The Global Plastic Injection Molding Market Size was valued at USD 260.30 Billion in 2020 and is predicted to be worth USD 377.41 Billion by 2028, with a CAGR of 4.8% from 2021 to 2028.
An injection molding machine, also known as an injection press, is a machine that creates plastic objects through the injection molding process. Increasing demand for components in the automotive, healthcare, and building and construction sectors, as well as increased awareness among manufacturers associated with these processes, are driving the injection molding machine market.
|Market||Plastic Injection Molding Market|
|Market Size 2020||USD 260.30 Billion|
|Market Forecast 2028||USD 377.41 Billion|
|CAGR During 202 - 2028||4.8%|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Machine Type, By End-User, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
Husky Injection Molding Systems Ltd, Haitian International Holdings Limited, Chen Hsong Holdings Limited, Sumitomo Heavy Industries Ltd, The Japan Steel Works Ltd, and Engel Austria GmbH.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
10 hrs of free customization and expert consultation
Plastic Injection Molding Market Dynamics
Increasing demand from the automotive sector for components in order to increase the efficiency of vehicles and growing awareness among manufacturers related to plastic injection molding is expected to surge the injection molding machine demand. The automotive sector is witnessing rapid advancements across the globe. The rise in passenger vehicle sales in developing countries and manufacturers' approach towards reducing the overall weight of the vehicles and improve fuel efficiency is resulting in demand for plastic components. Plastic components due to their ability to hand pressure is highly adopted by auto players, thus increasing the demand for plastic injection molding machines. The flourishing healthcare sector across the globe and increasing demand for smart medical devices are expected to support the growth of the plastic injection molding market.
Manufacturers are focused on decreasing the production cost and raise the volume. Plastic injection molding is a cost-effective process for producing medical plastic mold and components with high precision. The government of developing countries is engaged in providing favorable business solutions to enterprises. In addition, the availability of raw materials and low-cost labor is attracting players to shift the production facility of emerging economies. This is expected to positively impact the plastic injection molding market growth. Players are investing high in product development activities; their inclination towards acquiring a major customer base is resulting in new product offerings. Business acquisition activities to increase the company presence are anticipated factors to add revenue to the plastic injection molding market.
Factors attributed to negatively impact the global plastic injection molding market growth are stringent government regulations related to plastic and high volatility of price in raw materials. In addition, the economic slowdown is expected to impact the production of parts further challenging the growth of market development. However, supportive business policies by the government and high demand from the healthcare industry are factors expected to create new opportunities for players operating in the plastic injection molding market over the forecast period. In addition, inclination towards electric vehicles in the automotive sector is expected to support the revenue transaction of the target market.
Plastic Injection Molding Market Segmentation
The global plastic injection molding market is segmented into machine type and end-user industry.
Market by Machine Type
The machine type is divided into hydraulic injection molding machines, all-electric injection molding machines, and hybrid injection molding machines. Among the machine types, the all-electric injection molding machines accounted for a revenue share of 48% in 2020 in the global plastic injection molding market.
Market by End-User Industry
The end-use segment is bifurcated into packaging, consumables and electronics, automotive, building & construction, healthcare, and others. The automotive sector is expected to dominate the growth in the target segment due to the high production of vehicles across the globe. The consumer goods sector is expected to witness faster growth in the plastic injection molding market over the forecast period.
Plastic Injection Molding Market Regional Outlook
The Middle East & Africa (MEA)
Geographically, the North America region is expected to grow significantly in the global plastic injection molding market due to rapid improvements in manufacturing machinery. Rapidly developing healthcare sector and players focus on increasing the production volume of medical devices is expected to increase demand for efficient molding machines. The presence of large number of players operating in the country and the introduction of new products is expected to support the plastic injection molding market growth in this region.
Plastic Injection Molding Market Players
Some of the prominent global plastic injections molding market companies are Husky Injection Molding Systems Ltd, Haitian International Holdings Limited, Chen Hsong Holdings Limited, Sumitomo Heavy Industries Ltd, The Japan Steel Works Ltd, and Engel Austria GmbH.
In 2020, Sumitomo Heavy Industries Ltd launched “SEEV-A-SHR” series. The products are super high-speed electric injection molding machines with high clamping force. The product launch will aid the company in attracting new customers.
In 2020, Engel Austria GmbH with the focus to enhance the product offerings launched “E-Speed” a hybrid injection molding machine. The machine has a force of 2800 kN and helps manufacturers with a better quality product.
In 2019, Hillenbrand, Inc., a US-based Company acquired Milacron Holdings Corp worth US$ 1.9 billion to enhance the customer base and increase revenue.
The global plastic injection molding market size in 2020 was accounted to be USD 260.30 Billion.
The projected CAGR of plastic injection molding during the analysis period of 2021 to 2028 is 4.8%.
The prominent players of the global plastic injection molding market involve Husky Injection Molding Systems Ltd, Haitian International Holdings Limited, Chen Hsong Holdings Limited, Sumitomo Heavy Industries Ltd, The Japan Steel Works Ltd, and Engel Austria GmbH.
Asia-Pacific held the dominating share for plastic injection molding during the analysis period of 2021 to 2028.
North America region exhibited fastest growing CAGR for plastic injection molding during the analysis period of 2021 to 2028.
Growing applications in a variety of industries, including automotive, healthcare, and building & construction, are the prominent factors that fuel the growth of global plastic injection molding market.
Based on machine type, all-electric injection molding machines segment held the maximum share for plastic injection molding market in 2020.