The global injection molding machine market size is expected to grow from USD 10.21 billion in 2020 to USD 12.57 billion by 2026 at a CAGR of 3.5%.
The market is largely driven by the growing demand for injection molding machines in end-of-life industries such as automotive, consumer goods, packaging, health care, electricity and electronics, and more. Factors such as the growing demand from the healthcare industry, the rapid industrialization of emerging economies such as China, India, and Thailand, and the growing demand for plastic molds in electric vehicles will drive the injection molding machine market. , followed by Europe and North America, in terms of volume and quantity.
The Asia Pacific is the largest market for injection molding machines. The injection molding machine was badly affected during the COVID-19 era, which opened up opportunities for the injection molding market. Recently, there has been an increase in demand for injection molding machines in temporary hospitals and health care centers around the world by producing a wide range of medical equipment. A global coronavirus outbreak has highlighted the healthcare industry. Due to the dramatic increase in the number of Covid-19 cases, the demand for medical equipment such as injections, air systems, and other medical devices has increased dramatically. Countries such as India and China have become a production centers and meet the demand for all these machines worldwide.
There is growing awareness about energy conservation around the world. This leads to an increase in the demand for all equipment for the manufacture of electric injections. All-electric is the fastest-growing type of injection molding machine. The main reasons are its various benefits such as energy conservation, increased accuracy and reuse, low maintenance without the need for cleaning oil, and high speed. All-electric injection molding machines outperform hydraulic equipment in terms of efficiency, reliability, cost savings, cycle time savings, and reuse. Save up to 70% energy compared to conventional compression equipment. They work with digital control systems. As a result, various parts of all the injection molding machines are operated mechanically. Operating costs are very low as they require less energy. There is no chance of fluid leakage or mechanical malfunction in all injection molding machines, which reduces the chances of contamination of property and surface.
The whole electric injection molding machine has excellent production performance, short injection times due to dynamic servo-motors, high frequency, reduced noise, and excellent acceleration performance. Due to the high technology of all-electric machines, investment costs are high. Another disadvantage is the unusual storage in the event of littering. In the event of a motor vehicle failure, the entire system must be modified, which includes the highest repair costs.
According to the report, there is a growing demand for large-scale injection molding machines used to make large molded parts of vehicles, equipment, and industrial applications. Previously, due to the cost of plant infrastructure, the need for injection molding machines was not exceeding 400 tons and 500 machines were the main limit. Over the years, the need has changed. There is a great need for larger parts. Machine manufacturers' ability to construct a large energy-efficient device that provides fast cycle time has increased. According to the Plastics Industry Association, exports of larger machines have increased more than smaller ones. Large injection molding machines offer companies great business opportunities in a variety of markets, including sports, agriculture, and automotive.
The whole electric injection molding machine uses servo motor power supply gears, racks, and ball screws to drive many machine functions. All electronic devices are relatively noisy at all times, and they are extremely accurate when compared with other types of injection molding machines; however, the machine is more expensive. Since servo motors use all-electric injection molding machines, they require power only when operating. All-electric injection molding machines can save up to 50-70% of energy compared to a pressure injection molding machine. The electric injection molding machine is currently the most popular type of machine due to its low cold water consumption, low housing maintenance and protective care, low power and oil consumption, and low level of repair. Therefore, the All-Electric injection molding machine is the fastest-growing component during the weather.
The demand for injection molding machines for end-to-end use of vehicles is the largest in this category. Injection molding machines are widely used in the production of automotive parts, internal folds, and assembly parts, such as the exterior of cars, car lenses, interior items, under-hood items, and filters. Strong changes in the use of plastics instead of steel and metal in the automotive industry are expected to drive the injection molding machine market during the forecast period. Strict government regulations have forced car manufacturers to use plastic instead of other materials such as metal and steel. Rapid economic growth, improved infrastructure, and middle-class population growth in the emerging economy have led to an increase in car production and sales, which in turn have increased the demand for injection molding machines. The fast-growing automotive industry in the Asia Pacific is also one of the major driving forces in the injection molding machine market.
Needle to shape the manufacturing process of making plastic parts and products from thermoplastics and thermosetting materials. The most commonly used plastics for the injection molding process are nylon, polypropylene, polystyrene, polyethylene, and non-abrasive polyesters. Plastic products are made using high-quality materials that ensure their high quality. The process of forming an injection of plastic products involves heating the polymer until it is liquid and then applying pressure to force it into the mold. The process is very fast and complicated. Despite the expensive tooling costs, injection molding is the most popular manufacturing process for the mass production of plastic materials. Injection molding machines are used to produce a variety of plastic products such as electrical appliances, mobile phones, electric switches, car bumpers, dashboards, syringes, disposable blades, and bottles/bottle caps.
The Asia Pacific has major emerging countries such as China and India. Therefore, the scope of multi-industry development is high in this region. The injection molding machine market is growing rapidly and offers opportunities for various manufacturers. The APAC region makes up about 61.0% of the world's population, and the manufacturing and processing sectors are growing rapidly in the region. The Asia Pacific is the largest injection molding machine market with China which is the largest market expected to grow the most. Rising disposable income and growing living standards in the emerging economy in the Asia Pacific are the main factors in this market.
The increasing population in the region associated with the development of new technologies and products is expected to make the region an ideal place for the growth of the injection molding machine market. However, the introduction of new plants, the use of new technologies, and the creation of value-added purchases between raw materials suppliers and manufacturing industries in the emerging Asia Pacific regions are expected to be a challenge for industry players as there are sub-cities and industries. The rise of automotive, consumer goods, and packaging sectors and advances in process processing are some of the key factors in the market for the Asia Pacific. Countries such as India, Indonesia, and China are expected to see significant growth in the injection molding machine market due to increased demand from the automotive industry.
Europe is the world's second-largest injection molding machine. Important countries in the region include Germany, France, the UK, Italy, and Spain. As the European market matures, it is expected to grow in the lower CAGR in the next five years. Europe has always been a major market for injection molding machines due to the presence of an advanced automotive industry in the region. This market is growing exponentially due to the high demand for mold in electric vehicles. Important countries such as Germany and Italy have indicated a promising demand for injection molding machines which is expected to continue soon.
The major market players profiled in the report are Haitian International Holdings Limited (China), Sumitomo Heavy Industries Ltd. (Japan), Chen Hsong Holdings Limited (China), Engel Austria GmbH (Austria), and Hillenbrand, Inc. (US).