Global 2-shot Injection Molding Market: Snapshot
The 2-shot injection molding process uses a single injection molding machine and a single injection mold to manufacture a part with two or more polymer resins in just one cycle. The demand for 2-shot injection molding has been considerably high in the past few years as it allows production of highly precise parts with exact repeatability using a single tool. Owing to this reason, the global 2-shot injection molding market is likely to be worth US$11.5 bn by the end of 2024 as compared to US$6.6 mn by the end of 2015. Between the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 6.5%.
Cost-effectiveness of 2-shot Injection Molding to Drive Demand
The global market is being driven by the cost-effectiveness 2-shot injection molding as it enables production of two parts in just one operation process. Thus, the advantage of a reduced cost of production is expected to drive the overall market all through 2024. The global market is also being propelled by the growing pressure from several governments across the globe to recycle plastics. The strict government regulations pertaining to the use of plastics has forced industries to reuse the materials used in manufacturing. Thus, the new rules work in tandem with 2-shot injection molding process that uses recycled plastic for making components that have the same look and property.
Automotive Industry Shows Stupendous Growth in Global Market due to Widening Applications
On the basis of application, the global 2-shot injection molding market is segment is divided into medical, automotive, consumer goods, industrial, packaging, and electrical and electronics. The automotive segment held a key share in the global market in terms of revenue in 2015, accounting for nearly 20% of the overall market. The demand for 2-shot injection molding in this segment is slated to remain high in the coming years. Several components such as air vents, keypads, lock casings, key shells, housings for electronic control units, mirror systems, interior and exterior trim, lighting, and door handles are manufactured using 2-shot injection molding processes.
The report states that the medical industry is expected to the next big application segment of 2-shot injection molding processes. This application segment is anticipated to rise at a CAGR of 7.7% in the coming years. The overall rise in the pool of geriatrics and growing medical industry are expected to drive this application segment in the coming years.
Europe to Lead Global Market; Germany Remains Key Automotive Hub
In terms of geography, the global 2-shot injection molding market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Europe held the large share in the global market, accounting for nearly 30% of it in 2015. Europe is expected to maintain its stance as the region will focus on product differentiation in the coming years to stay ahead of the competition. Germany is expected to drive the regional market by exhibiting a soaring demand for polymers that are used in 2-shot injection molding processes of the automotive industry of the country.
The key players operating in the global 2-shot injection molding market are Rogan Corporation, Bemis Manufacturing Company, Nyloncraft, Inc., Gemini Group, Inc. Biomedical Polymers Inc., Carclo Technical Plastics, Yomura Technologies, and Evco Plastics. The global market is highly fragmented with leading players holding small shares in the overall market dynamics.