Injection Molding Machine Market size to reach $6 billion by 2027
Published Date: May 4, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights Inc., the Injection Molding Machine Market size to reach USD 6.0 billion by 2027. The increasing demand from the packaging, electronics, and medical sectors has been a major driver in industry.
The packaging sector has been witnessing tremendous growth in recent years. This growth is attributable to the transition toward a fast-pacing lifestyle of people, especially millennials, and the growing e-commerce industry. The COVID-19 health crisis has positively contributed to this trend. Therefore, plastic packaging plays a crucial role in addressing the increasing demand. It is convenient to mass manufacture complex-shaped parts using the injection molding process at a reduced cost. Additionally, molded plastic is also used to provide aesthetic appeal to the packaging.
Proliferating demand from the medical & healthcare sector is expected to drive injection molding machine market share in the coming years. This sector is expected to exhibit high growth during the forecast period. Due to favorable medical characteristics, such as serializability, cost-effectiveness, and lightweight, molded plastic is used for several applications including blood sample cuvettes, needle housings, pregnancy test devices, and medical device components, among others. The positive outlook of the healthcare sector is certain to garner lucrative opportunities for injection molding machine manufacturers.
Browse key industry insights spread across 200 pages with 287 market data tables & 24 figures & charts from the report, “Injection Molding Machine Market Size, By Type (Plastic IMM, Rubber IMM, Metal IMM), By Position (Horizontal, Vertical), By Mechanism (Hydraulic, Mechanical, Electrical, Hybrid), By End-user (Automotive & Transportation, Construction, Consumer Goods, Packaging, Electrical & Electronics), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
Electric IMMs to witness a significant rise in demand
Electric injection molding machine is anticipated to exhibit around 4.5% CAGR during the forecast period. All-electric injection molding machines are witnessing an increasing demand from end-users owing to their high precision and high production efficiency. As opposed to hydraulic machines that use hydraulic force for clamping operation, all-electric IMMs run on digitally operated high-performing servo motors. These motors are capable of providing high precision, energy-efficient, and fast & repeatable operations. Electric IMMs are highly preferred in industries where identical parts are needed to be manufactured in mass quantities.
Other application segment includes medical and sports & leisure among others. Medical sector is estimated to observe substantial growth in the coming years. Medical-grade injection molding machines are increasingly used in the medical industry to manufacture medical devices, laboratory equipment, and components, among others. To address the high medical equipment demand, manufacturers are adopting plastic injection molding machines to attain product specifications and quality while aligning with the regulatory needs of the sector. Major products manufactured using injection molding machines include implantable components, containers, beakers, test tubes, casings & housings for equipment, surgical components, orthopedics, and drug delivery equipment, among others. Moreover, the positive outlook of the medical industry will support the growth of injection molding machine market in the coming years.
Asia Pacific will dominate the injection molding machine market
In 2020, Asia Pacific held over 60% share in the injection molding machine market size Within the region, China has been reflecting exponential growth in the past years and has become a key market for injection molding machines. The changing lifestyle of people, especially millennials, with fast-forwarding routine and robust growth of end-use sectors, such as packaging, medical, and electronics, are some of the major growth factors of the market in this region. This, in turn, is creating lucrative opportunities for industry participants.
Key manufacturers in injection molding machine industry are, ENGEL Group, ARBURG GmbH + Co KG, Haitian Plastics Machinery Group, Sumitomo (SHI) Demag Plastics Machinery GmbH, Husky Injection Molding Systems Ltd., KraussMaffei Technologies GmbH, Milacron LLC, Nissei Plastic Industrial Co., Ltd., The Japan Steel Works, Ltd., Ube Machinery Corporation, Ltd., Polymechplast Machines Ltd., Electronica Plastic Machines Ltd., Multiplas Enginery Co., Ltd., Supermac Machinery, Borch Machinery Co., Ltd., MICRO, and Wittmann Battenfeld GmbH.