Westford, USA, Dec. 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global injection molding market size will reach a value of USD 418.39 Billion by 2031, with a CAGR of 4.8% during the forecast period (2024-2031). Throughout the forecast period, the injection molding market growth is driven by the automotive industry's increasing demand for injection-molded components. 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 through injection molding. Due to the importance of safety, consistency, and quality in the automobile industry, injection molding is a critical manufacturing process used to produce various parts.
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Injection Molding Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 287.54 Billion |
| Estimated Value by 2031 | USD 418.39 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Application, Technology, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Expanding Applications of Injection Molding |
| Key Market Opportunities | Rising Demand for Medical Devices |
| Key Market Drivers | Rapid Industrialization in Emerging Markets |
Packaging Segment Dominates Injection Molding Market in 2023, Driven by Consumer Goods Demand
Based on the 2023 injection molding market forecast, the market was dominated by the packaging category, which also held the highest revenue share. The market is highly influenced by the packaging sector, which produces specialty closures, beverage caps and closures, dairy juice and water packaging, and thin wall containers among others. The packaging industry market is anticipated to grow over the forecast period, considering the increased consumption of packaging products in the consumer goods, cosmetics, healthcare, and personal care industries.
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Metal Injection Molding to Witness Highest CAGR, Fueled by Demand for Precise Components
As per the injection molding market analysis, the metal segment is expected to gain the highest CAGR of 7.4% due to increased demand for metal injection molding. All the consumer goods, automotive, aerospace, and medical industries require precise, compact, and complex metal components, and metal injection molding is a smart way of making them. The process of metal injection molding utilizes powder metallurgy injection molding. Compared to traditional manufacturing methods, metal injection molding machines are cost-effective as they can help reduce the inventory costs, labor costs, and raw material prices.
North American Injection Molding Market Expands, Driven by Industrial Dynamism and E-commerce Growth
Strong industrial dynamism and the raw resources available in the region are the main drivers of the North American injection molding industry. These factors, including continued industrialization, growing consumer buying power, and increasing urbanization, are contributing to the expansion of the market. In addition, changes in customer preferences, especially among food and beverage customers, translate into a greater need for creative packaging solutions. The increased demand for injection-molded products is also attributed to the increased packaging industry and the growth of e-commerce in numerous industries.
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Injection Molding Market Insights
Drivers
- Rapid Industrialization in Emerging Markets.
- Growing Automotive Industry.
- Growing Preference for Lightweight Materials.
Restraints
- Complexity of Material Selection.
- Limited to Plastic Materials.
- Skill Gap in Workforce.
Key Players Operating Within the Injection Molding Market
- C&J Industries
- All-Plastics
- Biomerics
- HTI Plastics
- The Rodon Group
- EVCO Plastics
- Majors Plastics, INC
- Proto Labs
- Tessy Plastics
- Currier Plastics, Inc.
Key Questions Covered in the Global Injection Molding Market Report
- What are the factors restricting the market growth?
- Which key players operate within the market?
- Which region dominated the largest market share?
- What are the key injection molding market trends?
- By 2031, what will be the size of the market?
This report provides the following insights:
Analysis of key drivers (rapid industrialization in emerging markets, growing automotive industry), restraints (complexity of material selection, tooling costs) opportunities (rising demand for medical devices), and challenges (supply chain disruptions) influencing the growth of the injection molding market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the injection molding market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the injection molding market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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