Plastic Injection Molding Machine Market Trends

Growth Drivers

• Growing Utilization in Healthcare Sector - New applications of plastic injection molding are emerging in the medical sector. Medical implants, diagnostic devices and drug delivery systems are also produced. Opportunities for the expansion of the plastic injection molding machine market are presented by the growth of the healthcare sector. Inject Molding is a very efficient and cost-effective production process for the manufacture of high volumes of specific components.
• Expansion of Automotive Sector - For a variety of applications, such as inside and exterior parts, engine components, electric systems or more, the automobile industry is very dependent on plastic components. In order to meet the demand of the automobile industry, plastic injection molding machines are applied for producing these components in an efficient and widespread manner. In addition, the automotive sector has a reputation for constant technical progress. New and innovation plastic components are frequently needed to achieve these advances. According to the Society of Indian Automobile Manufacturers, between April 2021 and March 2022, an automobile industry production amounted to 2,59,31,867 vehicles comprising passenger car, commercial vehicle, three wheelers, two wheelers or quadricycles as compared with 2,30,40,066 units during that period.

Challenges

• Environmental Concerns Associated - With regard to its environmental impact, the plastic industry is under increased scrutiny. Sustainability and pollution concerns have arisen as a result of the use of plastics and the disposal of plastic waste. In order to deal with these concerns, plastics injection molding machine manufacturers should adopt the principles of sustainability, use environmentally preferable materials and promote recycling initiatives.
• High Maintenance cost included is poised to hinder the market growth in the projected period
• Technical complexities associated are expected to hinder the market growth in the upcoming period.