Hot Runners Market is to reach USD 4.08 Billion by 2026; Rising Demand for Lightweight Plastic Molds in Automotive Industry to Aid Expansion

The global hot runners market is anticipated to reach USD 4.08 Billion by 2026. The rising demand for high-quality injection molding parts in industries such as manufacturing, automotive, food and beverages will bolster the adoption of hot runner systems.  Fortune Business Insights has published a report, titled “Hot Runners Market Size, Share & Industry Analysis, By Type (Open Gate Hot Runner, Valve Gate Hot Runner), By Industry (Consumer Goods, Medical, Packaging, Automotive, Others) and Regional Forecast, 2019-2026.” According to the report, the market was valued at USD 2.38 Billion in the year 2018. It is forecast to exhibit a CAGR of 7.0% between 2019 and 2026. Rising consumer preference in favor of advanced packaging is likely to increase the efficiency and productivity of hot runners, thereby driving the market.

Rising support from governments regarding implementation of regulations on industrial sector will create attractive growth opportunities. The increasing penetration of plastics industry across several industries is bolstering demand for hot runner controller. Owing to these factors, hot runners are preferred over cold runners across the world.

Ever-evolving Plastic Industry to Boost Adoption of Hot Runners

Consumers around the world are increasingly focusing on flexible and advanced packaging, for instance, the automotive industry adopts long fiber reinforced applications to create easily molded components. This will further encourage growth in the plastics industry, which in turn, will augment demand for hot runners.

Rapid growth of the plastic industry has subsequently increased the adoption of several modern applications in plastics which include textile fibres, flexible packaging among others. Other sectors such as housing, furniture, construction, and electrical appliances are increasingly adopting plastics to take care of regular activities. This shows that the demand for hot runners is expected to increase in the forecast years across the plastic molding industry. This system improves productivity, reduces plastic waste, and enhances the overall efficiency of plastics. With the emergence of lightweight plastic molding products, the demand for hot runners is further expected to fuel in the years to come.

Demand in Packaging Industry to Grow Exponentially

Considering the prevailing hot runners market trends, the automotive sector is expected to dominate the market among industries. Other sectors exhibiting demand include consumer goods, medical, packaging, transport among others.

The rising demand for lightweight vehicles across the world is the primary factor responsible for growth witnessed in the automotive sector. Hot runner technology used in this industry helps to transform the lighting, interior, and exterior of vehicles. People around the world prefer customized design and shapes of vehicles, which will further fuel demand for hot runners.

With the emergence of plastic glazing technology, the production of transparent surfaces in vehicles is increasing and is being replaced by glass. As per the report, the packaging industry accounted for a share of 23.2% in the market in 2018 and is expected to register growth at an exponential rate in the forthcoming years.

The growth is attributable to the rise in standard of quality of life, lifestyle changes, and increasing disposable income. E-commerce industry is prospering rapidly, which is creating impressive growth opportunities for the market. The rising demand from automotive and packaging industry is likely to foster the hot runner market size by 2026.

As per type segment, the hot runners market is bifurcated into valve gate hot runners and open gate hot runners. Of these, valve gate hot runners are expected to cover the highest share in the market in the forthcoming years.

This is primarily due to the rising demand for a cost-effective and simple solution, making it easy for integrating into the mold with high precision. These types of hot runners can work in harsh environments, thereby increasing their demand from automotive industry.

Presence of Large Manufacturers in China to Give Tailwinds to Asia Pacific Market

Among regions, which include North America, Europe, the Middle East and Africa, Latin America; Asia Pacific is expected to lead the global hot runners market during the forecast period. The growth is ascribable to the burgeoning growth in e-commerce industry.

In 2018, the market was valued at USD 955.2 Million and the market is expected to gain significant traction from the increasing developments in manufacturing industry. Among countries, presence of several local manufacturers in China is responsible for the high growth of market in this region. 

Some of the key players operating in the global market include Barnes Group, Husky Injection Molding Systems Ltd, Milacron, Incoe, Gunther, Seiki Corporation, EWIKON, Synventive, THERMOPLAY S.p.A, and INGLASS SPA.

Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/hot-runners-market-101652

The global hot runner market can be segmented as mentioned below: