The increasing demand from end-user initiatives such as packaging, automotive, medical devices, home appliances, and electrical & electronics is anticipated to boost the global manufacturing industry's 2-shot injection molding market growth.
Newark, July 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global 2-shot injection molding market is expected to grow from USD 8.26 billion in 2021 to USD 18.28 billion by 2030, at a CAGR of 9.23% during the forecast period 2022-2030.
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The surge in focus on technological progress involved in the manufacturing method is anticipated to expand the demand for the 2-shot injection molding enterprise during the projection period. Moreover, the growth and expansion of different end-user verticals, especially in the developing economies, are also helping propel market growth. However, the availability of raw materials and high prices associated with the maintenance of 2-shot injection molding devices are restraining market growth factors. Furthermore, the growth in the awareness regarding the benefits of 2-shot injection molding machines over traditional molding machines is an opportunity for market growth.
To enhance their market position in the global 2-shot injection molding market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The growth of the 2-shot injection molding market is driven by the rising industrialization along with ever-evolving COVID-19 strains. Moreover, the rise in the use of plastic products is the market growth trend. Further, the 2-shot injection molding allows the production of exact parts with a high level of repeatability utilizing a single tool. The counted functionality imparted to product parts via 2-shot injection molding will likely generate OEMs to design more products that require to be manufactured through 2-shot injection molding. Further, a 2-shot injection allows designers to make product parts with different value-added features. Generally, in 2 shot injection molding, soft-touch materials are molded in combination with solid substrates to improve the design of the product ergonomically and aesthetically. Further, the bonds between the two materials are powerful, and the product component has high surface quality. Plastic products can be molded in different color combinations. This raises the value of products. This, in turn, is estimated to drive the global 2-shot injection molding market.
• In 2021, the medical segment dominated the market with the largest market share of 21.14% and market revenue of 1.74 billion. The application segment is divided into consumer goods, industrial packaging, automotive, electrical and electronics, medical, and others. In 2021, the medical segment dominated the market with the largest market share of 21.14% and market revenue of 1.74 billion. This growth is attributed to the increased use of 2-shot injection molding to manufacture medical devices. Further, by 2030, the electrical and electronics segment will likely dominate the market due to digital technologies like the internet of things (IoT).
• In 2021, the polypropylene segment dominated the market with the largest market share of 20.21% and revenue of 1.66 billion. The product type segment is divided into thermoplastic elastomers (TPE), styrene-butadiene rubber (SBR), polystyrene, acrylonitrile butadiene styrene (ABS), polycarbonate, silicones, polypropylene, and others. In 2021, the polypropylene segment dominated the market with the largest market share of 20.21% and revenue of 1.66 billion. This growth is attributed to the increasing consumption of polypropylene in household goods, automotive components, and packaging applications. Further, by 2030, the thermoplastic elastomers (TPE) segment will likely dominate the market due to its easy processability, good shock absorption, flexibility, and soft texture.
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Regional Segment Analysis of the 2-Shot Injection Molding Market:
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global 2-shot injection molding industry, with a market share of 48.39% and a market value of around 3.99 billion in 2021. The Asia Pacific currently dominates the 2-shot injection molding market due to the increasing adoption of high-efficient injection molding devices in the healthcare sector. Moreover, the rapid industrialization and the growth of different end-user initiatives also help drive the region's market growth. Furthermore, Europe is expected to show the fastest CAGR of 11.03% over the projection period. This growth is attributed to the high disposable income of people. Further, the rising demand from key end-user initiatives in nations like Spain, Germany, Italy, France, and the UK are helping to boost the market growth during the forecast period.
Key players operating in the global 2-shot injection molding market are:
• YOMURA • Gemini Group, Inc. • Rogan Corporation • Bemis Manufacturing Company • Season Group • EVCO Platics • DONGGUAN SINCERE TECH CO.LTD • SIMTEC • Paragon Rapid Technologies • Dymotek • Laszeray Technology, LLC • Techniplas US, LLC • Spark Mould • Fast Radius, Inc. • HiTech Plastics and Molds • HAFO MOULD • VIKING PLASTICS • Wabash Plastics • Trelleborg Group • Baytech Plastics Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global 2-shot injection molding market based on below-mentioned segments:
Global 2-Shot Injection Molding Market by Application:
• Consumer Goods • Industrial Packaging • Automotive • Electrical and Electronics • Medical • Others
Global 2-Shot Injection Molding Market by Product Type:
• Thermoplastic Elastomers (TPE) • Styrene-Butadiene Rubber (SBR) • Polystyrene • Acrylonitrile Butadiene Styrene (ABS) • Polycarbonate • Silicones • Polypropylene • Others
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The global 2-shot injection molding market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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