Factors such as increasing demand from the healthcare industry, rapid industrialization in developing countries, and increasing demand for plastic molds in electric vehicles will drive the market.
According to a new report from Markets and Markets, the injection molding machine market is expected to grow at a compound annual growth rate (CAGR) of 3.6% from US$10.3 billion in 2020 to US$12.3 billion by 2025, Using technology to improve the efficiency of medical injection molding Image courtesy of Greenbutterfly/Adobe Stock.
“The market is primarily driven by an increase in demand for injection molding machines in end-use industries such as automotive, consumer goods, packaging, healthcare, electrical electronics, and others,” Plastic Injection Mold according to the report.“Factors such as growing demand from the healthcare industry, rapid industrialization in developing economies such as China, India, and Thailand, and increasing demand for plastic molds in electric vehicles will drive the injection molding machine market.”
In terms of both volume and value, the Asia-Pacific (APAC) region is considered to be the world's largest market for injection molding machines, followed by Europe and North America.
“The injection molding machine has been adversely affected during COVID-19, which has opened up avenues of opportunities for the injection molding machine market,” according to the report.“Recently, there has been an increase in demand for injection molding machines from makeshift hospitals and healthcare institutes all over the world for the manufacturing of various medical equipment.”According to the report, Injection Mold the outbreak of coronavirus across the globe has drawn attention to the healthcare industry. As a result of an explosive increase in the number of COVID-19 cases, the demand for medical equipment such as syringes, air systems, and other medical instruments has increased exponentially.“Countries such as India and China became the hub for manufacturing and meeting the demand for all of this equipment throughout the world,” the report stated.
According to the report, there is an increasing demand for large-tonnage injection molding machines, which are used to manufacture large molded parts for automotive, appliance, and industrial applications.“Previously, due to plant infrastructure expenses, the demand for injection molding machines did not exceed the 400-ton range, with 500 presses being the upper limit,” the company stated.“Over the years, the demand has shifted. There is a high demand for large parts.”
According to the report, all-electric machines will be the fastest-growing segment during the forecast period.
It is expected that the automotive industry will be the most significant end-use industry.
The demand for injection molding machines in the automotive end-use market is the highest in this segment.“Injection molding machines are primarily used in the manufacture of automotive components, interior wrapping, and assembly parts, such as automotive exteriors, car lenses, interior components, under-the-hood components, and filter components,” according to the report.“A significant shift in the use of plastics rather than iron and steel in the automotive industry is expected to drive the injection molding machine market during the forecast period.”
Furthermore, strict government regulations have compelled automobile manufacturers to use plastics instead of other materials such as iron and steel. Rapid economic growth, improved infrastructure, and an increase in the middle-class population in emerging markets have all contributed to an increase in vehicle production and sales, which has, plastic injection molding in turn, increased the demand for injection molding machines.“The rapidly expanding automotive industry in APAC is also one of the major factors driving the injection molding machine market,” according to the report.
The ASIA-Pacific region will be the largest market.
According to the report, the APAC region is the world's largest injection molding machine market, with China being the most important market with the potential to grow significantly.“Rising disposable incomes and rising standards of living in emerging economies in the Asia-Pacific region are the primary drivers of this market,” the report stated.
Europe is the second-largest injection molding machine market in the world, with key markets in Germany, France, the United Kingdom, Italy, and Spain.“Because the European market has reached maturity, it is expected to grow at a lower compound annual growth rate (CAGR) over the next five years,” the report stated.“Europe has always been a significant injection molding machine market, owing to the presence of a developed automotive industry in the region. Because of the high demand for molds in electric vehicles, this market is experiencing significant growth. Key countries such as Germany and Italy have demonstrated strong demand for injection molding machines, which is expected to continue in the foreseeable future.”