Keun Yoon, President and CEO of Samsung Electronics

"The IoT is bringing a significant change to our business. It is already shaping a new ecosystem within and outside of the tech industry, bringing infinite new opportunities. The convergence of technologies will accelerate, and collaborations will multiply to fill the needs of consumers."

Jim Fitterling, Chairman and CEO of Dow

"Plastics are essential to our modern world. They protect our health in medical products, prevent foods from spoiling too quickly, make wind turbines more efficient, and are critical in enabling electric vehicles."

Recent Developments

Key players in the plastic injection molding industry are pivotal in delivering a variety of innovative construction solutions, such as prefabrication techniques, sustainable materials, and advanced digital technologies. Some notable developments in the plastic injection molding sector include:

• In April 2024, Benjamin Harp and Tom Rybicki, veterans of the plastics industry, founded Polymer Medical Inc. to provide contract injection molding and assembly services to customers in the life sciences and healthcare sectors. The new company will aim to manufacture essential drug delivery systems, specialty packaging, pharmaceutical disposables, medical disposables such as syringes and medical devices for home healthcare to orthopedics.
• In February 2024, Kreate announced the acquisition of a Georgetown, Texas-based injection molding plastics supplier. The move is expected to significantly increase the company's production capacity and improve its logistics network.
• In January 2024, LyondellBasell, a pioneer in the value chain, announced that it is partnering in a groundbreaking project to transform marine waste from end-of-life products into creative plastics. This partnership involves a well-known German OEM and a specialized recycling company with expertise in mechanical recycling of plastic waste.

These advancements mark a notable expansion in the plastic injection molding market, driven by strategic acquisitions and innovative projects. The focus is on boosting sustainability, enhancing construction efficiency, and broadening product offerings to meet diverse building needs.

Market Segmentation

By Raw Material

• Polypropylene (PP)
• Acrylonitrile butadiene styrene (ABS)
• High-density polyethylene (HDPE)
• Polystyrene (PS)
• Polyethylene
• Polyvinyl Chloride (PVC)
• Polycarbonate
• Polyamide
• Others

By Application

• Automotive
• Packaging
• Building & Construction
• Electrical & Electronics
• Medical
• Others

By Regions

• North America
• Europe
• APAC
• LAMEA