Injection Molding Machine Market Analysis

Injection Molding Machine Market Analysis

The plastic injection molding machine accounted for over 70% market share in 2020 as these are used to manufacture plastic parts for multiple industries. In recent times, plastic injection molding machines are essential to every manufacturing sector including automotive, electronics, housewares, and home appliances, among others. Plastic provides durable, high-quality production runs, affordable, and corrosion-resistant products; hence, has emerged as one of the most crucial materials in modern manufacturing.
 

Additionally, the segment is anticipated to showcase promising growth during the forecast timeline. The growth trend of plastic IMMs is underpinned by the packaging and automotive industries coupled with bolstering demand from the manufacturing sector, which is expected to further drive the injection molding machine market size.
 

Horizontal injection molding machines held over 80% share in 2020. Horizontally-oriented machines are easy to maintain, offer simple operation, and are more easily favored by the public. This type of machine is generally chosen to manufacture pure plastic products, in addition to parts with larger surface areas. Horizontal machines are suitable to manufacture cylindrical products, such as silicone baby nipples, silicone baby bottles, and LSR breast pumps, among others.
 

One of the major advantages of horizontal machines over vertical machines is that they can attain automatic production to save both labor & time and improves production efficiency along the way. It is estimated that horizontal injection molding machines will become conventional, and many manufacturers will prefer them over vertical machines.
 

In 2020, electrical segment generated around USD 1.5 billion in injection molding machine market and is expected to observe substantial demand in the coming years. The increasing demand from the packaging, electronics, and medical sectors is backing up the market growth. Compared to hydraulics, all-electric IMMs are controlled with servo motors that allow a repeatable, faster, energy-efficient, and more precise operation.
 

The digital control of electric injection molding machines allows them to be operated virtually unattended, boosting profits by lowering labor costs. Due to their high precision, these types of machinery are suitable for manufacturing small to medium products and medical parts such as syringes and Petri dishes.
 

The automotive end-use sector contributed significant revenue to the injection molding market and acquired over a 10% portion of the industry share. Injection molding machines offer a feasible solution for producing large and high-quality auto parts in abundance. The automotive sector where quality, consistency, and safety are of the utmost importance considers injection molding machines a preferred choice. This machine is highly adopted in the industry owing to its ability to produce identical parts in mass quantity with relatively low operating costs. Many metal auto parts have been transitioned into plastics and are significantly driving the requirement for injection molding machines to achieve production targets.
 

Asia Pacific is the leading revenue-generating region and will witness around 5% CAGR in the injection molding machine market by 2027. The robust product demand can be attributed to the growing end-use industries. The automotive industry is one of the verticals substantially contributing to this growth. The region has the least number of cars per thousand people. Therefore, the demand for cars is improving in Asia Pacific with the improving economic condition. Since many Asian countries have low car penetration, the automotive industry is yet to grasp the full potential of the market in the region.
 

The price-conscious nature of the population and high mileage demand are further compelling auto manufacturers to use plastic parts in vehicles, which will significantly drive the demand for plastic injection molding machines within the region.