Global plastic injection molding market to reach $233 billion by 2023: report
Rising demand across several vertical industries, such as packaging and food and beverages, is expected to drive growth, the new report from BCC Research says.
The global market for plastic injection molding is expected to reach US$233 billion in 2023, reflecting an 11 per cent compound annual growth rate, according to the report published by U.S.-based market research firm BCC Research.
The study, entitled Injection Molding: Global Markets and Technologies through 2023, also notes that the global market for plastic injection molding was valued at US$117 billion in 2017.
According to the report, rising demand across several vertical industries such as packaging and food and beverages is expected to drive growth. “One robust segment is the medical device space, which accounts for 18.7 per cent of the plastic injection molding market and is expected to see strong growth over the forecast period as healthcare becomes an increasingly integral part of household expenditures, especially in more developed countries with aging populations,” the report said.
Another important sector for injection molding is automotive – in particular automotive innovations and the continued replacement of metal components with plastic parts – and this is expected to continue in the upcoming years, the report said.
Additionally, advances such as “smart surfaces” and 3D-printed tooling, as well as external autonomous driving sensors, will also help growth in the injection molding industry.
“As the market for injection molding of plastics continues to grow, so will innovations in resin selection, injection molding machinery and processing guidelines,” said Christopher Maara, BCC research analyst and author of the report. “With the emergence of new resins with improved properties, molders can process polymers to fabricate new designs with different properties in a more energy and cost-efficient manner.”