The global injection molding machine market is estimated to cross the USD 18 billion by 2028, at a CAGR of >3.5% during the forecast period from 2021 to 2028. Market growth is projected to be fueled by increased investments in technical advances aimed at lowering manufacturing costs and scraps while also shortening the production cycle time. Automobile components such as bumpers, electrical housings, external body panels, and dashboards are manufactured using injection molding machines.
Injection molding machines are used mainly to manufacture plastic parts; however, they can also be used to produce products or parts made of various other materials apart from plastic including steel and aluminum. The injection molding process can be utilized to manufacture a broad range of parts or products, which can vary greatly in their structure and dimension based on their end-use.
Injection molding machines are used to manufacture various parts utilized in these industries. For instance, the requirement of lightweight components in automobiles is driving the demand for plastic products that can replace traditional materials (including steel and wood). Likewise, containers, bottles and boxes are driving the demand for injection molding in the packaging industry. Miniaturization which is achieved by replacing bulky parts with significantly smaller parts can be achieved via injection molding as they can attain the required dimension complexity. The growth of these sectors is expected to result in a further penetration of the injection molding technology, thereby providing an impetus to the sales of machines and related accessories over the forecast period.
Technological advancement, advanced computing capacity, trained workers, and high research & development investments are projected to drive business growth in Europe and North America. Growing injection molding machine applications and intensified competition have forced manufacturers to concentrate on new technical advances, resulting in strong demand growth over the projected era.
Injection molding machines is one of the leading mass manufacturing process and is increasingly used in aerospace, automotive, medical, agricultural, and dental applications. Additionally, the injection molding process is repeatable and produces consistent results quickly. Injection molding machines can also manufacture high-precision manufacturing parts and small disposable consumer products. Manufacturers concentrate on injection molding machines, which offer manufacturing stability, low maintenance, and high performance. Inclusion of new injection molding processes will further be expected to increase demand for the market in coming years.
Global injection molding machine market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global injection molding machine market have been studied in detail
The major players operating in the global injection molding machine market are ENGEL Austria GmbH, Nissei Plastic Industrial Co., Limited, Milacron, Haitian International Holdings Limited, Arburg GmbH + Co KG, Sumitomo (SHI) Demag Plastics Machinery GmbH, Chen Hsong Holdings Limited, Toyo Machinery & Metal Co., Ltd., Husky Injection Molding Systems Ltd., and Japan Steel Works Limited. Other notable players operating in this industry are KraussMaffei Group, UBE Machinery, Toshiba Machine Co., Ltd., Fanuc, and Wittmann Battenfeld.
Key Segments of the Global Injection Molding Machine Market
Product Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Consumer Goods
- Electrical & Electronics
- Healthcare & Medical Devices
Regional Overview, 2018-2028 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa