Delve into the dynamic world of injection molding as we explore its industry statistics, highlighting key trends, challenges, and opportunities shaping this crucial sector of manufacturing.
Dive into the world of injection molding – a cornerstone of the plastics manufacturing industry.
This article presents a comprehensive overview of the injection molding industry’s latest statistics, revealing its market size, growth rate, key players, and future projections.
The data here is meticulously gathered from reliable sources, offering insights into the industry’s performance, trends, and the challenges it faces.
Whether you’re an industry professional, a researcher, or simply curious, this article provides a detailed analysis that caters to your needs.
Stay with us to explore the fascinating world of injection molding through the lens of hard data.
What You Will Learn
The market was estimated at USD 1.96 billion in 2022
Highlighting the substantial value of the industry, it was estimated at a substantial USD 1.96 billion during 2022.
This sizable market value unequivocally showcases the enormous scale of this industry, exhibiting its importance in the overall manufacturing sector.
The high estimation also signifies the vast potential it encases for both new and existing market players.
The injection molding market is expected to expand at a compounding annual growth rate of 3.7% from 2023 to 2030
Given current predictions, a steady climb is projected for the sector over the next seven years. Specifically, from this year onwards, we can anticipate an average annual growth rate of 3.7% through to 2030.
This consistent uptick indicates robust industry conditions buoyed by ever-increasing demand and advances in technology, solidifying the injection molding market’s position as a vital component of the wider manufacturing industry.
Any business involved in this space would do well to adapt and expand alongside this trend, capitalizing on the projected consistent growth.
There are 434 contract injection molding manufacturing businesses in the US as of 2023
With current data showing 434 enterprises focused on contract injection molding manufacturing, it’s evident America’s role in this industry is extensive.
This figure captures the extensive network across the country, be it mature, established companies or newer enterprises making their mark.
Such diversity in providers grants customers increased choice and sector growth opportunities.
This industry’s capacity and expansiveness underscore America’s pivotal position in the injection molding landscape on a global scale.
There is an increase of 0.7% in manufacturing businesses from 2022 to 2023
Reflecting a positive trend, the industry experienced a moderate growth of 0.7% from 2022 to 2023. This increase indicates a steady demand within the sector.
Although seemingly insignificant, the incremental rise underscores the resilience and progressive nature of the plastics manufacturing industry.
Sustainability and innovation remain key factors contributing to this upward trajectory.
The market only has 5% market share concentration in the US
Despite the weighty contribution of the U.S. to the global plastics industry, it surprisingly yields a slim portion of the injection molding market share. The magnitude of this sector specifically constitutes a mere 5%. This low concentration indicates a high level of fragmentation, suggesting ample room for businesses to establish themselves.
It presents a motivating statistic for small and medium enterprises within the industry looking to carve out their niche, and reinforces the opportunity for growth and expansion within the United States market. The demand for affordable, light-weight and durable plastic goods continues to thrive in various sectors such as packaging, automotive, and electronics, indicating a promising window for stepping into the injection molding industry.
Injection molding costs from $10,000 or less to $100,000 depending on order, size, part, complexity, and other factors
Prices in the injection molding industry vary considerably. Factors such as order size, the size of the part being manufactured, complexity of the mold, and other relevant aspects can greatly influence the final cost.
For instance, a simple, small item with minimal detail will typically fall in the lower price range, under $10,000. Conversely, larger, more intricate products requiring complex molds can cost upwards of $100,000.
It is these variables that create a substantial price range within the sector.
Wages, with 21.3%, take up the highest cost for the business in contract injection molding manufacturing
In the realm of contract injection molding manufacturing, human resources represent a substantial expenditure. Wages account for 21.3% of the total manufacturing cost within this industry.
Such a significant percentage underscores the labor-intensive nature of this sector. Despite advancements in automation and robotics, skilled labor remains crucial in performing complex tasks, overseeing machine operations, and ensuring optimal product quality, thus leading to this significant wage allotment in the industry’s cost structure.
The global injection molding market’s value is expected to reach USD 266.1 billion by 2023
Driven by technological advancements and an expanding array of applications, the momentum of growth continues unabated. By 2023, the bisector is projected to potently reach a valuation of USD 266.1 billion.
This expanding market tortoise highlights the significant role injection molding plays in various sectors, from automotive to medical, underpinning a myriad of industries with its wide-ranging capabilities.
Therefore, companies operating in this space can anticipate a prosperous future, given the upward trajectory forecasted over the coming years.
Magna Intl, Toshiba Corp, and DOW are the biggest players in the global injection molding market
Magna International, a global automotive supplier headquartered in Canada, is a major force in the injection molding industry. Its innovative and cost-effective solutions have a profound impact on automotive parts production across the globe.
In Japan, Toshiba Corporation commands attention. Its high-performing, energy-saving, precision molding machines cater to a diverse range of industries, including automotive, medical, and consumer goods, further cementing its status as a heavy-hitter in this sector.
The third key player is DOW, originally known as Dow Chemical Company based in the United States. The ever-evolving company offers a comprehensive array of injection molding materials and solutions, underpinning a broad set of industry applications. These three industry leaders steer global trends and make significant contributions to the inclining trajectory of the injection molding industry.
The plastic injection mold usually costs between $1000 and $5000
The price range for a typical plastic injection mold falls within $1000 to $5000; this variation depends on several factors.
These include the complexity of the shape, size, finish of the final product, and the material used.
A more intricate mold design with superior-quality materialswill often lean towards the higher end of the cost spectrum.
This critical financial element must be taken into account when planning for new product development within the injection molding sector.
Ensuring competitive pricing can be a significant factor in the profitability and success of the enterprise in the highly competitive plastics manufacturing industry.
References:
- https://www.grandviewresearch.com/
- https://www.ibisworld.com
- https://www.simranmachines.com/
- https://www.xometry.com
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