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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.

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.

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.

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.

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.

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.

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.

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.

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.

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

A manufacturer of polymer products for the industrial, agricultural, automotive, commercial, and consumer markets, Myers said that it is focused on transforming itself into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The Trilogy Plastics acquisition accelerates Horizon 1 of the long-term strategy focused on value-added bolt-on acquisitions.

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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“Trilogy has an outstanding record of providing its customers high-quality, high-tolerance products and superior service, making it an excellent addition to the high-performance culture we are continually building at Myers,” said Mike McGaugh, President and CEO, in a prepared statement. “We look forward to integrating the Trilogy business into the Myers family, and continuing to grow organically and through additional acquisitions.”

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Founded in 1987, Trilogy Plastics manufactures custom products for the industrial, consumer, lawn and garden, heavy truck, medical, and other markets. The combination of Trilogy with Myers’ Ameri-Kart and Elkhart businesses will create one of the largest rotational molding manufacturers in the United States and will provide Myers’ customers with access to a more complete portfolio of diverse products, said the news release.

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

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

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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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.

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.

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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.

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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.

Trilogy Plastics will operate as a part of the rotational molding platform within Myers’ Material Handling Segment. Headquartered in Alliance, OH, Trilogy has two US manufacturing facilities and employs approximately 265 people. Trilogy’s annual revenues are approximately $35 million, and the acquisition is expected to be slightly accretive to earnings in 2021.

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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.

Myers expects the transaction, which was financed with its revolving credit facility, to generate cost synergies of approximately three percent of sales. These cost synergies will stem primarily from supply-chain optimization, it said. In addition, the company expects to realize growth synergies due to the broader geographic footprint created by the combined rotational molding businesses.

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The combination of Trilogy with Myers’ Ameri-Kart and Elkhart businesses will create one of the largest rotational molding manufacturers in the United States.

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/

Myers Industries Inc. today announced that it has acquired the assets of Trilogy Plastics, a custom rotational molder specializing in high-tolerance parts and assemblies. This is Myers’ second acquisition in the last nine months and is framed by the company as part of its “One Myers” long-term strategic plan.

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.

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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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.

“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.”

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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.