Big Growth Projected For The Plastic Injection Molding Market
Injection molding is on the cusp of a serious upswing. According to projections from Research and Markets, the global market for plastic injection molding is expected to increase from $121.40 billion in 2020 to $157.70 billion by 2025. Similarly, Acumen research has stated that the market may continue its upward trend into 2028, and there’s even more exciting news beyond. Read on, and we’ll examine what may be driving this growth and what other developments may be on the horizon for the global plastic injection molding markets.
What The Studies Show
Check the litany of projections, and you’ll see that they’re all pointing to a similar conclusion—injection molding will likely be a mixed-growth market over the course of the next decade, with demands in some areas increasing but decreasing steadily in others.
The automotive industry, for instance, may see some loss of demand due to declining consumer interest in driving during the midst of the Coronavirus pandemic. On the flipside, however, new regulations and a desire to remove weight from vehicles may see automakers increasing their demand for plastic, and add to the growth trend of injection molding over the next few years.
Then there’s the medical industry, which is expected to be a major source of growth for plastics. This is due, in part, to the desire for cost-effective production methodologies and strict regulations that govern the manufacture of medical devices. What’s more, a push toward biodegradable polymers is another clear area where plastics can fill an immediate need. Continued innovation with injection molded plastics may also drive growth in other subspaces within the medical and pharmaceutical fields, particularly in response to:
- Growing demand for drugs and other medical consumables.
- An increase in need for disposable syringes and other types of injectables.
- An emphasis on miniaturized equipment and devices
Injection molded plastics already play a significant role in manufacture of different types of packaging. For example, plastics are widely used as food packaging as they can keep food safe and secure while not reacting with it. They also help keep foods fresh for lengthy periods, and with their ability to be microwaved, washed, and reused, plastic containers for food are an obvious area of high demand as far as packaging is concerned.
It’s not just food packaging where injection molded plastics will see robust demand, however. There’s also a growing market for non-food/beverage related packaging and containers, fueled by the likes of cosmetics, toiletries, household chemicals, and various electronics.
Speaking of which, the demand for injection molded plastics for electrical devices should see further increases from the need for specialized, precision components in a range of meters, sensors, testing tools, and industrial equipment.
Finally, studies about the future of injection molded plastics have also provided insights on which parts of the globe will be key players over the course of the next decade.
Perhaps most important to note is the fact that Asia Pacific companies have held sway over large shares of revenue in the injection molded plastics market in 2020, and will likely continue to do so as the market grows in the near future. Many electronics and auto manufacturers are shifting their operations to countries in this region, and as they grow, it’s likely that the region’s dominance of the market will as well.