Global Automotive Plastic Injection Molding Market Size will Reach $37.61 Billion in 2023

Global Automotive Plastic Injection Molding Market Overview

According to Global Market Monitor, the global automotive plastic injection molding market size will reach $37.61 billion in 2023 with a CAGR of 6.39% from 2023 to 2028.Injection molding is one of the most commonly used plastic production processes because it provides a viable solution to mass-produce high-quality and stable parts from various polymers.

Lightweight is the Development Trend of Automobile Parts.

Plastic injection molding of automobile parts has the advantage of being lighter than metal parts, thereby improving fuel efficiency and reducing production costs. In addition, compared to metal processing, plastic injection molding is 25 times cheaper to manufacture. Molded plastic parts are used throughout the car, from wiring harnesses and lampshades to dashboards and door handles. As automotive OEMs seek to improve fuel efficiency by reducing weight, the demand for injection-molded plastic parts will continue to grow. The popularity of electric vehicles will further require a reduction in vehicle weight which is expected to drive demand for injection-molded plastics.The global automotive industry has a relatively high degree of industry concentration. OEMs and first-tier component manufacturers often occupy a certain bargaining advantage, and their credit terms are relatively long, causing considerable liquidity pressure for their upstream companies. The initial investment in the automotive injection molding industry is quite expensive.

Regional Market Status

In 2022, the share of the automotive plastic injection molding market in China stood at 27.59%. As a pillar industry of the national economy, the automobile industry plays a role in promoting and driving many sectors. As the automobile mold is an important part of the entire industry chain, China has continuously introduced a series of policies and plans, supporting the development of the automobile injection mold industry and building a good policy environment for the industry.

Driven by Germany, the United Kingdom, France, Italy, and Spain, Europe has a large market share in the automotive plastic injection molding industry due to the region's huge automotive manufacturing centers. Consumers’ preference for lightweight automotive components continues to increase to improve overall vehicle efficiency, driving demand for polymer and plastic composites, which is a key driver for the automotive plastic injection molding market.

By Type	Autonomous Vehicles
	Non-autonomous Vehicles
	Non-autonomous vehicles segment accounted for the largest share in 2022.
By Application	Electric Vehicles
	Non-electric Vehicles
	Non-electric vehicles industry segment occupied the biggest share in 2022.
By Region	North America
	Europe
	Asia-Pacific
	Latin America
	Middle East & Africa
	In 2022, the share of the automotive plastic injection molding market in China stood at 27.59%.