Injection Molding Machine Market Size

Injection Molding Machine Market Size

Injection Molding Machine Market size was valued at USD 4.4 billion in 2020 and is estimated to exhibit a CAGR of over 4.8% from 2021 to 2027. Packaging and medical technology sectors to proliferate the demand will fuel the business growth during the forecast period.

An injection molding machine is used to produce parts by injecting molten materials into a mold. Injection molding is a suitable method to mass manufacture complex shapes and plays an important role in the plastic processing industry.

Materials that are mainly used include metals (which is also referred to as die-casting), glasses, elastomers & confections and the most commonly used are thermoplastic and thermosetting polymers. An injection molding machine is capable of fabricating the sizes of different products from the smallest part to the entire body of the car. Additionally, injection molding is the most common modern method of manufacturing plastic parts.

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Proliferating machine demand from the packaging, medical, and electronics sectors along with the rising need for replacements in the automotive industry will drive the injection molding machine market share in the coming years. The packaging industry has been witnessing tremendous growth in recent years, especially in Asia Pacific. The sector has been ordering an increasing number of machines, especially for low and medium-injection speed applications.

Changing regional demographics, such as shrinking houses, in conjunction with the adoption of a fast-paced life by millennials are significantly influencing the packaging trend in the region and stimulating the demand for lighter, portable, small & on-the-go consumption pack types. Moreover, in 2020, the market witnessed a more than 50% increase in demand for injection molding machines from the medical sector. This can be attributed to the sudden rise in the requirement for medical equipment due to the ongoing coronavirus pandemic.

Furthermore, manufacturers are focused on the development and production of all-electric injection molding machines. Key industry players are taking several efficiency measures to improve their production capabilities for this forward-looking technology. Companies are benefitting from the shifting preference to all-electric machinery. For instance, Sumitomo (SHI) Demag Plastics Machinery GmbH, a major market player, has been witnessing substantial demand from this machinery segment.

In 2020, Europe accounted for 50% of the company’s revenue in small & medium-sized machines. Moreover, manufacturers are introducing new generations of injection molding machines to coup up more market share from different industry verticals. For instance, Sumitomo (SHI) Demag expanded its portfolio by including modern multi-component machinery designed to suit specific applications of each industry.

However, emerging technologies, such as 3D printing, may pose a threat to market development in the coming years. Besides, the COVID-19 outbreak has been a major barrier to market growth. The disrupted industry value chain, raw material shortage, and plummeted demand have negatively influenced the nosiness profitability and restricted market expansion. The demand for injection molding machines observed a severe downfall from the automotive and construction industries.

On the other hand, the COVID-19 health crisis has catalyzed the product demand from the medical sector. Nevertheless, the world has now entered a phase of recovery and is likely to create a positive outlook for the injection molding machine market growth.