Transparency Market Research has published a new research “2-shot Injection Molding Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024” to their report store.
Albany, NY -- (SBWIRE) -- 01/20/2017 -- Transparency Market Research observes that the global 2-shot injection molding market is highly fragmented due to the strong presence of a large number of players present in the market. As each player holds a small share, the market is witnessing stiff competition. Some of the leading players in the global 2-shot injection molding market are Rogan Corporation, Nyloncraft, Inc., Paragon Rapid Technologies Limited, and Gemini Group, Inc. "These players are expected to focus on reducing the lead time to remain competitive in the market and increasing the production volume to remain relevant to the market," states the lead author of this research report.
The research report states that the global 2-shot injection molding market is was worth US$6.6 mn by the end of 2015 and is projected to reach US$11.5 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is projected is rise at a CAGR of 6.5%.
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Europe to Dominate Global Market as OEMs Focus on Reducing Production Costs
Geographically, 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 is expected to show indomitable dominance in the global market in the coming years. Despite a minor slip, the region is poised to acquire a share of 33.9% by the end of 2024. The emerging trend of large scale adoption of 2-shot injection molding process to reduce the cost of production and labor costs across Europe has kept the region in the lead.
On the basis of applications, the global 2-shot injection molding market is segmented into automotive, medical, consumer goods, electrical and electronics, packaging, and industrial. Of these, the medical segment held the dominant share in the overall market in 2015. The report estimates that this segment will acquire a share of 25.8% by the end of 2024.
Precision in Production to Drive Global Market
2-shot injection molding ensures production of exceptionally precise parts with accurate repeatability with just a single tool. This advantage has encouraged OEMs to develop and design increasing more of products by using 2-shot injection molding, thereby increasing the adoption of this process and products across the globe. The considerable cost reduction by using 2-shot injection molding process, as it enables the production of two component parts in a single operation has also boosted the growth of this market.
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The report also suggests that the global market is being driven by the increasing pressure from the governments to recycle plastics. Stringent governmental regulations compelling industries to recycle materials has played a significant role in convincing OEMs to adopt 2-shot injection molding processes. The key advantage of using 2-shot injection molding process is that the core of any two-component parts is derived from the recycled plastic, without changing its look or property. Thus the increasing uptake of recycled plastics is expected to have a positive impact on the global market.
High Initial Investment Estimated to Hamper Market Growth
The high cost of tooling and equipment of 2-shot injection molding as compared to traditional molding is the chief restraint in the global market. The significantly higher initial investment costs has discouraged manufacturers from opting for 2-shot injection molding for their production processes. The market is also being stymied by the limited choice of material pairs that can be used for 2-shot injection molding. Furthermore, the long lead time of 2-shot molding machines is also estimated to hamper the growth of the market in the coming years.
The global 2-shot injection molding market has been segmented as follows:
2-shot Injection Molding Market - Product Analysis
-Acrylonitrile Butadiene Styrene (ABS)
-Other Plastics (Nylons, PBT etc.)
-Styrene Butadiene Rubber (SBR)
-Thermoplastic Elastomers (TPE)
-Other Elastomers (Nitrile Rubber, Natural Rubber etc.)
2-shot Injection Molding Market - Application Analysis
-Electrical & Electronics
This review is based on Transparency Market Research's report, titled "2-shot Injection Molding Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."