Plastic processing industry is witnessing robust growth and injection molding becoming one of the important verticals of the industry as the use of injection molded plastic grows rapidly. From toy industry to automotive and medical devices, it could be found anywhere and everywhere.

We spoke to the brand manager of HQ Mould to find out how the market is set to behave and grow in the future.

Stats have a great story to tell:

The global plastic injection molding market was worth $117 billion in the year 2017 and it is expected touch the mark $233 billion by the end of 2023, registering a staggering 10.9% CAGR, he said.

The Asia Pacific is becoming the dominant player in the market as it contributed a majority portion of the global demand for injection molding components.

Increased infrastructure spending combined with the growing demand for injection molding components in the automotive industry could make countries like India, China and Malaysia grow in this segment. In addition, the government’s financial aids and incentives have also paved the way for more growth in the Asia Pacific region.

Key growth drivers:

Increasing demand for products with versatile properties such as better heat and pressure resistance are driving the growth of injection molding across multiple end-user industries.

In addition, the stringent laws to eliminate steel components and use of plastic components instead in automobiles are also driving the growth. The sectors like medical devices, food packaging industry and toy industry also understand the importance of injection molding thus driving the growth substantially. He added.

Future trends;

The growing advancement in the use of technology will also play a vital role in manufacturing in the future. Internet of Things and Industry 4.0, automation is expected to influence the manufacturing process in terms of production time and cost. He said.

In addition, big data is also going to play a major role as business houses and people involved in supply chain can look at the production data in real time thus making the industry more transparent and effective. He added.

We at HQ Mould understood the fact that in spite of major growth in European countries, the automotive and medical device industries are looking towards the Asia Pacific because of low labor cost and better quality product. Therefore, we have deployed smart manufacturing process to cater to the dynamic market.
The goods producers are looking for the highest quality components and they want the products to be delivered to them quickly. We have a stringent quality check process and an organized supply chain to meet these demands, he added.

We believe that the market will see robust growth in the coming times and you perhaps as the goods producer should look at China if you want to gain a competitive advantage.

It is a great time to capture the market with super quality plastic components. The stage is set and companies must learn the art of capitalizing on the growing injection molding market if they want to operate successfully in the highly competitive market where customer expectations are high.

Contact info:

HQMOULD Company

No.818 er huan west road Huangyan

Taizhou Zhejiang China, 318020

Cont No.: +86-576-81107906

008657684222089

008657684111683

Email id: [email protected]

Website: http://www.hqmould.com/