November 23, 2022 04:31 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The global injection molding machine market size is expected to grow from USD 15.39 billion in 2019 and is projected to reach USD 20.49 billion in 2027, at a CAGR of 4.1% during the forecast period from 2020-2027. This information is provided by Fortune Business Insights, in its report, titled, “Injection Molding Machine Market, 2020-2027.” Plastic Injection Parts
According to our analysts, the increasing demand for molding solutions in the automotive industry will propel the market in the upcoming years. Widening applications of molded plastics across industries to boost the market.
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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.
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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.
June 2021: Boddingtons which operates as a prominent medical device manufacturer has decided for the installment of twin shot moulding cell at its manufacturing facility to augment its production capacity. The company has initiated the installation of eight + eight mould tool capable of rotating at 180 degrees in the innovative twin shot machine. The newly installed machine will focus towards the manufacturing of syringe devices.
March 2021: A Switzerland based Otto Hofstetter is diversifying its product portfolio of specialty injection moulds. The company has incorporated diverse range of products to solidify its efforts of venturing into medtech and pharmaceutical industries. The company is enagaged in manufacturing of pharma and medtech moulds and will provide on-site support and services.
February 2021: Nolato Company has completed installation of a 75 tonne moulding machine at the manufacturing facility of its subsidiary organization named Avenue. The moulding machine will be utilized for manufacturing of mould precision parts which are yet in their development phase. The installation has highlighted the increasing application of injection molding machine in medical and healthcare industry.
February 2020: Ube Machinery Corporation, Ltd. which operates as a subsidiary organization of Ube Industries, Ltd. has decided to realign its injection moulding machine product offerings and operations of business segment through merger of U-MHI Platech Co., Ltd., and U&M Plastic Solutions Co., Ltd., two other subsidiary organizations in the group.
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 Mentioned in the Report:
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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.
Geographically, the global market is finally classified into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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.
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.
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Global Injection Molding Machine Market Size Segmentation:
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