Injection Molding Machine Market Size, Share, Trend, Forecast, & Industry Analysis
Market Insights
The injection molding machine market is likely to grow from USD 10.6 billion in 2021 to reach USD 13.58 billion by 2028 at a healthy CAGR of 3.54% during the forecast period.
What is an injection molding machine?
An injection molding machine is used to manufacture plastic, metal, rubber, and ceramic products. It consists of two major parts: an injection unit and a clamping unit. The injection molding machine melts the material to be injected into the shaping mold, where the molten material cools off and solidifies, taking the shape of the desired component.
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Drivers
The key factor contributing to the demand for injection molding machines are:
- The increasing demand for plastics in the packaging, building & construction, and automotive industries.
- The demand for goods such as processed food and beverages, medications, cars, and electronic devices has grown significantly because of the growing world population. This has fueled the use of plastic, owing to its versatility and capability to be tailored according to specific requirements.
Segment Analysis
By Product Type
The market is segmented as plastic, rubber, metal, ceramic, and others. The plastic segment held the largest market share of >70% in 2021 and is expected to remain dominant during the forecast period, driven by its properties such as chemical resistivity and flexibility. The surge in demand from automotive, consumer goods, and packaging end-use industries drives the claim for plastic injection molding machines. Metal segment is estimated to register a CAGR of nearly >4. % during the forecast period
By Machine Type
The market is segmented as hydraulic, all-electric, and hybrid. The hydraulic segment captured the largest market share of > 45% in 2021 and is estimated to maintain its legacy during the forecast period on account of its long service period, enhanced performance, and reduced maintenance costs.
By End-Use Industry Type
The market is segmented as automotive, consumer goods, packaging, healthcare, electrical & electronics, and others. Automotive and consumer goods are the major segments with a market share of >35% in 2021. An increase in the use of injection molding machines in manufacturing automotive components and consumer goods products drives the market.
By Clamping Force Type
The market is segmented into 0-200-ton force, 201-500-ton force, and above 500-ton force. The above 500-ton force segment held the largest market share in 2021 and is expected to remain dominant during the forecast period owing to the use of more than 500-ton force injection molding machines to manufacture large injection molded parts.
Regional Analysis
Asia-Pacific is estimated to be the fastest-growing market with a share of >30% in 2021, owing to the urban and rural population, rapid pace of urbanization, and foreign investments driving the demand for automotive, consumer goods, and electronics industries. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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