The plastic injection molding machine market size is estimated to be USD 8.9billion in 2020 and is expected to reach USD 10.6billion by 2025, at a CAGR of 2.74% during the forecast period. Factors such as growing demand from healthcare industry, rapid industrialization in growing economies like China, India & Thailand and increasing demand for plastic molds in electric vehicles will drive the plastic injection molding machine market.The major restraint for the market will be high initial and maintenance cost of the machines. However, rising awareness about energy saving, will act as an opportunity for the market.
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The key market players profiled in the report include Haitian International Holdings Limited (China), Chen Hsong Holdings Limited (China), Sumitomo Heavy Industries Ltd. (Japan), Engel Austria GmbH (Austria), Hillenbrand, Inc. (US), and others. They are continuously undertaking developmental strategies such as expansions, new product launches, acquisitions, and contracts & agreements to strengthen their position in the injection molding machine market.
Players in the plastic injection molding machine market are mainly concentrating on new product launches, acquisition, and collaboration to meet the growing demand for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the plastic injection molding machine market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Haitian International Holdings Limited and Chen Hsong Holdings Limited have adopted new product launches to enhance their market position.
Haitian International Holdings Limited.is one of the major players in the plastic injection molding machine market. In order to strengthen their product portfolio, the company is focusing on organic growth for meeting client’s requirements. In May 2019, Absolute Haitian Corporation, the sales and service partner of Haitian International, expanded its North American operations with the opening of a 116,000-sq.-ft. facility in Moncks Corner, South Carolina, US.Haitian launched a new Jupiter 3 series, which has better features than that of the Jupiter 2 series. It has better intelligent control and digitization of processes. The companies also adopted acquisition as a strategy to increase their share and market presence. For instance, in November2019, Hillenbrand, Inc. completed the acquisition of Milacron Holdings Corp. at approximately USD 1.9 billion. Also, Nissei Plastic Industrial Co., Ltd. acquired NEGRI BOSSI S.P.A. (NEGRI BOSSI) Group, a plastic injection molding machine manufacturer in Italy.
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The plastic injection molding machine market is projected to reach USD 10.6 billion by 2025, at a CAGR of 2.74% from USD 8.9 billion in 2020. A plastic injection molding machine is used for manufacturing products made up of plastics. It consists of two main parts – an injection unit and a clamping unit. The injection unit is like an extruder, whereas the clamping unit is concerned with the operation of the mold. Plastic injection molding machines can fasten the molds either at the horizontal or the vertical position. Factors such as growing demand from healthcare industry, rapid industrialization in growing economies like China, India & Thailand and increasing demand for plastic molds in electric vehicles will drive the plastic injection molding machine market.
Based on machine type, the plastic injection molding machine market is segmented as Hydraulic, All-Electric and Hybrid.Hydraulic accounted for the largest share in this segment. Hydraulic injection molding machine is the most popular machine type, primarily because of its long service life and a wide range of applications. The hydraulic injection molding machine consists of a fixed-speed, three-phase motor, and a variable-volume pump. Hydraulic injection molding machines have a long life, far drive distance, and low maintenance cost. This type of machine helps in significant reduction of production cycle time.Molders mainly use high-tonnage hydraulic machines for molding large parts. This machine is mainly used for producing high precision plastic components such as automotive parts, caps & closers, consumer goods, electrical & electronics goods, and medical items.
Based on clamping force, the plastic injection molding machine market is segmented as 0-200 tons force, 201-500 tons force and Above 500 tons force. The 201–500 ton-force segment accounted for the largest market share in terms of value, in 2019 and is projected to register the highest CAGR during the forecast period. This high growth is attributed to the rising demand for medium-sized molded parts from major end-use industries such as automotive, packaging, and consumer goods. The clamping force of 201–500 ton-force is mainly used in medium-sized plastic injection molding machines. Machine types such as hydraulic, all-electric, and hybrid are available in 201–500 ton-force. These machines are mainly used for applications in the automotive, packaging, and consumer goods industries, where relatively medium-sized molded parts are required
Based on end-use industry, the plastic injection molding machine market has been segmented intoautomotive, consumer goods, packaging, healthcare, electrical & electronics and others. The demand for plastic injection molding machines in automotive end-use is the largest in this segment.Plastic injection molding machines are predominantly used in manufacturing automotive components, interior wrapping, and assembly parts, such as automotive exteriors, car lenses, interior components, under-the-hood components, and filter components. A strong shift in the use of plastics instead of iron and steel in the automotive industry is expected to drive the plastic injection molding machine market during the forecast period. Stringent government regulations have forced automotive manufacturers to use plastics instead of other materials such as iron and steel. Rapid economic growth, improved infrastructure, and rising middle-class population in emerging economies have led to an increase in vehicle production and sales, which, in turn, increase the demand for plastic injection molding machines. The rapidly growing automotive industry in APAC is also one of the major factors driving the plastic injection molding machine market.
On the basis of region, APAC is the largest market for plastic injection molding machine market.The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The plastic injection molding machine market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest plastic injection molding machine market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the plastic injection molding machine market. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization. Booming automotive, consumer goods and packaging sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India, Indonesia, and China are expected to witness high growth in the plastic injection molding machine market due to the increasing demand from the automotive industry.
The key market players profiled in the report include Haitian International Holdings Limited (China), Chen Hsong Holdings Limited (China), Sumitomo Heavy Industries Ltd. (Japan), Engel Austria GmbH (Austria), Hillenbrand, Inc. (US), and others. They are continuously undertaking developmental strategies such as expansions, new product launches, acquisitions, and contracts & agreements to strengthen their position in the plastic injection molding machine market.
