Injection molding caters to complex designs while ensuring repeatability. It reduces manufacturing costs by shortening production cycle times. The global Injection Molding Materials Market is estimated to be valued at US$ 330.32 Bn in 2024 and is expected to exhibit a CAGR of 36.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of injection molding materials in the medical device sector is one of the key trends driving the market growth. The stringent regulations pertaining to sterilization and biocompatibility are prompting medical device manufacturers to use specialized plastics and elastomers that can withstand autoclave sterilization and meet USP Class VI requirements. Additionally, the rising demand for minimally invasive surgical procedures is augmenting the need for precision molding of small and complex medical components. The adoption of injection molding enables mass production of such components in a cost-effective manner.
Segment Analysis
The Global Injection Molding Materials Market Size is segmented by raw material into metals, elastomers, thermoplastics, and others. Among these, the thermoplastics segment dominates the market and accounted for over 60% share in 2024. Thermoplastics are widely used raw materials for injection molding due to properties like durability, heat resistance, and chemical resistance.
Key Takeaways
The global injection molding materials market is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis: Europe region led the injection molding materials market with more than 30% share in 2024 owing to high demand from automobile industry in countries like Germany and Italy. The Asia Pacific region is expected to witness fastest growth during the forecast period due to growing automotive, consumer goods, and healthcare industries in China and India.
Key players related content: Key players operating in the injection molding materials market are Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd. The aforementioned players are focusing on new product launches and expansions to gain higher market share.
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