Injection Molding Machine Market Trends

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.