Injection molding market to reach US$235.7 billion by 2029

The global market for plastic injection molding was valued at US$191 billion in 2023. The market is estimated to grow from $192.7 billion in 2024 to $235.7 billion by the end of 2029, at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2029, according to the report "Injection Molding Markets and Technologies", which has been added to ResearchAndMarkets.com's offering.

This report presents a detailed qualitative as well as quantitative analysis of thermoplastics within the injection molding market. The market estimates and forecasts are prepared based on the revenue generated from plastics sales to the injection molding industry. In addition, qualitative analyses of the market scenario for injection molding companies are also provided where necessary for clarity.

The global plastic injection molding industry has become an essential element in modern manufacturing and finds broad applications across a diverse set of industries. The versatility of this process has enabled widespread applications across packaging, automotive, aerospace, consumer goods, medical devices and other industries. The technology is widely popular due to its ability to create intricate parts with high precision. 

Key market drivers for the injection molding market include the significant contributions from developing countries, which are emerging as key growth contributors. Additionally, the growing adoption of circularity and sustainability practices is reshaping the industry's dynamics. The increasing preference for lightweight materials across key end-user industries is further fueling market demand. Lastly, technological advancements in the injection molding process continue to drive innovation and efficiency, enhancing the sector's overall growth potential.

In addition, the versatility and flexibility of plastics have further heightened the demand in the plastic injection molding market. Thermoplastics are suitable injection molding resins, as they can be conveniently molded and softened on getting heated. They also harden to their original strength after cooling. Due to their molecular composition, these resins can be easily softened multiple times upon exposure to heat, thus making them recyclable and reusable.

Like other industries, the plastic injection molding industry is also constantly evolving and driven by technological advancements, environmental concerns and changing consumer preferences. The industry is also undergoing a significant transition towards sustainable practices to reduce the ecological impact of the process. The adoption of bioplastics and biodegradable plastics is also expected to expand in the near future, led by growing concerns about plastic pollution and its associated health risks.

A major surge in demand from key end-user industries such as packaging, transportation, medical devices and construction has played a key role in driving the overall demand for plastic injection molding. The ability of injection molding to develop both standard and custom-made parts with high precision in lesser lead time has enabled its widespread application across these industries.