The global Injection Molding Machine market is forecast to reach USD 23.31 Billion by 2030, according to a new report by Reports and Data. It is expected that the superior structural properties of injection molding machine, growth modernization, and increased demand from existing and emerging applications would boost demand for the machine globally. The growing demand for injection-molded plastic products is expected to drive the adoption of molding machines for injection. Also, it is anticipated that increased focus on the use of energy-efficient devices would propel the growth of the global injection molding machine market. Besides, it is estimated that the development of the hybrid machine and the surge in the use of all-electric machines will fuel global market growth over the coming years. Growing information about energy saving also propels the market growth. Moreover, higher production levels and rapid production by injection molding are expected to cater for growth in the industry.
The injection molding machine provides enhanced precision in manufacturing products, improved durability, and a high level of process energy efficiency, which helps to manufacture a wide range of products. The greater emphasis of lightweight materials in the automotive industry has projected the use of plastics in the manufacturing of automotive parts, which will, in turn, drive the market. Increasing population, rising industrialization, and emerging technologies have created a demand for the automobile in developing economies.
High injection molding machines prices and high tooling costs, however, impede the market growth. Alternatively, technical advancements and innovations in architecture deliver lucrative business opportunities.
The COVID-19 impact:
The Injection Molding Machine industry has suffered some impact but maintained a relatively positive performance; analysts believe that the size of the market will be further expanded in the next few years. The pandemic's debilitating effect has negatively impacted production and demand, established supply chain, and market disruption. Its economic impact on companies and financial markets is also not favorable. Stock market volatility and decreasingglobal growth are anticipated, which will affect the sale for Injection Molding Machine.
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Key participants include Sumitomo (SHI) Demag Plastics Machinery GmbH, Arburg GmbH + Co KG, Chen Hsong Holdings Ltd., Husky Injection Molding Systems Ltd., Haitian International Holdings Ltd., Milacron, Nissel Plastic Industrial Co. Ltd., ENGEL Austria GmbH, Japan Steel Works Limited, and Toyo Machinery Metal Co. Ltd., among others.
Further key findings from the report suggest
- The rapid urbanization, rising government spending on packaged goods, and the surge in e-commerce and integrated retailing boost the growth of the packaging industry. The competitive environment between manufacturers has resulted in the adoption of various packaging types. This drives the market and is anticipated to grow further with a CAGR of 3.7%.
- The Asia Pacific emerged as the leading market. The growing demand from the automotive sector, mainly due to the rising need for lightweight vehicles along with the numbers of domestic manufacturers in the region assisted by government guidelines, will drive growth in the market.
- North America follows APAC in terms of market share, and the automobile segment dominated the market. The region has excellent growth potential in the forecasted period and is expected to grow from 2019 to 2030 at an estimated 3.8% CAGR.
- The U.S., because of its highly developed technology industries, advanced processing capabilities, combined with a highly skilled workforce and growing RD initiatives, is among the leading countries in the market for injection molding machines. Developing applications and strong demand encourage producers to concentrate on new technologies to expand the market.
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For the purpose of this report, Reports and Data have segmented into the global Injection Molding Machine market on the basis of material, technology, application, and region:
Material Outlook (Revenue, USD Billion; 2019–2030)
- Plastic
- Metal
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Hydraulic
- Electric
- Hybrid
Application Outlook (Revenue, USD Billion; 2019–2030)
- Automotive
- Consumer Goods
- Packaging
- Electronics
- Others
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