Injection Molding Market Size, Share & Trends Analysis Report By Material (Plastics, Metals), By Application (Packaging, Medical), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2022 - 2030

Injection Molding Market Size, Share & Trends Analysis Report By Material (Plastics, Metals), By Application (Packaging, Medical), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2022 - 2030

Injection Molding Market Growth & Trends

The global injection molding market size is anticipated to reach USD 397.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. The market is driven by the rising demand for injection-molded components from various end-user industries since it offers cost-effective and efficient methods for manufacturing high-volume production of parts and products. The market has witnessed growth especially from the medical industry, with the emergence of the COVID-19 pandemic, as this product can offer accuracy, a high range of operation, repeatability, and cleanliness. Furthermore, packaging manufacturers leverage injection molding with robotics to run faster production rates with cost-effectiveness.

The market has witnessed surged adoption in recent years on account of the manufacturing technology employed for producing complex products. Players incorporate industry 4.0 in their process, thereby optimizing the requirement of raw materials, lowering costs, increasing automation, flexibility among other things. COVID-19 pandemic had caused supply chain disruptions in 2020 resulting in losses for the service providers as demand from various end-user industries was halted. However, with the infusion of economic stimulus packages, manufacturers have adopted automation to shorten production cycle time, thereby increasing productivity and profits.

The demand for plastic injection molding is witnessing significant growth due to high tensile strength and high-temperature endurance that have led to the surged usage of engineering-grade plastic resins for molded products. Moreover, plastic resins enable a reduction in manufacturing waste, product weight, and overall manufacturing costs. Companies providing molding services are engaged in acquiring the latest technologies to meet the changing demands from the medical industries and increase manufacturing capacity. For instance, in August 2021, HTI Plastics installed a new 420-ton injection molding press with an integrated Engel Viper 20 robot to advance its machinery capabilities.

Injection Molding Market Report Highlights

• The plastics segment accounted for a revenue share of 98.3% in 2021 owing to its low cost and suitability for high-volume production runs and applications that require consistency in design and strict tolerances
• The medical application segment is expected to witness a CAGR of 5.7% from 2022 to 2030 owing to growing accessible treatment for surgical and diagnostic procedures used to prevent, treat, and rehabilitate illness
• In Asia Pacific, the market is expected to witness a CAGR of 5.5% over the forecast period on account of expanding healthcare infrastructure, automobile, packaging industry coupled with growing research and availability of skilled labor
• In February 2022, Beacon Medtech Solutions announced a partnership with Sumitomo Demag to increase its molding press capacity to expedite the manufacturing and delivery of precision plastic and silicone components
• In February 2022, Comar, a medical device and packaging solution provider acquired Automatic Plastics Ltd. Through this acquisition, the company aims to strengthen its presence in the pharmaceutical and medical sectors