Injection Molding Machine Market Size, Share and Industry Analysis, By Product Type (Plastic, Metal, Rubber, Ceramic, Others), By Machine Type (Electric, Hydraulic, and Hybrid), By Clamping Force (0 - 200 Ton Force, 201 - 500 Ton Force, and Above 500 Ton Force), By End-use Industry (Packaging, Automotive, Electronics and Telecommunication, Healthcare, Infrastructure, Others) and Regional Forecast, 2020-2027

The global injection molding machine market size was valued USD 15.39 billion in 2019 and is projected to reach USD 20.49 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period. The market is surging with increasing demand from the automotive and packaging industries, technological advancements, and a focus on energy efficiency. Also, growing manufacturing activities contribute to market growth.

Industries have been using injection molding machines for the past several years for manufacturing products that are made of plastic, metal, rubber, and other materials. These machines are primarily used in manufacturing small and daily-use products. They are manufactured in various sizes with innovative customizations. Moreover, such machines can be operated by multiple power sources, such as electrically and hydraulically. The Asia-Pacific injection molding machine market size was USD 6.01 billion in 2019.

There are several types of injection machines available in the market, such as horizontal injection machines, vertical injection machines, two-color injection machines, rotary, and many others. Manufacturers are adopting such machines to provide reliable and better products to their customers. Therefore, the growth of this market is expected to get boosted in the next few years owing to the increase in manufacturing units across the globe.

Factors such as the increasing globalization and the demand for reliable and low-cost products are expected to boost this machine market revenue in the forecasted period. Furthermore, the adoption of advanced automated machines with low-cost offerings is the major trend in this market.

Economic Slowdown and Reduced Workforce amid the COVID-19 Pandemic to Hinder Market Growth

 The coronavirus pandemic has wreaked havoc in many industries around the world. Immediate shutdowns of manufacturing plants have brought the economies of both developed and developing countries to a standstill. Moreover, the reduction in the labor workforce in the manufacturing sector has led to a decrease in the production rates, which is impacting the market growth.

Furthermore, the demand for injection molding machines has increased in the packaging and healthcare industries owing to the adoption of packaged end-use products and usage of plastic equipment (medical devices) in hospitals. However, the demand for these machines has dropped in many other industries. For example, in the United States, according to the National Association of Manufacturers (NAM), 75% - 80% of industrial manufacturers anticipate that the pandemic of 2020 will have a great financial impact on their business. These losses will be further aggravated by the general slowdown of the national economy throughout 2020. Moreover, due to the imminent economic losses, several manufacturing companies have started giving layoffs to their employees.

The Covid-19 pandemic is expected to decrease the global market value considerably in 2020 and also in the first quarter of 2021. This is mainly owing to the major impact on the labor workforce that works in the injection molding equipment manufacturing companies. Also, the graph is expected to get flattened from 2022 to 2024. 

LATEST TRENDS

Increasing Focus on Manufacturing of Smart Machines to Fuel the Market

Previously, manufacturing companies were facing issues in providing reliable quality of products, which impacted the performance and productivity during production operations. To overcome such challenges, manufacturing companies have started implementing smart technologies by leveraging the capabilities of information & communication technology (ICT) and the Internet of Things (IoT). Moreover, the development of smart injection molding machines is one of the emerging trends in this market. To meet the specific customer requirements, manufacturers have started producing smart machines with customization capabilities, with reduced costs and improved quality. This is further resulting in the development of smart factories where such machines are perfectly suitable. Therefore, manufacturers are focused on designing machines with enhanced automation technologies.

Furthermore, owing to the effect of the pandemic on this market, the demand for automation and unmanned operations has increased. This will allow manufacturers to speed up the production of end-use products.  

DRIVING FACTORS

Growing Demand from Packaging and Automobile Sector to Drive the Market

Packaging and automobile sectors are playing an important role in the development of various other industries such as manufacturing, pharmaceuticals, and many more. Moreover, the demand for this type of molding machines in the automobile sector has been increasing over the past few years, owing to the adoption of plastic products in the manufacturing of automobiles.

Furthermore, the growing demand for these machines in developing countries such as India and China is another factor that is driving the injection molding machine market growth. The governments of both countries are working continuously towards attracting large investments in the packaging and automobile sectors to increase job opportunities and introduce new technologies. For instance, in India, the packaging industry is one of the fastest-growing industries, soaring at a CAGR of 22 – 23% per year. However, the pandemic has restricted the speed of growth of this industry in the country.

Furthermore, the production costs of materials that are manufactured in Asia Pacific are much lower than in Europe and North America. These are the major factors that are driving the growth of this market, especially in the Asia Pacific region.

RESTRAINING FACTORS

Continuous Hindrance in the Automotive Industry to Hamper Market Growth

The automotive industry utilizes plastic products that are light in weight, versatile, and flexible. To manufacture such precise plastic products, injection molding machines are used. Generally, the automotive industry’s ecosystem involves many stakeholders, wherein the manufacturers of plastic and metal products play a vital role. However, over the past few years, the industry has witnessed a downfall in both supply and demand. Moreover, the COVID-19 pandemic has led automotive manufacturers to stop the production of new products due to the low demand from consumers.  This has hampered the growth of the automotive plastics industry, which in turn is affecting the growth of this market.

SEGMENTATION

By Product Type Analysis

Plastic Segment to Generate the Highest Revenue

Injection molding machines are able to mold different types of products that can be extracted from plastic, metal, ceramic, and other raw materials. Generally, products that are made up of plastic are strong, light-weight, flexible, and reliable. Plastic products have wide applications in almost every industry. The demand for plastic products has increased in the automotive, material handling, and packaging industries. The raw materials for plastic products are easily available in the market, which makes them cost-effective. Therefore, plastic sub-segment is anticipated to hold the largest market share during the forecast period.

Furthermore, by product type, the global market is divided into plastic, metal, rubber, ceramic, and others. Among these, the ceramic sub-segment is expected to grow at a higher CAGR than the other segments.

By Machine Type Analysis

Hydraulic Machine Segment to Dominate the Market

On the basis of machine type, the market is divided into electric, hydraulic, and hybrid.  The electric machine segment held the prominent market share in 2019 and is expected to grow at a moderate CAGR. This growth is attributed to the adoption of safe and convenient machines, with fast production rates. Moreover, hydraulic machines are expected to grow significantly in the forecast period, owing to its property of lowering greenhouse gas emissions in the atmosphere.

 The demand for hydraulic machines has been increasing over the past few years as they require less natural energy and are able to provide enhanced productivity.

By Clamping Force Analysis

 0 – 200 Ton Force Clamping Machines Held Largest Market Share in 2019

The clamping force segment is divided into three sub-segments - 0 – 200 ton force, 201 – 500 ton force, and above 500 ton force. The 201 – 500 ton force sub-segment is expected to grow at a higher CAGR than other sub-segments, whereas the 0 – 200 ton force segment is projected to hold the largest market share. This is owing to the increase in the number of mid- and medium-sized manufacturing companies across the developed and developing countries. For instance, the Government of India has taken several steps to boost the SME sector by providing attractive incentives to young entrepreneurs.

By End-use Industry Analysis

 Adoption of Medical Plastic, Metal, & Rubber Products to Increase Substantially

The end-use industry segment is segregated into packaging, automotive, electronics & telecommunication, healthcare, infrastructure, and others. Among these, the packaging industry is projected to grow at a higher CAGR as compared to the other industries owing to the increasing adoption of plastic, metal and other boxes in the packaging industry to efficiently transport materials across the globe.

Furthermore, owing to the increasing adoption of plastic, rubber, and metallic products in the healthcare industry, this market is expected to grow at a considerable rate during the forecasted period.

REGIONAL INSIGHTS

In North America, the market growth is relatively moderate, owing to the presence of well-established machine manufacturing companies. However, the less number of laborers in the manufacturing sector is anticipated to restrain the market during the coming years, as the demand for injection type of molding machines is increasing.

In Asia Pacific, there is a large presence of registered and non-registered companies that are manufacturing a wide variety of machines and equipment and as a result, the region is expected to dominate the injection molding machine market share. The larger companies are working continuously to acquire and partner with different small- and mid-size companies to enhance their product portfolio and quality. This, in turn, is allowing large companies to increase their market footprint across the region. Therefore, the market size in the Asia Pacific region is expanding at a significant rate.

In Europe, the market growth is relatively low because of the adoption of new rules and regulations to reduce industrial pollution. Over the past few years, the number of molding companies has reduced. This is owed to the several challenges faced by the manufacturers such as rising raw material costs, OEMs, and several other factors.

The market value in the Middle East & Africa and Latin America would have moderate growth owing to the lack of raw materials, low level of technological advancements, and the slow pace of industrialization. Additionally, the coronavirus pandemic has negatively impacted the industrial and manufacturing sectors in Latin America.

KEY INDUSTRY PLAYERS

 Leading Companies to Dominate the Market with Robust Portfolios

 Key players such as Haitian International, Milacron Holdings Corp., and Sumitomo Heavy Industries hold the major market share in terms of revenue. In 2018, Haitian International manufactured 35,000 injection molding machines, in which approximately 30% of the sales revenue was covered by exporting the machines to over 130 countries. This, in turn, has made Haitian International the largest injection molding equipment manufacturer worldwide. Similarly, several other manufacturers are focused on producing safe, durable, and fast machines. Moreover, manufacturers are also focused on partnering with other companies to provide better and enhanced services to their clients.                                                          

LIST OF KEY COMPANIES PROFILED:

• Haitian International (Ningbo, China)


• Chen Hsong Holdings Limited (Tai Po, Hong Kong)


• Milacron Holdings Corp. (Ohio, United States)


• Japan Steel Works, Ltd. (Tokyo, Japan)


• Sumitomo Heavy Industries, Ltd. (Tokyo, Japan)


• Arburg GmbH + Co KG (Loßburg, Germany)


• NISSEI AMERICA, INC. (California, United States)


• Husky Injection Molding Systems Ltd. (Caledon, Canada)


• Engel Austria GmbH (Schwartzberg, Austria)


• Ved Machinery (Maharashtra, India)


• ELECTRONICA PLASTIC MACHINES LIMITED (Maharashtra, India)

KEY INDUSTRY DEVELOPMENTS:

July 2023 - Haitian International opens state-of-the-art manufacturing facility in Jalisco, Mexico, marking its first site in North America. The $50-million plant aims to enhance production, expedite regional deliveries, and potentially serve the broader North American market.

Feb 2023 - Sumitomo Heavy Industries (SHI) unveils the iM18E, a compact hybrid injection molding machine with a remarkable 20-ton capacity and the industry's smallest footprint at 88 by 30 inches. Tailored for electronic components like connectors and precision gears, it boasts a rapid injection speed of 600 mm/sec. Initially available in Japan and select Asian markets, this innovation signifies a leap in efficient manufacturing technology.

REPORT COVERAGE

 The injection molding machine market report provides a detailed analysis of the global market and focuses on key aspects such as leading companies, product/service types, and leading end-use industries of the product. Besides this, the report offers insights into the market trends and highlights the key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth rates in recent years.

Report Scope and Segmentation