10 Hot Topics for Injection Moulding in 2024
As we head into the new year, we’ve put together a hit list of 10 hot topics to look out for in the injection moulding industry over the next twelve months.
Predicting future trends is always subjective and uncertain, but based on current key topics and advancements, some potential industry developments that could occur in 2024 are:
- Sustainable Manufacturing and Eco-friendliness: The growing focus on sustainability and environmental best practice will put pressure on injection moulding companies to reduce their carbon footprint. This could involve sourcing more sustainable materials for use in the production process, reducing energy consumption, minimizing waste, and improving recycling capabilities.
- Material Innovation: With evolving customer demands, there could be an increased need for advanced materials that offer enhanced properties like higher strength, heat resistance, biodegradability, and conductivity. The adoption of new materials could pose challenges in relation to processing, tooling, and sourcing suitable alternatives for traditional plastics.
- Automation, Digitization, and Industry 4.0: The injection moulding industry is becoming more connected and automated with the adoption of technologies like Internet of Things (IoT), artificial intelligence (AI), and data analytics. The challenges in 2024 might revolve around optimizing productivity, ensuring cybersecurity, integrating complex automation systems, and upskilling the workforce to adapt to this digital transformation. Such technological changes could enable increased efficiency, accuracy, and reduced labour costs.
Adopting these technologies, however, brings its own set of challenges, such as the need for skilled technicians, the challenge of integrating complex systems, and the importance of maintaining data security.
- Lighter Weights: There is now an increasing market demand for more lightweight plastic injection moulded components. With lighter weight materials comes a reduction in associated costs. This can be particularly important when manufacturing large volumes.
Using lighter weight materials also has positive cost implications for distribution and storage. The benefits of lightweight materials differ depending upon the sector in which the final product is to be employed. For instance, when used in the aerospace, automotive, and rail sectors, lighter weight materials can help to reduce fuel and energy consumption.
- Regulatory Compliance and Safety: Governments and regulatory bodies may introduce new regulations or strengthen existing ones with a focus on product safety, recycling, waste management, and reusing materials. Injection moulding companies may need to ensure compliance with evolving standards, invest in safety measures for materials and workers, increase product quality, and adopt responsible manufacturing practices.
- Design for Additive Manufacturing (DfAM): As additive manufacturing technologies continue to evolve, there might be a shift towards integrating injection moulding and 3D printing. This may mean developing new design guidelines, optimizing tooling for hybrid manufacturing, and addressing challenges in relation to material compatibility and process integration.
- Skilled Labour Shortage: The injection moulding industry might face a shortage of skilled workers due to changing demographics, the retirement of experienced personnel, or increasing technological complexities. Attracting and retaining a skilled workforce could be a challenge, and companies may need to invest in training, apprenticeship programmes, or automation to mitigate the impact.
- Increasing customization requirements: Consumer demands for personalized products are rising, which can lead to smaller production runs and increased customization. This puts pressure on injection moulders to offer flexibility, faster turnaround times, and cost-effective solutions to meet the changing market demands.
- Market Volatility and Global Supply Chain Disruptions: Social turbulence, economic instability, or geopolitical factors may negatively impact global supply chains. Injection moulders may face challenges in relation to sourcing raw materials and industrial equipment, shipping and logistics delays, and disruptions caused by unforeseen events like pandemics, natural disasters, or political instability.
Developing contingency plans and reevaluating supply chain strategies will be crucial in mitigating potential disruptions. It may also be advantageous to improve forecasting and risk management strategies to maintain market competitiveness.
- Reshoring: Such supply chain disruptions will likely see a continuation of a key theme of 2023 – reshoring. Reshoring is the process of returning product manufacturing back to its country of origin. Places like China have suddenly become less attractive options for UK companies looking to have products manufactured, due to world events such as the war in Ukraine and COVID-19. This has already led to many UK companies bringing their manufacturing back home, a trend which will possibly continue to gain pace in 2024.
It is important to note that these potential issues are speculative and based on current trends. The actual challenges faced by the injection moulding industry in 2024 could differ based upon socio-economic factors, innovations, global political events, or market dynamics.