Global 2-Shot Injection Molding Market to Reach $10.9 Billion by 2026
The global market for 2-Shot Injection Molding estimated at US$8.4 Billion in the year 2022, is projected to reach a revised size of US$10.9 Billion by 2026, growing at a CAGR of 6.2% over the analysis period.
Growth in the 2-shot injection molding market over the coming years would be led by increasing demand for high precision molded parts in industries such as medical and automotive. With 2-shot injection molding designers are able to design parts with multiple value added features. The molding process allows molding of soft-touch materials with stronger substrates for enhancing aesthetics and ergonomics of products.
Automotive manufacturing and medical products end-use market are the two primary end-use sectors. A notable trend in the market has been the rapid development of a few specialized polymer grades that could be used specifically in the 2-shot molding process. These specialty polymers have enhanced adhesion and compatibility with the other polymers and are also being offered in different colors.
Automotive, one of the segments analyzed in the report, is projected to grow at a 4.9% CAGR to reach US$2.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Consumer Goods segment is readjusted to a revised 6.4% CAGR for the next 7-year period.
This segment currently accounts for a 21.1% share of the global 2-Shot Injection Molding market. In the automotive manufacturing market, 2-shot injection molding are employed for producing components such as battery units, mounting fixtures, and lever caps, among others, which need to be durable and have good appearance.
Within the consumer goods sector, use of 2-shot injection molding is prevalent in manufacture of components of different design and volume specifications from small and low-volume to complex and high-volume. Bottle dispensers, kitchen bakeware, plastic showerheads, and silicone parts and products for home use are prominent applications of 2-shot injection molding in the consumer goods domain.
The U.S. Market is Estimated at $2 Billion in 2022, While China is Forecast to Reach $1.7 Billion by 2026
The 2-Shot Injection Molding market in the U.S. is estimated at US$2 Billion in the year 2022. The country currently accounts for a 23.58% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.7 Billion in the year 2026 trailing a CAGR of 8.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 5.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the end of the analysis period.
With Asian consumers being price conscious, car manufacturers are more focused on light weighing the car which includes replacement of metal parts with plastics. This is expected to further drive the demand for plastic molding machinery.
By Application, Electrical & Electronics Segment to Reach $2.2 Billion by 2026
A significant number of consumer and medical electronics applications seek capabilities enabled by biocompatible, solvent-resistant over molding materials that come with a regulatory rating. For such projects, employing 2-shot injection molding approach can deliver best results. 2-shot injection molding of electronics and electrical devices involves low- or high-pressure processing of a premolded device to provide a rugged thermoplastic outer layer, a safer encapsulation, and a comprehensive sealing.
In the global Electrical & Electronics segment, USA, Canada, Japan, China and Europe will drive the 6.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion will reach a projected size of US$1.8 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$275.1 Million by the year 2026, while Latin America will expand at a 7.6% CAGR through the analysis period.
What`s New for 2022?
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
