May 29, 2024 08:30 ET | Source: AstuteAnalytica India Pvt. Ltd. AstuteAnalytica India Pvt. Ltd.
New Delhi, May 29, 2024 (GLOBE NEWSWIRE) -- The global plastic injection molding machines market is projected to hit the market valuation of US$ 12.28 billion by 2032 from US$ 7.63 billion in 2023 at a CAGR of 5.63% during the forecast period 2024–2032. Automatic Injection Molding Machine
The adoption of injection molded components is increasing across various industries, including automotive, electronics, consumer products, and packaging, due to their material compatibility, high precision, and repeatability. Technological advancements are driving the efficiency and effectiveness of plastic injection molding machines, with continuous innovations in materials, manufacturing processes, and digital technologies. The demand for lightweight and intricately designed plastic components in industries such as automotive and electronics is also fueling market growth. As per Astute Analytica, electric plastic injection molding machines are gaining popularity due to their energy efficiency, using 50% to 75% less energy than hydraulic machines. The market is shifting towards all-electric machines, which save up to 70% of energy compared to hydraulic machines and provide better acceleration performance and repeatability. However, the global plastic injection molding machines market is dominated by hydraulic machines as of 2032.
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The Asia Pacific region dominates the market, holding 43% of the revenue in 2023, driven by investments in public infrastructure and residential construction. China and India are key contributors, with China accounting for 26.7% of the world's plastic injection molding production in 2023. The automotive segment is a significant driver for the market, with vehicle sales reaching 15,608,386 units in 2023 in the U.S. alone. The healthcare industry's demand for plastic injection molding continues to grow, with applications in drug-delivery systems and blood-glucose test strips. The packaging industry, especially for food & beverage and cosmetic applications, is a major end-use industry, driven by the demand for sustainable, durable, and innovative packaging.
High initial investments required for the development and installation of plastic injection molding machines can be a significant barrier to plastic injection molding machines market growth. The reliability of some machines can be a challenge, particularly in regions with inconsistent weather patterns. Uncertainty surrounding government policies and regulations can create market instability and slow down growth. The study also suggests that the market is fragmented, with the top players accounting for a marginal share, indicating a competitive environment with room for new entrants and innovation. The demand for machines that offer flexibility and quick changeover capabilities is driven by the growing trend of customization and the need to handle varying production requirements. The trend of reshoring and nearshoring manufacturing operations closer to consumer markets is stimulating demand for injection molding machines in regions experiencing an increase in these activities.
Key Findings in Global Plastic Injection Molding Machines Market
Unstoppable Rise of Hydraulic Plastic Injection Molding Machines Despite High Popularity of Electric Machine, Contribute over 55% Revenue
Hydraulic plastic injection molding machines (IMMs) dominate the market due to several compelling factors supported by automotive industry's reliance on plastic components. In 2023, the world witnessed a sale over 92 million vehicles. As a result, the automotive sector, being one of the largest consumers of plastic injection molded parts, significantly contributes to the demand for hydraulic plastic injection molding machines market. The price-conscious nature of the population and the high mileage demand compel auto manufacturers to use plastic parts, driving this demand.
The packaging industry also significantly supports hydraulic IMMs. In the United States, flexible packaging holds around 20% of the market share, necessitating efficient injection molding machines. Technological advancements have enhanced the capabilities of hydraulic IMMs. Hybrid machines, which combine the high clamping force of hydraulic machines with the precision and energy efficiency of electric machines, have propelled the market. Apart from this, cost efficiency and durability make hydraulic IMMs a preferred choice. These machines are priced lower than electric equipment, providing a cost-effective option for manufacturers. Their durability and efficiency make them suitable for large volume and complex component production.
In terms of plastic injection molding machines market leadership, the United States stands out as one of the leaders, with approximately 20,000 plastics processors employing around 1.5 million workers. This dominance is further evidenced by the hybrid injection molding machine's status as the second fastest-growing machine in the market, highlighting the integration of hydraulic systems with advanced technologies. These factors collectively underscore the dominance of hydraulic IMMs in the plastic injection molding market.
Horizontal Injection Molding Machines Shaping the Future of Plastic Manufacturing, Contribute Over 75% Revenue
The growth of horizontal plastic injection molding machines is primarily driven by the increasing demand from key end-use industries such as automotive and packaging. Injection molding has been a well-established manufacturing process for producing plastic, metal, and rubber products across various sectors for many years. This growth is a testament to the dominance of horizontal machines in the plastic injection molding market. As per Astute Analytica, technological advancements have played a crucial role in the growth of horizontal plastic injection molding machines market. Modern machines offer superior precision, speed, and process control compared to older models. Essential elements of molding that were once driven by time and pressure have now evolved to focus on position, peak pressure, and process repeatability. Today, injection molding is considered a highly automated and mature technology, enabling manufacturers to produce ultra-high-quality plastic parts with the highest level of precision and speed.
The shift towards more energy-efficient machines, particularly electric machines, is another significant growth driver in the plastic injection molding machines market. Using electric injection molding machines makes the process relatively energy-efficient. The most eco-friendly injection molding companies employ state-of-the-art machinery to assist them in minimizing waste, transportation, and packaging, further emphasizing the importance of energy efficiency in the industry.
One of the key advantages of horizontal plastic injection molding machines is their ability to efficiently produce high volumes of parts, making the process highly cost-effective for mass production. Injection molding machines can meet high-volume production requirements once the process is set up, and the high production output rate makes injection molding more cost-effective and efficient compared to other manufacturing methods. Presses can run in size from less than 5 tons to over 4000 tons of clamping pressure, with larger machines capable of producing bigger parts. Larger parts require higher clamping force to keep the mold closed during injection, highlighting the importance of horizontal machines in the production of sizable plastic components.
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Precision and Performance Demand of Automotive Industry Leaves Positive Impact on the Plastic Injection Molding Machines Market, Contribute Over 28% Revenue
The automotive industry continues to dominate the market, driving significant growth and technological advancements. In 2023, the global injection molded plastic market size was estimated at US$ 7.63 billion with expectations to grow at a CAGR of 5.63% from 2024 to 2032. This expansion is largely fueled by the automotive sector's demand for lightweight, high-precision plastic components. In 2023, more than 92 million vehicles were sold around the world, which shows the significant of the automotive industry to the market growth due to the material compatibility, high precision, repeatability, and superior surface finish required for automotive components.
The study shows that China is leading consumers when it comes to automotive industry as the country sold over 30.09 million automotives. Out of which, more than 8.1 million were electric vehicles. Apart from this, US automotive is the one of the leading importers of Chinese machines, importing around 15,000-20,000 units annually, with substantial demand from automotive manufacturers in the plastic injection molding machines market. Wherein, electric and hybrid machines are gaining traction in automotive industry, with Arburg introducing the 110-ton Allrounder 470 H hybrid injection molding machine in 2023. The polypropylene segment, holding over 20% of the market in 2023, sees increased consumption in automotive components. Haitian International's new manufacturing facility in Mexico exemplifies efforts to enhance production and expedite deliveries.
The automotive industry's shift towards lightweight, high-precision plastic components, coupled with increased production capacities and sustainability efforts, underscores its dominance in the market. This sector's influence is expected to drive continued growth and innovation in the coming years.
Asia-Pacific's Industrial Growth Fuels Dominance in Plastic Injection Molding Machines Market, Contribute Over 43% Revenue
The Asia-Pacific region's dominance in the market is intricately linked to its robust growth across various industries, including automotive, electronics, healthcare, packaging, aerospace, food and beverage, construction, and consumer goods. This multifaceted industrial expansion fuels the demand for plastic injection molding machines, making Asia-Pacific a key player in this market. In the automotive industry, Asia-Pacific is expected to grow at a CAGR of 6.5% from 2023 to 2032, with China's automotive sales projected to reach 30% of all automotive sold in the world by 2032. India's automotive industry is set to grow by 10% in the years to come, and EV sales in the region are expected to account for 20% of total automotive sales. This surge in automotive production necessitates extensive use of plastic components, driving the demand for injection molding machines.
The electronics and telecommunication sector in Asia-Pacific is also a major contributor to the regional plastic injection molding machines market. The consumer electronics market is expected to reach $450 billion by 2024, with 5G adoption projected to cover 60% of the population. Increased production of smartphones, laptops, and wearable devices, coupled with a 15% growth in China's semiconductor market, underscores the need for plastic components, further boosting the injection molding machines market. Apart from this, healthcare advancements in the region, with a projected market size of $2.5 trillion in 2023, and a telehealth market expected to grow to $50 billion, highlight the increasing demand for medical devices and biotechnology products. These products often require precision plastic components, thereby driving the market for injection molding machines.
The aerospace, food and beverage, construction, and consumer goods industries also contribute to this dominance. The aerospace market is projected to reach $150 billion in 2023, while the food and beverage market is expected to hit $3 trillion. The construction market is projected to reach $5 trillion, and the consumer goods market is anticipated to reach $4 trillion. These sectors' reliance on plastic components for various applications further cements Asia-Pacific’s leading position in the plastic injection molding machines market.
Global Plastic Injection Molding Machines Market Key Players
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