$513 Billion in 5 Years - custom injection molding services

Editor in chief of PlasticsToday since 2015, Norbert Sparrow has more than 30 years of editorial experience in business-to-business media. He studied journalism at the Centre Universitaire d'Etudes du Journalisme in Strasbourg, France, where he earned a master's degree.

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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.

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Medical device manufacturers are tasked with developing elaborate test protocols to ensure that the product in development is safe and meets essential requirements. If these tests are conducted late in the development process, the more onerous and risky they become. SPT Vilecon often works with silicone, a material that is extensively used in medical applications because of its chemical resistance, mechanical performance, and biocompatibility. However, silicone parts are notoriously difficult to prototype and test, since most grades need to be injection molded to achieve their full performance potential, said the company. FIM enabled SPT Vilecon to offer an alternative to a customer developing an intravenous (IV) silicone product — the use of 3D-printed tooling to perform early design and material verification at a fraction of the cost of conventional methods.

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

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.

Based on input collected from the first two iterations, the design of the silicone part was approved and manufacturing of a metal tool was initiated with full confidence of part moldability and performance. The in-house tool shop built the final metal tooling in four weeks without iterations.

The 3D-printed molds for the first and second iterations cost less than €2,000 combined. And the technology enabled a two-day design cycle, which is more than 90% faster than conventional metal tooling.

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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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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.

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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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.

SPT implemented Nexa3D’s Freeform Injection Molding (FIM) technology to help customers shorten time-to-market on complex medical devices in demanding medical-grade materials and to expand on the range of materials that can be quickly and reliably used in prototyping and early device test manufacturing.

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Certified to ISO 13485, Denmark-based SPT Vilecon describes itself as a fully integrated provider of development and manufacturing services to the medical device industry. It offers in-house tool making and injection molding along with other manufacturing services to companies in northern Europe.

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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.”

The patented FIM process uses high-speed Nexa3D printers and xMOLD resin to print injection molding tools that are compatible with thousands of off-the-shelf injection molding materials, including reinforced high-performance feedstocks. The process reduces design, iteration, and validation cycles using end-product materials to a matter of hours rather than weeks.

Freeform Injection Molding technology from Nexa3D compresses design, iteration, and validation cycle times into a matter of hours rather than weeks.

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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.

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.

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.

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/

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.

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Robust and valid prototyping and verification are key to minimizing cost, time, and risk factors in developing medical devices, said SPI Vilecon. FIM is a new toolbox for medical device companies seeking to accelerate their innovation and obtain early verification of part performance and moldability, added the company.

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.

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SPT Vilecon said it has begun expanding the range of injection mold prototyping with silicone, metal, and ceramic materials to provide medical device manufacturers with an even wider selection of product development and verification services.

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.

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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.

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

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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Injection-molded silicone parts were produced within two days, allowing early verification of key design and performance aspects.

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.

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.

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Design input collected from the first tests was integrated in a second iteration that took only a couple of hours to complete. By contrast, conventional metal tooling would have taken more than six weeks to design and procure, and the adjustments needed for the second iteration would have taken an in-house tool-shop a week to complete.

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

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.

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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.

A supplier of development and manufacturing services to medical device OEMs used Freeform Injection Molding from Nexa3D to accelerate time-to-market and slash prototyping costs for a complex silicone-based IV device. SPT Vilecon explained the process in a recent press release.