Copyright © 2024 Research Nester. All Rights Reserved
Injection Molding Machine Market size was valued at USD 15.83 billion in 2023 and is likely to cross USD 29.12 billion by 2036, expanding at more than 4.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of injection molding machine is estimated at USD 16.44 billion.
Increasing demand of plastic products and wide-scale applications of injection molding machine in manufacturing automotive components coupled with its increased efficiency in production output are some of the significant factors boosting the market growth.
Growth Drivers
Globally Increasing Automobile Sector to Boost the Market Growth
Various automobile parts which comprises bumper, dashboards, lighting systems and seat covers are made from injection molding machines. According to statistical data released by International Organization of Motor Vehicle Manufacturers (OICA), the total production of cars globally was 67.14 million in 2019. China being the global producer for the automotive products coupled with the growing demand for automobiles in India, Indonesia, and Japan is propelling the growth of the market.
Increasing Demand of Plastic Products to Drive the Market Growth
Since the requirement for plastics and related products are continuously increasing, there is a rise in demand for machines to facilitate the molding process more quickly and easily to increase the production output. As per the data given by PlasticsEurope-Association of Plastics Manufacturers, the world plastic production was 335 million tonnes in 2016 and it reached 348 million tonnes in 2017. Innovated injection molding machines are being developed which can meet the increased demand from manufacturers of plastic products. On the back of these, the market is predicted to grow over the forecast period.
Challenges
Higher Machine Tooling Cost and Design Restrictions to Hamper the Market Growth
There is a high up-front cost involved in machine testing and tooling. Further, plastic parts must follow the basic design considerations of injection molding. This is estimated to hinder the growth of market in the future.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
4.8% |
|
Base Year Market Size (2023) |
USD 15.83 billion |
|
Forecast Year Market Size (2036) |
USD 29.12 billion |
|
Regional Scope |
|
The injection molding machine market is segmented by machine into hydraulic, electric and hybrid. Among these segments, the segment for hydraulic is anticipated to hold the leading share in the market on account of its key features such as enhanced performance, longer lifetime and service period and, provision of peak power according to requirements. The hybrid segment, on the other hand, is anticipated to grow at the highest rate in themarket as a result of integration of hydraulic and electric operating systems along with the provision of better precision, speed and power.
Our in-depth analysis of the global market includes the following segments:
|
By Product Type |
|
|
By Machine |
|
|
By Clamping Force |
|
|
End-User |
|
On the basis of regional analysis, the injection molding machine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for injection molding machine in Asia Pacific industry is expected to account for largest revenue share by 2036, driven by presence of leading players in the region. which manufacture and market injection molding machines. Moreover, the growing end-user applications in automobile and packaging industries are met in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of developing automotive industry and growing plastic production in the region. The competitive manufacturing costs in the region, especially in emerging countries such as China, India and Japan further raise the demand for molding machines.
Author Credits: Shweta Patidar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?