Injection molding machine market to reach $12.3 billion by 2025, report says
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Factors such as growing demand from the healthcare industry, rapid industrialization in growing economies, and increasing demand for plastic molds in electric vehicles will drive the market.
The injection molding machine market is projected to reach US$12.3 billion by 2025, at a CAGR of 3.6% from US$10.3 billion in 2020, a new report from research firm Markets and Markets says.
“The market is mainly driven by the rising demand for injection molding machines in end-use industries such as automotive, consumer goods, packaging, healthcare, electrical & electronics, and others.,” the report said. “Factors such as growing demand from the healthcare industry, rapid industrialization in growing economies like China, India and Thailand, and increasing demand for plastic molds in electric vehicles will drive the injection molding machine market.”
The Asia-Pacific (APAC) is said to be the key market for injection molding machines, globally, followed by Europe and North America, in terms of volume and value.
“The injection molding machine has been adversely affected during COVID-19 which has, opened up avenues of opportunities for injection molding machine market,” the report said. “Recently, there has been a rise in demand for injection molding machines from the makeshift hospitals and healthcare institutes all around the world for manufacturing various medical equipment.” The outbreak of coronavirus across the globe has highlighted the healthcare industry, the report said – due to an explosive surge in the number of COVID-19 cases, the demand for medical equipment like syringes, air systems, and other medical instruments increased exponentially. “Countries such as India and China became the hub for manufacturing and meeting the demand for all these equipment across the globe,” it said.
According to the report, there is a growing demand for large tonnage injection molding machines which are used for making large molded parts for automotive, appliances, and industrial applications. “Earlier, due to plant infrastructure expenses, the demand for injection molding machines was not beyond the 400 tons range with 500 presses being the maximum limit,” it said. “Over the years, the demand has changed. There is a great demand for large parts.”
All-electric machines will see the fastest growing segment during the forecast period, the report said.
AUTOMOTIVE WILL BE THE LARGEST END-USE INDUSTRY
The demand for injection molding machines in automotive end-use is the largest in this segment. “Injection molding machines are predominantly used in manufacturing automotive components, interior wrapping, and assembly parts, such as automotive exteriors, car lenses, interior components, under-the-hood components, and filter components,” the report said. “A strong shift in the use of plastics instead of iron and steel in the automotive industry is expected to drive the injection molding machine market during the forecast period.”
Also, stringent government regulations have forced automotive manufacturers to use plastics instead of other materials such as iron and steel. Rapid economic growth, improved infrastructure, and rising middle-class population in emerging economies have led to an increase in vehicle production and sales, which, in turn, increase the demand for injection molding machines. “The rapidly growing automotive industry in APAC is also one of the major factors driving the injection molding machine market,” the report said.
ASIA-PACIFIC WILL BE LARGEST MARKET
The APAC is the largest injection molding machine market, the report said, with China being the major market that is expected to grow significantly. “The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market,” it said.
Europe is the second-largest injection molding machine market in the world, with key countries being Germany, France, the UK, Italy, and Spain. “As the market in Europe is mature, it is projected to grow at a lower CAGR during the next five years,” the report said. “Europe has always been a major injection molding machine market due to the presence of the developed automotive sector in the region. This market is more growth due to the high demand for molds in electric vehicles. Key countries such as Germany and Italy have shown promising demand for injection molding machines which is expected to continue in the near future.”
Source: Markets and Markets