Plastic Injection Molding Machine Market worth $11.6 billion by 2028
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17 Jul, 2023, 03:00 ET
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CHICAGO, July 17, 2023 /PRNewswire/ -- The report "Plastic Injection Molding Machine Market by Machine Type (Hydraulic, All-Electric, Hybrid), End-Use Industry (Packaging, Automotive, Consumer Goods), Clamping Force (0-200, 201-500, Above 500) and Region - Global Forecast to 2028", The Plastic injection molding machine market size was USD 9.5 billion in 2022 and is projected to reach USD 11.6 billion by 2028, at a CAGR of 3.4%, between 2023 and 2028. Plastic injection molding machine are used in various end-use industries including automotive, packaging, consumer goods, healthcare, electrical & electronics and others. Plastic injection molding machines are used to produce a wide variety of consumer goods, including toys, packaging materials, electronics, and home appliances. These machines produce items like cases for smartphones, TV components, kitchenware, containers, and packaging solutions.
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201-500 tons force is projected to register the highest CAGR, in terms of value, of the global plastic injection molding machine during the forecast period.
The clamping force of 201–500 ton-force is majorly 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 types of machines are mostly used for applications in end-use industries including automotive, packaging, and consumer goods, where proportionally medium-sized molded parts are required.
All-electric is projected to register the highest CAGR, in terms of value, of the global plastic injection molding machine during the forecast period.
All-electric plastic injection molding machines are relatively more energy-efficient compared to their hydraulic counterparts. As energy costs rise and environmental concerns become more prominent, manufacturers are increasingly opting for all-electric machines to reduce their carbon footprint and operational costs. All-electric machines provide precise control over the injection process, which leads to higher repeatability and accuracy in producing plastic parts.
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Automotive is estimated to be the largest application of the plastic injection molding machine, in terms of value, during the forecast period.
The automotive segment is estimated to be the largest application of the plastic injection molding machine market during the forecast period. Plastic injection molding machine have become a popular choice in automotive industry due to their extensive use in manufacturing a wide range of components including dashboards, bumpers, interior trim, door panels, and different other interior and exterior parts. The automotive industry is also influenced the shift towards electric and hybrid vehicles, increasing demand for advanced driving features, and the growing popularity of shared mobility services. All these factors drive the demand for plastic injection molding machine in automotive application.
Asia Pacific is estimated to be the largest market for the plastic injection molding machine market, in terms of value, during the forecast period.
Asia Pacific is the largest and fastest-growing plastic injection molding machine market. Asia uses plastic packaging extensively, with nations like China and India making significant contributions through their food and beverage industries. In the last few years, the packaging sector has been a significantly driven by innovation and technology in these countries, bringing value to a variety of production sectors, including agriculture and fast-moving consumer (FMCG) segments. With stricter regulations regarding energy efficiency and environmental impact, industries are increasingly adopting all-electric machines to meet compliance requirements. These machines align with sustainability goals and help companies meet standards set by regulatory bodies and certifications. All these factors drive the demand for plastic injection molding machine in Asia Pacific.
The key players profiled in the report include Haitian International Holdings Limited (China), Chen Hsong Holdings Ltd. (China), Engel Austria GmbH (Austria), Sumitomo Heavy Industries Limited (Japan), Hillenbrand, Inc. (US), Japan Steel Works Ltd. (Japan), Arburg GmbH (Germany), Nissei Plastic Industrial Co., Ltd. (Japan), Husky Injection Molding Systems Ltd. (Canada), and KraussMaffei Group GmbH (Germany).
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