Global Injection Molding Machine Market
The GMI Research anticipates that the injection molding machine market size will expand at a rate of 3.6% over the forecast period. This is primarily because of the augmenting application of injection molding machine due to their low cost, accessibility, and flexibility.
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Injection Molding Machine Market Dynamics
The augmenting demand for consumer electronics and the surging espousal of modernised technology devices are the forces stimulating the growth of the global injection molding machine market. The increasing acquisition of injection molding machines across several end use industries, such as, automotive and packaging will fuel the market growth. For example, in the United States, the automotive plastic component with proficient automotive plastics and polymer compound products totalled at USD 20.8 Billion. These passenger car plastic products are manufactured from more than 1,540 plants situated in 45 states across the United States to be introduced in the market.
The increasing drift towards industrialisation 4.0 for the production of plastic across various industries such as packaging, automotive, and consumer electronics will fuel the market growth. For example, Sumitomo (SHI) Demag, in 2019, introduced a turnkey LSR package for the IntElect molding instrumental series with a specialised screw, non-return valve, and vacuum system. It resulted in huge opportunities for the market.
However, the Injection Molding Machine market global forecast, the inflated cost incurred on machinery and instruments to produce small plastic and metal instrument as well as excessive initiation and maintenance costs will restrain the market size. For instance, the cost of injection molding machines for huge and complicated parts differs from USD 40000-80,000. Also, the evolution of a substitute method for production such as thermoforming and 3D printing is anticipated to curb the market growth. Moreover, the widespread outburst of COVID 19 pandemic has negatively impacted the injection molding machine market growth owing to the rigorous norms and lockdown measures enforced across several countries to carry out the production process.
Machinery Type Segment Analysis
Based on the machine type, the Hydraulic segment is projected to witness a huge growth over the coming years. This is owing to the aggravating demand for the production of the mechanical components and the acceleration in the number of production facilities. For instance, in accordance with the India Brand Equity Foundation Organization, the automotive instruments touched USD 51.20 Billion in 2018 while exports totalled to USD 13.5 Billion. Thus, hydraulic machines implemented to produce automotive components because of their remarkable features, such as facile and convenient maintenance systems because of the little moving parts.
End User Segment Drivers
Based on the end-user, the automotive segment is anticipated to dominate the market with the highest share in the global injection molding machine market over the coming years. This is due to the increasing production of automotive instruments and accelerating sales and production of automotive. For example, the production of light commercial vehicle touched 94.5 Million and the production declined in 2020 due to the outburst of the Covid-19 pandemic as stated by the report publicised by Car Group Organization in 2019. Thus, it generated a huge demand for the injection molding machine market in the mechanised industry.
Injection Molding Machine Market Segmentation:
Segmentation by Machine Type
- Hydraulic
- Hybrid
Segmentation by Material
- Plastic
- Metal
- Rubber
Segmentation by Technology
- Electric
- Hydraulic
- Mechanical
Segmentation by End-User
- Automotive
- Aerospace & Defence
- Packaging
- Consumer Electronics
- Others
Segmentation by Region:
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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