The global injection molding market will reach $233 billion in 2023

[ Jiuzhi Plastics News] In 2017, the global injection molding market value was 117 billion US dollars; according to relevant reports, it is expected to reach 233 billion US dollars by 2023, and the compound annual growth rate is 10.9%.
The rising demand for multiple vertical industries such as packaging, food and beverages is expected to continue to grow. According to the report, the field of medical equipment is a very strong field, accounting for 18.7% of the plastic injection molding market, with health care becoming an increasingly important part of household expenditure, especially in developed countries with an aging population. There will be stronger growth in the coming period.
In terms of materials, the demand for polystyrene is expected to increase at a higher rate in the next few years due to the increasing popularity of recyclable expanded polystyrene products.
Automotive innovation and replacement of metal parts with plastic parts is expected to continue in the coming years. In addition, advanced technologies such as “smart surfaces”, 3D printing dies and external autopilot sensors will also help the growth of the injection molding industry.
As the plastic injection molding market continues to grow, innovations in resin selection, injection molding machinery and processing guidelines will continue. With the advent of new resins with improved performance, molders can process polymers to create new designs with different properties in a more energy efficient and economical way.

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