industry going? - back injection molding

In Downside 1, I therefore take growth down to 1% and leave the operating rate at 76%. Downside 2 again involves 1% growth, but an operating rate of 90% as China pushes hard towards self-sufficiency.

Then we need to go the next level, as I did in the case of PP in my 29 June post. Here is a table for three of the world’s major HDPE exporters. It shows what percentage of their total HDPE exports in 2022 went to their top five destinations.

Scenario planning has always been important. But in this increasingly uncertain world, it has become a vital component of business success.

Furthermore, the Asia Pacific area provides a competitive edge in terms of cost-effectiveness and labour availability, making it a desirable location for industrial operations such as injection moulding. Lower labour costs, along with technological improvements, have resulted in the growing usage of automation and robots in injection moulding operations, hence increasing efficiency and lowering production costs.

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In 2040, this could mean that under our base case, China’s net imports are around 7m tonnes versus some 200,000 tonnes of net exports under Downside 1 and 1m tonnes of net exports under Downside 2.

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Some market participants would argue that this signalled a return to the old China of a booming economy. But as I wrote in my 29 June post:

Its features include great production efficiency, reproducibility, and the capacity to generate complicated geometries, making it one of the most preferred processes for producing plastic parts.

China’s declining net imports, down from their all-time peak of 9m tonnes in 2020, will increase competition in the other big net import countries and regions. These are detailed below.

By region, Injection Molding market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. The Asia-Pacific dominated the global Injection Molding market in 2023 with a market share of 44% and is expected to keep its dominance during the forecast period 2024-2033.

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Membrane Market: Membrane Market Size, Trends and Insights By Material (Polymeric, Ceramics, Others), By Technology (Reverse Osmosis, Ultrafiltration , Microfiltration, Nanofiltration, Others), By Application (Water and Wastewater Treatment, Industrial Processing), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033

April 23, 2024 13:30 ET | Source: Custom Market Insights Custom Market Insights Austin, TX, USA

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The Asia-Pacific region dominates the injection moulding market because of its strong production sector, cost-effectiveness, skilled labour pool, rising consumer demand, and supporting government policies that foster industry expansion and innovation.

In 2022, China accounted for more than 40% of total global net imports among the countries and regions that imported more than they exported.

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In January–June 2023, the CFR China HDPE injection-grade price spread over CFR Japan naphtha feedstock costs was $274/tonne. This is at least an improvement on last year’s $211/tonne. But here’s the thing:

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Let’s next consider the long-term prospects for China’s HDPE imports. The chart below shows three scenarios for China’s net HDPE imports from now until 2040.

We can also assume that some of the 11% of its total exports that it went to Singapore will have probably ended up in China, as Singapore is a major distribution hub.

Support your strategic planning with expert insight on the wider trends impacting markets, from the circular economy and the energy transition to global macroeconomics and chemical overcapacity in China.

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Moreover, supporting government efforts and favourable regulatory policies aimed at fostering manufacturing and industrial growth have helped to grow the injection moulding market in the Asia Pacific region. These measures include incentives for foreign investment, infrastructure development, and talent building programmes, all of which help the injection moulding business prosper.

The ICIS base case involves average annual demand growth of 2% and an operating rate of 76%. This would compare with actual average annual demand growth of 10% between 2000 and 2022 and an operating rate of 90%.

Polymer Membrane Market: Polymer Membrane Market Size, Trends and Insights By Technology (Ultrafiltration, Microfiltration, Nano-filtration, Reverse Osmosis), By End User (Chemical, Food and Beverage, Water Treatment, Industrial Processing, Medicine, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033

Unlike in the case of PP where just 6% of its total exports went to China in 2022, Saudi Arabia is heavily exposed to China, with 23% of its HDPE imports going to China last year.

Now let us look at what the latest China Customs department data indicate about China’s HDPE net imports in 2023 versus the years going back to 2020.

And look no further than the chart below to understand that we are a long, long way off from a full recovery in one of the grades of PE — high-density PE (HDPE). It is the same story in low-density PE (LDPE) and linear low-density PE (LLDPE).

There is a possibility, of course, that all will be fine with China’s HDPE imports. Perhaps demand growth will be stronger than I assume, and/or capacity growth is below what ICIS forecasts because of efforts to reduce CO2 emissions. The latter theme will be the subject of a future blog post.

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“According to the latest research study, the demand of global Injection Molding Market size & share was valued at approximately USD 278.3 Billion in 2023 and is expected to reach USD 285.5 Billion in 2024 and is expected to reach a value of around USD 431.6 Billion by 2033, at a compound annual growth rate (CAGR) of about 5.1% during the forecast period 2024 to 2033.”

India Plastic Recycling Market: India Plastic Recycling Market Size, Trends and Insights By Type of Plastic (PET (Polyethylene Terephthalate), HDPE (High-Density Polyethylene), LDPE (Low-Density Polyethylene), PP (Polypropylene), PS (Polystyrene), PVC (Polyvinyl Chloride), Others), By Technological (Conventional Recycling Technologies, Advanced Recycling Technologies), By Recycling Process (Mechanical Recycling, Chemical Recycling, Energy Recovery), By End-Use Applications (Packaging, Construction, Automotive, Textiles, Electronics, Consumer Goods), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033

The ICIS base case would see net imports during the entire forecast period of 2023–2040 totalling 126m tonnes. Downside 1 would see the total at 38m tonnes and Downside 2 just 7m tonnes.

Several worldwide factors are influencing the injection molding market’s future trajectory. One noticeable trend is the growing need for sustainable and eco-friendly products and procedures, which is being driven by increased environmental awareness and laws.

Then we have the US which is far more diversified as only 8% of its 2022 exports went to China, with Mexico in pole position.

(Please note that the sample of the Injection Molding report has been modified to include the COVID-19 impact study prior to delivery.)

As I’ve discussed before, China’s petrochemicals demand in general has grown far too quickly given the size of the country’s population and its per capita income. This was the result of three events — economic liberalisation, a youthful population and the world’s biggest-ever economic stimulus package — that have been consigned to history.

The chart below puts this into a long-term context. It shows the percentages of China’s HDPE capacity over local demand in 2000-2021 and my expectations for 2023–2025.

By application, the packaging segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Packaging drives the injection moulding market since it is widely used in a variety of sectors, including food, beverage, healthcare, and consumer products.

The ICIS Pricing editors reported that efforts by producers to no longer tolerate very weak margins by holding to firmer offers had met with strong buyer resistance.

The end-result would be that in 2025, HDPE capacity as a percentage of demand would go over 100% for the first time. In PP, this happened in 2020.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

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I assume that minus 3% demand growth will be the final number for 2023, with a recovery to 2% growth in 2024 and 1% growth in 2025. I have also assumed that the ICIS base case forecasts for capacity additions between 2023 and 2025 will happen.

By material, the plastics segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Plastics are the key material driving the injection moulding market because of their versatility, low cost, and wide range of applications in sectors like as automotive, packaging, electronics, and consumer products, resulting in strong demand for injection moulding services.

Injection moulding is a high-volume production method for plastic components and products. It entails injecting molten material, usually thermoplastic polymers, into a mould cavity at high pressure.

Furthermore, there is an increasing desire for product customization and personalization, which is driving the introduction of technologies such as 3D printing and digitalization in injection molding processes. Furthermore, there is a noticeable move towards durable and lightweight materials in industries including automotive and aircraft to increase fuel economy and performance.

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Furthermore, the region’s fast growing middle-class population and rising disposable incomes have boosted demand for consumer items and automobiles, increasing the need for injection-moulded components. This rising consumer base has led firms to increase production capacity, driving up demand for injection moulding machines and services.

CMI has comprehensively analyzed the Global Injection Molding market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Injection Molding industry.

However, South Korea is in a far worse position than Saudi Arabia, with no less than 49% of its 2022 exports going to China. Southeast Asia (SEA), not including Singapore, was in distant second place at 16%.

Nevertheless, even US producers, who sent just 8% of their HDPE exports to China in 2022, must plan for the worst-case outcome, ie. an entirely elf-sufficient China. This would reduce the size of the global pie for everyone.

Austin, TX, USA, April 23, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Injection Molding Market Size, Trends and Insights By Material (Plastics, Metals, Others), By Application (Packaging, Consumables & Electronics, Automotive & Transportation, Building & Construction, Medical, Others) and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.

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The outlook has brightened slightly as the January–April data pointed towards a 4% decline in full-year 2023 HDPE demand over 2022, whereas January–May indicated a 3% decline.

India Paints and Coatings Market: India Paints and Coatings Market Size, Trends and Insights By Uses (Architectural Paints, Industrial Coatings, Wood Coatings, Automotive Refinish Coatings), By Technology (Water-based Coatings, Solvent-based Coatings, Powder Coatings, UV-cured Coatings), By Resin Type (Acrylic, Epoxy, Polyurethane, Alkyd, Polyester), By End-user Industry (Construction, Automotive, Aerospace, Marine, Electronics, Furniture and Woodworking), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033

Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

However, don’t get too excited. The reason for the improved outlook was the 16% month-on-month increase in China’s HDPE production in May compared with April.

Injection moulding provides low-cost, customizable options for creating high-quality packaging components that satisfy varied market demands effectively.

WHEN I HEARD RUMOURS that China’s polyethylene (PE) and polypropylene (PP) markets had bottomed out last week with a big recovery just around the corner, my first reaction was “good luck with that idea”.

EVCO Plastics, located in De Forest, Wisconsin, is a well-known manufacturer of injection moulded plastics goods and services. Having a strong focus to quality, innovation, and client satisfaction, have proven a dependable partner for organizations looking for plastic options.

Asia Pacific’s thriving manufacturing sector is powered by the existence of a wide range of sectors, including automotive, electronic devices, consumer products and packaging. These sectors rely extensively on injection moulding to produce a wide range of components and products, including sophisticated car parts and electronic housings.

In conclusion, the Asia Pacific region’s robust manufacturing ecosystem, cost advantages, growing consumer demand, and supportive policies collectively underpin its significant contribution to driving the injection moulding market forward.

Spreads are not margins, of course, but spreads have stood the test of time. They remain the single best measure of supply and demand balances.

Buy, plan and negotiate more effectively with 18-month price forecasts and analytics. Monitor cost pressures and identify early signs of production shifts.

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Specialty Silica Market: Specialty Silica Market Size, Trends and Insights By Product (Precipitated Silica, Fumed Silica, Fused Silica, Silica Gel, Colloidal Silica), By Application (Rubber, Agrochemicals, Oral Care, Food Industry, Desiccants, Paints & Coatings, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033

To lessen the environmental effect of injection molding operations, manufacturers are progressively adding biodegradable and recyclable materials. Another trend is the use of modern technologies like automation, robots, and artificial intelligence to improve efficiency, accuracy, and productivity in industrial operations.

CMI provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.

Browse the full “Injection Molding Market Size, Trends and Insights By Material (Plastics, Metals, Others), By Application (Packaging, Consumables & Electronics, Automotive & Transportation, Building & Construction, Medical, Others) and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” Report at https://www.custommarketinsights.com/report/injection-molding-market/

South & Central America, Asia and Pacific, Africa and Europe are, of course, made up many different countries with varying net import and net export positions. ICIS supplies country-by-country trade flows in the ICIS Supply & Demand Database.