The Injection Molding Machine Market is estimated to be USD 17.08 billion in 2018 and is projected to reach USD 19.68 billion by 2023, at a CAGR of 2.9% between 2018 and 2023. The increasing demand for injection-molded parts from the packaging industry and the rising demand for lightweight components from the automotive industry are the major factors driving the injection molding machine market.
Players in the injection molding machine market are mainly concentrating on new product launches, expansions, acquisitions, and contracts & agreements to meet the growing demand for injection molding machines. Expansions help companies cater to the need for injection molding in regions such as Europe and APAC, while new product launches help companies meet the specific demands of customers.
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The growth of the injection molding machine market has been largely influenced by expansions and new product launches that have taken place between 2013 and 2018. Companies such as Haitian International (China), Chen Hsong (China), Milacron (US), The Japan Steel Works (Japan), Sumitomo Heavy Industries (Japan), Arburg (Germany), Nessei Plastic (Japan), Husky (Canada), and Engel (Austria) have adopted the strategies of expansions and new product launches to expand their regional presence and enhance their product offerings.
Haitian International is one of the largest manufacturers of injection molding machines across the globe. The company caters to the domestic demand as well as exports its products worldwide. It has a strong product portfolio and serves major industries across various regions. Haitian International has followed the strategy of expansion to increase its business in different regions. For instance, in May 2015, Zhafir Plastics Machinery, a subsidiary of Haitian International, opened a new plant in Ningbo, China. The plant has a production area of around 120,000 square meters and capacity to manufacture 5,000 electrical injection molding machines per year. This expansion helped the company expand its presence in the Chinese market.
Chen Hsong is one of the leading manufacturers of injection molding machines and serves customers in more than 90 countries worldwide. The company is engaged in expanding its footprint to cater to untapped markets across the globe. For instance, in May 2013, Chen Hsong opened a new subsidiary, Chen Hsong Europe B.V., in the Netherlands to strengthen its position in the European market.