According to a new research study by Global Insight Services (GIS), the global plastic injection molding machine market is expected to grow rapidly over the next 10 years to reach a value of more than the US $16.4 billion by 2031.
A plastic injection molding machine produces a variety of complex plastic products in mass volume. They are available in various sizes and specifications, thus making them appropriate for use in several manufacturing industries. They are used to produce plastic injection-molded products for industries such as food, beverages, electronics & electrical, home care products, healthcare products, and others.
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Plastic injection molding machine market: Key Trends and Drivers
The global plastic injection molding machine market is anticipated to observe substantial growth in the upcoming years on account of growing application in electronics, medical, and other industries. In addition, the rise in population along with the growing disposable income of middle-class customers are projected to drive the demand for automotive and personal care products. This, in turn, is anticipated to lead to a consequent increase in injection-molded plastic products and thereby the plastic injection molding machines during the study period. In addition, emerging economies are exploring the varied benefits of electric plastic injection molding machines, which are projected to supplement the plastic injection molding machine market demand.
There has been a growth in the plastic injection molding machine market growth, due to its advantages such as the lessened need for labor, high production rate, as well as reduced wastage. Moreover, the capability of the plastic injection molding machine to work with a variety of plastics further intensifies its usability. Moreover, governments globally are focusing on the development of the manufacturing sector in order to increase the global economy. For example, the ‘Made in China 2025’ initiative by the Chinese government and the ‘Make in India’ initiative by the Indian government have positively propelled the manufacturing sector. The upsurge in manufacturing activities has stimulated the demand for a variety of plastic components as well as packaging solutions, thus providing remunerative opportunities for the plastic injection molding machine market. Moreover, technological progressions are expected to offer lucrative opportunities for plastic injection molding machine industry market players.
Plastic Injection Molding Machine Market: Restraints & Challenges
One of the major factors hindering the global plastic injection molding machine market growth is the stringent regulations for the usage of plastics on account of concerns regarding increased packaging and consequent recyclability issues. Further, the fluctuating raw material prices are also anticipated to hinder the growth of the market. In addition, the other concern & risk associated with the market is the high initial cost of the machine. All-electric plastic injection molding machine has short plastic injection times owing to dynamic servo-motors, production efficiency, greater repeatability, best acceleration performance, and reduced noise. Due to the presence of high technology in all-electric machines, the initial cost of the machine is high. The other disadvantage is the huge maintenance in case of waste. When a motor fails, the complete machine must be changed, which necessitates substantially high maintenance costs.
Plastic Injection Molding Machine Market Report Findings
The all-electric segment is likely to grow at a substantial CAGR during the plastic injection molding machine market forecast period.
Based on machine type, the global plastic injection molding machine market has been bifurcated into all-electric, hydraulic, and hybrid. The hydraulic segment is anticipated to account for the largest plastic injection molding machine market share in 2021, and all-electric is expected to be the fastest-growing segment during the forecast period.
The all-electric plastic injection molding machine uses electric motor powering racks, gears, and ball screws to perform most of the functions of the machine. All-electric plastic injection molding machines can conserve nearly 50–70% energy in comparison to hydraulic machines. In addition, currently, all-electric machines are the most preferred type of machine owing to decreased housekeeping, lower use of chilled water, preventive maintenance, lower repair rate, along with lesser energy and oil consumption. Therefore, the all-electric plastic injection molding machine segment is the fastest-growing segment throughout the study period.
The more than 500 tons segment is anticipated to hold a majority of the plastic injection molding machine market size throughout the study period.
By clamping force, it is divided into less than 200 tons, 200-500 tons, and more than 500 tons. The more than 500 tons segment is expected to hold a significant share of the market due to the rise in the use of plastic injection molding machines in packaging as well as the automotive industry globally. In addition, there has been an increase in demand for efficient and reliable plastic injection molding machines in several regions globally. Further, factors such as sustainability concerns, product modernization, and attractive economics are leading to the growth of more than 500 tons of plastic injection molding machines industry.
In 2021, the automotive industry segment held the dominant place in the plastic injection molding machine market.
By application, it is categorized into automotive, electronics, healthcare, packaging, and others. The automotive segment contributed significant revenue to the plastic injection molding machine market in 2021. These machines provide a feasible solution for manufacturing large and high-quality automobile parts in abundance. This sector where consistency, quality, and safety are of major significance considers injection molding machines a preferred choice. In addition, this machine is widely used in the automotive industry owing to its capability to create identical parts in mass quantity with relatively low operating costs.
The aftermarket sales segment is likely to grow at a significant rate during the plastic injection molding machine market analysis period.
By solution, it is categorized into new sales and aftermarket sales. The aftermarket sales segment is expected to exhibit a significant growth rate during the study period. Aftermarket sales involve accessories, spare parts, and other components used in repair and maintenance services for the injection molding machinery industry. A rise in the use of conditioning monitoring, analysis, and optimization is likely to offer plastic injection molding machine market growth. Further, as this machinery requires huge capital for its procurement, hence, the growth rate of new sales of this machine is low as compared to aftermarket sales.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the plastic injection molding machine market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific accounts for the largest market share in the plastic injection molding machine market and is forecasted to register the fastest CAGR from 2022 to 2031. Factors such as rapid development in the automotive and packaging industries, along with the growing demand for effective and advanced plastic injection molding machines are anticipated to propel the growth of the Asia-Pacific plastic injection molding machine market. Besides, the presence of numerous medium-to-large players in the region is also attributable to rapid revenue growth.
The major players operating in the global plastic injection molding machines industry report include ARBURG, ENGEL, Haitian International, Husky Plastic injection Molding Systems, KraussMaffei Group, Milacron Holdings Corp., Nissei Plastic Industrial Co., Ltd., Sumitomo Heavy Industries, The Japan Steel Works, and UBE Industries, Ltd.