The plastic injection molding market has been a backbone to the American economy. This industry has a large impact on the economy, and helps create sustainable jobs for thousands of Americans. This blog will give an overview of the successes of the plastic injection molding market and go over some trends and projections for the future of this industry.
Market Size for Plastic Injection Molding
The achievement of the plastic injection molding market is only improving as technology advances and overall efficiency is maximized. According to Market Watch, the plastic injection molding market is projected to reach an overall value of $162 billion by 2020 with a compound annual growth rate (CAGR) of 4.9%.
This growth shows the large impact that plastic injection molding has on everyday life. Refer to our blog Everyday Items Made in the Plastic Injection Molding Process to learn about all the various markets that are impacted by our services. Continuous design, product, machine, and material upgrades within plastic injection molding makes the market remain competitive, which boosts productivity and creates new jobs.
Opportunity in the Market
With a market value of over $100 billion, the plastic injection molding market sustains roughly 900,000 jobs in the U.S. making it a key component to the overall workforce in the U.S. While there is a lot of opportunity in the plastic injection molding market, what is even more convincing is what the future holds within this industry.
With the many job opportunities and improvements to materials such as using biopolymers, the future for this market is bright and will only continue to grow the economy and create more jobs. Job types in this industry are abundant. Here are a few examples of jobs involved in plastic injection molding:
- Tooling engineer/technicians
- Injection molding supervisors
- Process engineer/technicians
- Production managers
- Maintenance mechanics
- Mold setters
Also, unique to the plastic injection molding industry are the many markets that it impacts. Industries such as the aerospace, automotive, medical, electronics, and sports equipment all rely on the services that plastic injection molding provides. But what does the future for this market look like?
The Future of the Plastic Injection Mold Marketing
As technology and efficiency improves, there is also the evolution of 3D printing that is an exciting revolution to our market that will truly complement plastic injection molding in a large way.
Not only is efficiency improving, but the market is also becoming more environmentally safe by melting and reusing oil-based plastics, and switching many materials to biodegradable biopolymers. With new innovations, strong economic growth, and environmentally helpful practices, the plastic injection mold market will only become more successful.
We at Midstate Mold & Engineering hope you learned more about this incredible market and what it has to offer. From producing medical parts, electronics, and industrial components; Midstate Mold & Engineering is dedicated to quality and detail. Contact us today to learn more about our services. We look forward to hearing from you.