The global injection molding machine market size is expected to reach USD 20.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2021 to 2028. The growing demand for lightweight and complex components in the automotive and electronics industry is projected to increase industry growth over the years.
Key Insights & Findings from the report:
The plastic injection molding machine segment is anticipated to witness a CAGR of 4.6% from 2021 to 2028 on account of a strong shift from metal parts towards plastic components in the automotive industry.
The hydraulic injection molding machine segment accounted for 45.2% of the overall market in 2020 owing to the increasing demand for heavy and complex parts in industries such as automotive, marine, defense, and aerospace.
The automotive end-use industry is estimated to witness a CAGR of 4.4% over the forecast period on account of wide use in producing automotive parts such as interior and exterior trim components, electronic subassemblies, and other under-hood applications.
Germany accounted for 35.1% of the European market revenue, owing to the presence of advanced infrastructure & technology, R&D initiatives and facilities, and a highly-skilled workforce.
The pandemic caused unprecedented supply chain disruptions, which has prompted manufacturers to opt for localized manufacturing, providing a boost to the injection molding market.
Read 138-page market research report, “Injection Molding Machine Market Size, Share & Trends Analysis Report by Material (Metal, Plastic), By Technology (Hydraulic, Electric), By End Use (Automotive, Consumer Goods, Packaging), By Region, And Segment Forecasts, 2021 – 2028”, published by Grand View Research.
Injection Molding Machine Market Growth & Trends
The COVID-19 pandemic has caused unprecedented supply chain disruptions resulting in heavy losses for the market. However, the demand for PPE and medical equipment has created an upsurge for injection molding machines and has accelerated the use of automation with a focus on shortening production cycle time and increasing productivity.
The demand for electric injection molding machines is rising due to factors such as higher suitability to cleanrooms and reduced downtime. With companies focusing on environment-friendly manufacturing, the demand for electric injection molding machines that increase energy savings is anticipated to grow during the forecast period.
The major players in the market have invested extensively in research and development operations in recent years, which has led to the introduction of several innovative technologies, including Gas Assisted Injection Molding (GIT), foam injection molding, and multi-component injection molding that can be used across the market.