Injection Molded Plastics Market size is estimated to reach USD 518.77 Billion by the end of 2035, growing at a CAGR of 4.02% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of injection molded plastics was USD 311.32 Billion. The market has expanded globally due to factors such as cost-effectiveness, design flexibility, innovative materials, technological improvements, and increased awareness of sustainability. Additionally, the growing need from a variety of end-use industries, including consumer goods, automotive, packaging, electronics, and medical devices, is driving up the need for injection molded plastics. For instance, Canada is home to one of the top 12 manufacturers of light vehicles worldwide. Five major OEMs, Stellantis, Ford, GM, Honda, and Toyota, build almost 1.4 million cars annually at their Canadian operations. Nearly 700 vendors, including domestic Tier 1 companies like Magna, Linamar, and Martinrea, provide parts to these operations. Furthermore, one of the five machine-tool-die-and-mould (MTDM) manufacturing clusters in located in Canada.
In addition to these, the Canadian government's overarching plan to tackle pollution, reach its target of having no plastic waste by 2030 and reduce greenhouse gas emissions includes the Single-use Plastics Prohibition Rules (SUPPR). Producing, importing, and selling single-use plastic checkout bags, flatware, and food service equipment made with problematic plastics, stir sticks, rings, and straws are all prohibited by the Rules. Manufacturers of injection-molded plastic may find new markets if single-use plastics are banned. There may be a rise in demand for biodegradable and compostable materials that can be made using injection molding as organizations and governments search for substitutes for single-use plastics.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
4.02% |
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Base Year Market Size (2022) |
USD 311.32 Billion |
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Forecast Year Market Size (2035) |
USD 518.77 Billion |
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Regional Scope |
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Raw Material (Polypropylene, Acrylonitrile Butadiene Styrene, High Density Polyethylene, Polystyrene)
The polypropylene segment in the injection molded plastics market is the largest and is expected to reach USD 166.56 billion by 2035, rising at a substantial CAGR of 4.31% between 2022 and 2035. In 2022, the segment was worth USD 96.45 billion. Because of its many uses, polypropylene is a major player in the worldwide injection molded plastic industry, which encourages segment expansion. Despite being semi-crystalline, polypropylene flows remarkably well and is easy to mold because of its low melt viscosity. They can be used for non-load-bearing purposes such as car batteries, kiddie pools, toys, cutlery, Tupperware, and the caps on ketchup and shampoo bottles. In order to facilitate injection molding and subsequent recycling, polypropylene liquefies rather than burns, which contributes to the market's expansion. In 2022, the total amount of polypropylene produced worldwide was roughly 79.01 million metric tons. With a 97.86-million-ton global production capacity, the demand for polypropylene in 2022 was 86.74 million tons. By 2030, it is anticipated to reach around 104.99 million metric tons.
Application (Packaging, Consumables & Electronics, Automotive, Motor Cycle Industry, Building & Construction, Aerospace, Healthcare, Railway Application, Computer Industry, Industrial Equipment, Manufacturing, Office Supplies)
The packaging segment in the injection molded plastics market was assessed at USD 99.81 billion in 2022 and is expected to have a value of USD 168.71 billion by 2035, rising at a substantial CAGR of 4.14% over the projected time frame. Due to the versatility of plastic materials and the profitability of plastics in food packaging, the packaging segment is expected to hold the biggest market share. It is possible to create plastic packaging for a variety of uses and shapes thanks to injection molding. Food containers, distinctive packaging for cosmetics and body care products, and even packaging for household chemicals can all be produced using the injection molding technique. The industry is growing because there are several plastic injection molding choices available for high-volume packaging, such as PET bottle preforms molds and thin-walled containers for ice cream, margarine, milk products, and closures.
Our in-depth analysis of the global injection molded plastics market includes the following segments:
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Raw Material |
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Application |
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APAC Market Forecast
The injection molded plastics market in Asia Pacific is projected to surpass USD 242.16 billion by the end of 2035 by growing at a CAGR of 4.50% during the forecast period. The injection molded plastic industry's implementation of automation technologies is anticipated to fuel the market's expansion in the Asia Pacific region. Furthermore, by enacting laws and providing financing for the facilities, the Australian government is promoting the development of cutting-edge technology targeted at boosting plastic recycling and decreasing plastic waste. The utilization of recycled plastic waste in construction materials, transportable recycling facilities, and chemical processing of contaminated plastic waste are some of these advancements. For instance, Integrated Green Energy Solutions (IGES) has received USD 1.9 million from the Australian government under the CRC-P for the development of technology that turns waste plastic that is contaminated into useful raw materials through chemical recycling. Australia will lead the world in the management of plastic waste thanks to this technology.
North American Market Statistics
The North America injection molded plastics market is estimated to be the second-largest by developing at a CAGR of 3.53% in the given time frame. The North America market is expected to be worth USD 105.83 billion by the end of 2035, up from USD 67.55 billion in 2022. Injection-molded plastic products are widely used as packaging materials in the food industry in the region. This includes trays, containers, and other packaging supplies that help keep food safe and fresh throughout storage and transit. Plastic packaging is becoming more and more common because of its cost, strength, and lightweight. For example, the food and beverage industry are the third-largest contributor to the gross domestic product of American manufacturing, according to the National Institute of Standards and Technology (NIST). The industry employs about 1.8 million people overall, and more than 75% of the 27,000 food firms in the US have fewer than 100 employees.
Author Credits: Smruti Ranjan, Rajrani Baghel
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