MARKET OVERVIEW- GLOBAL 2-SHOT INJECTION MOLDING MARKET
2-shot injection molding, also known as double injection molding is an innovative manufacturing process used to produce complicated molded parts from two different materials. The 2-shot injection molding process in performed on one machine that is programmed to perform two injections in one cycle. It optimizes co-polymerization of hard and soft materials to create powerful molecular bond. The result is a single part with production and feature advantages. It can be used for a variety of product designs across all industries. An increase in consumption of plastic products, rise in application of 2-shot injection molding process in pharmaceutical applications, along with technological advancements in the healthcare sector are major factors which are expected to drive growth of the market.
The growth of the 2-Shot Injection Molding market is driven by rise in consumption of plastic products. According to Plastindia Foundation, in 2017-18, India consumed 16.5 million tonnes of plastic. 43 per cent of India’s plastics are used in packaging and are single-use plastic. Among developed nations, the US has a per capita consumption of 139 kg per annum, while the EU’s is 65 kg. According to a 2017 study by the Federation of Indian Chambers of Commerce & Industry (FICCI), between 2010 and 2015, the plastics processing industry grew at a compound annual growth rate (CAGR) of 10 per cent in volume – from 8.3 million metric tonnes (MMT) per annum to 13.4 MMT per annum. India’s annual demand for plastic packaging stands at 20 MMT – out of this, 15 MMT is met by virgin plastics and 5 MMT from recycled plastic materials. Thus, a rise in consumption of plastic products is expected to stimulate the demand for 2-shot injection molding. Also, an increase in awareness about the benefits of 2-shot injection molding machines over traditional molding machines is expected to further fuel market growth over the estimated time period.
A high growth in the automobile, medical and packaging sectors in developing nations is expected to offer significant opportunities for the growth of the market over the forecast period. Furthermore, rising investments by private organizations and governments in packaging technology is expected to contribute to the growth of the market.
A high cost involved in the production and maintenance of 2-shot injection molding machines a key issue that is expected to restrain the growth of the market. Also, several factors, such as low infrastructure capacity in underdeveloped nations, lack of investment in packaging technologies are expected to hinder the growth of the market.
MARKET GROWTH CHALLENGES
Stringent regulations imposed on the application of plastics is expected to act as a major challenge for the growth of the market. Also, fluctuations in the prices of raw materials is anticipated to negatively impact the growth of the market.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global 2-Shot Injection Molding market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in the use of plastic products has led to a rise in demand for 2-shot injection molding machines and therefore, the market is expected to witness growth at a specific CAGR from 2022-2029.
2-SHOT INJECTION MOLDING MARKET SEGMENTAL OVERVIEW
2-Shot Injection Molding market comprises of different market segments like product type, application and geography.
2-SHOT INJECTION MOLDING MARKET BY SERVICE
On the basis of product type, the 2-Shot Injection Molding market consists of key segments like
- Other Thermoplastics (including Nylon and PBT)
- Others (including Nitrile Rubber)
Polyethylene segment is expected to gain a major share of the market over the forecast period due to its widespread use in the packaging sector. This is a key factor which is expected to drive the growth of the segment over the forecast period.
Also, the ABS segment is expected to witness high growth over the forecast period. It is widely used in consumer goods and electrical and electronics applications. ABS is resistant to corrosive chemicals and it can be easily injection molded and recycled.
2-SHOT INJECTION MOLDING MARKET BY APPLICATION
The global 2-Shot Injection Molding market finds major applications in
- Consumer Goods
- Electrical and Electronics
Medical segment is expected to lead the market during the forecast period. An increasing demand for 2-shot injection molding machines in pharmaceutical sector is expected to drive the growth of the segment. Also, rising investments in medical sector in developing nations are anticipated to further boost the growth of the segment.
The packaging segment is expected to witness high growth over the estimated time period. 2-shot injection molding machines play a key role in plastic packaging. It is a key factor which is expected to drive the growth of the segment.
2-SHOT INJECTION MOLDING MARKET BY GEOGRAPHY
The Global 2-Shot Injection Molding market is studied for the following region:
- North America
- Rest of the World (RoW)
Asia Pacific is expected to dominate the market over the forecast period. The Asia-Pacific region comprises various Countries like Japan, India, China, South Korea, and Singapore which are involved in large scale manufacturing activities. The growth of the market in the region can be attributed to rapid urbanization, improving economic conditions, and increasing manufacturing activities.
Also, North America is expected to witness high growth over the forecast period due to the presence of a well-developed automation and healthcare sector and high investment in the packaging sector. Also, increasing government investment in advanced plastics recycling technologies is anticipated to create lucrative opportunities for market players in the region. For instance, in October 2020, the U.S. Department of Energy (DOE) announced the funding of USD 27 million for 12 projects that are likely to support the development of advanced plastics recycling technologies.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL 2-SHOT INJECTION MOLDING MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the 2-Shot Injection Molding market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the global 2-Shot Injection Molding market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
Due to the COVID-19pandemic, there has been a significant disturbance in most industries across the globe. While a few industries experienced a contraction in their production and businesses, others faced severe outcomes such as the shutdown of businesses. Due to the disruption in the supply chain, it has become difficult for manufacturers to produce and supply products. COVID-19 has had a negative impact on the manufacturing sector around the globe. But, the emergence of new COVID-19 strains are expected to fuel the demand for 2-Shot Injection Molding machines in the healthcare industry. Also, with the end of lockdown restrictions, the market is expected to witness new growth opportunities in the upcoming years.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the 2-Shot Injection Molding market is primarily focused on expanding the global growth of the 2-Shot Injection Molding sector with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in 2-shot injection molding industry has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which is further contributing to healthy growth in the market.
The key players studied in the market are
- Paragon Rapid Technologies Ltd
- Gemini Group, Inc
- Girard Rubber Corporation
- CM International Industries Corporation
- Rogan Corporation
- SIMTEC Silicone Parts
- Season Group International Co., Ltd.
- Midstate Mold & Engineering
- Nyloncraft, Inc.
- EVCO Plastics
- Carclo Technical Plastics
- Yomura Technologies
- CMG Plastics
August 2021: Sumitomo Heavy Industries, Ltd. had started selling its all-electric double-shot injection molding machine SE400HS-CI. It is equipped with a cableveyor for temperature control piping, which shortens the cycle time, and improves the mold design flexibility. In addition, it contains the 90-degree table stop which provides safety and reduces setup time.
August 2020: Avient Corporation added Injection moldable thermoplastic elastomers to the company’s Versaflex line. The product was created without using any derivatives from animals and can be used for a number of medical device applications.