Pune, India, May 12, 2021 (GLOBE NEWSWIRE) -- The global injection molding machine market size is projected to reach USD 20.49 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period. In 2019, the market size stood at USD 15.39 billion. Increasing demand for molding solutions in the automotive industry will propel the market in the upcoming years, shares Fortune Business Insights in its report, titled “Injection Molding Machine Market, 2021-2027”.
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Over the past few years, there has been a rapid growth in the use of plastic parts in the automotive industry, owing to their lighter weight and lower cost, which is driving the demand for plastic molding machines in the auto industry. Moreover, promising advancements in the manufacturing of injection molding machines that can produce complex products at high speeds and large quantities will also support the growth of this market. Furthermore, thanks to advances in molding processes, the mass production of complex plastic shapes has become more efficient, cost-saving, and effective. Lastly, the growing usage of molded plastics in the construction industry in key emerging economies such as China and India is also contributing to the expansion of this market.
COVID-19 Impact
The injection molding machine market growth has been harmed by the COVID 19 pandemic outbreak, which has resulted in severe lockdown measures in various countries and delays in machine manufacturing and development. Molding machines have recently seen an increase in demand from makeshift hospitals and healthcare institutes worldwide for the manufacture of medical equipment. The coronavirus epidemic has brought attention to the healthcare industry. The need for medical devices such as syringes, air systems, and other medical instruments grew exponentially as the number of COVID-19 cases increased dramatically in 2020. Countries such as India and China became the global hub for the manufacturing of molded plastic equipment for the healthcare industry.
To get to know more about the short-term and long-term impact of COVID19 on this market,
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Segments-
Based on type, the market is segmented into plastics, metals, ceramics, and other raw materials. Based on machine type, the market is categorized into electric, hydraulic, and hybrid. By clamping force, it is segmented into 0-200 ton-force, 201-500 ton-force, and above 500. By end-user, the market is segregated into packaging, automotive, electronics, and telecommunication, healthcare, and infrastructure. By geography, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Highlights
The report contains comprehensive research into the different market drivers and trends, along with an in-depth study of the various market segments. Besides this, the report also provides a detailed evaluation of the regional dynamics and competitive landscape of the market and incorporates a thorough assessment of the challenges the market currently faces and is likely to face in the future.
Drivers & Restraints-
Increasing Promotion of Sustainability in Molding Operations to Fuel growth
Energy costs are becoming a highly critical component in injection molding processes. Apart from raw materials, which can account for up to 70% of an injection molded part's manufacturing costs for packaging applications, the 10% share for energy is also a significant cost. As a result, the adoption of electric-powered machines is increasing in molding applications. For example, the electric drive of the plasticizing device is one of the most critical hardware components in a high-performance hydraulic system for reducing energy consumption. Energy savings of up to 30% are possible, according to measurements. Intelligent hydraulic controls can also help with energy conservation in injection molding machines. For example, the GreenLine energy-saving kit contains a module that keeps track of how much energy has been used. For accurate quantification, the module's software displays the energy consumption of each process phase. Production efficiency, shorter injection times due to dynamic servo-motors, higher repeatability, reduced noise, and enhanced acceleration output are some of the more prominent advantages of an all-electric injection molding machine. Thus, the promotion of sustainability in molding operations is opening new growth avenues for this market.
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Regional Insights-
APAC to Lead the Global Market Backed by Robust Growth in Machinery Manufacturing
Asia Pacific is home to several fast-growing industries, such as machinery manufacturing, automotive, and electronics, all of which provide opportunities for molding machine manufacturers to expand. High-skilled labor is available at a low cost in this region and national governments are investing enormous sums of money to develop their manufacturing sector, which is driving the injection molding machine market share in the Asia Pacific. The region’s market size stood at USD 6.01 billion in 2019.
Over the forecast period, the demand for injection-based molding machines is expected to be characterized by increased investments in the automotive industry in North America for making lightweight automotive components that reduce the overall weight and manufacturing costs of vehicles. On the other hand, the availability of advanced infrastructure, R&D facilities, and a skilled workforce in Europe is expected to boost the uptake of injection molding machines in the region.
Competitive Landscape-
Key Players to Concentrate on Scaling up Production Capacities
With the demand for injection molding machines gathering momentum from critical industries such as healthcare, key players in this market are directing their investments towards augmenting their production capacities. Higher production will allow these manufacturers to quickly diversify their portfolios and offer a broad range of molding machinery and equipment to end-users, fostering their position in the market.
Industry Development-
May 2019: In Moncks Corner, South Carolina, Haitian International opened a new 116,000 square foot facility. It will allow Haitian International's molding machines to be assembled within the country itself.
List of Key Players Profiled in the Injection Molding Machine Market Report:
- ELECTRONICA PLASTIC MACHINES LIMITED (India)
- Engel Austria GmbH (Austria)
- NISSEI AMERICA, INC. (USA)
- Sumitomo Heavy Industries, Ltd. (Japan)
- Milacron Holdings Corp. (USA)
- Haitian International (China)
- Ved Machinery (India)
- Husky Injection Molding Systems Ltd. (Canada)
- Arburg GmbH + Co KG (Germany)
- Japan Steel Works, Ltd. (Japan)
- Chen Hsong Holdings Limited (Hong Kong)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Injection Molding Machine Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Injection Molding Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Product Type (Value)
- Plastic
- Metal
- Rubber
- Ceramic
- Others
- Market Sizing Estimations and Forecasts – By Machine Type (Value)
- Electric
- Hydraulic
- Hybrid
- Market Sizing Estimations and Forecasts – By Clamping Force (Value)
- 0 - 200 Ton Force
- 201 - 500 Ton Force
- Above 500 Ton Force
- Market Sizing Estimations and Forecasts – By End-use Industry (Value)
- Packaging
- Automotive
- Electronics & Telecommunication
- Healthcare
- Infrastructure
- Others (Consumer Goods, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Market Sizing Estimations and Forecasts – By Product Type (Value)
- North America Injection Molding Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Product Type (Value)
- Plastic
- Metal
- Rubber
- Ceramic
- Others
- Market Sizing Estimations and Forecasts – By Machine Type (Value)
- Electric
- Hydraulic
- Hybrid
- Market Sizing Estimations and Forecasts – By Clamping Force (Value)
- 0 - 200 Ton Force
- 201 - 500 Ton Force
- Above 500 Ton Force
- Market Sizing Estimations and Forecasts – By Product Type (Value)
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