The global plastic injection molding machine market size is expected to reach USD 10.33 billion by 2028 according to a new study by Polaris Market Research. The report “Plastic Injection Molding Machine Market Share, Size, Trends, Industry Analysis Report, By Type (Hydraulic, Electric, Hybrid, Others); By End-Use (Automotive, Healthcare, Food & Beverages, Industrial, Consumer Goods, Electrical & Electronics, Others); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Plastic injection molding machine is used to manufacture high quality and complex plastic components for industries such as building and construction, healthcare, consumer goods, among others. Increasing commercial activities, growing demand for modernized and high-performing vehicles, and increasing investment in the electronics industry, especially in developing countries of Asia-Pacific, supplement the market growth.
The type segment has been divided into hydraulic, electric, hybrid, and others. The demand for hydraulic type is expected to be high during the forecast period. Hydraulic molding types are used for actuating core pulls, valve gates, and thick-walled parts requiring long hold times. This equipment offers higher injection rates and greater resistance to wear and tear.
The use of plastic molding equipment for mass production of complex components in vehicle bodies has increased owing to its higher efficiency and lower costs. The increasing penetration of passenger vehicles, rising modernization of vehicles, and development of autonomous vehicles are some factors expected to drive this segment growth during the forecast period.
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Asia Pacific market dominated the global plastic injection casting equipment industry in 2020 and is expected to maintain its dominance over the forecast period. Increasing application in the development of automotive components coupled with rising awareness regarding the adoption of electric vehicles fuels growth in this region.
Rising industrial growth, urbanization, and growth in the electronics sector support industry growth. Increasing applications in food & beverages, consumer goods, and healthcare sectors have resulted in greater demand for plastic injection casting equipment in Asia Pacific. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.
Major industry participants include Tederic Machinery Co., Ltd., JH-Welltec Machines, Husky Injection Molding Systems Ltd., Arburg GmbH & Co., Engel Group, Milacron Holdings Corp., Sumitomo Heavy Industries, Ltd., Chen Hsong Holdings Limited, Haitian International Holdings Limited, and Windsor Machines Limited.
Industry players are collaborating with each other for research & development, strengthening market presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies to develop high-quality products.
Polaris Market Research has segmented the plastic injection molding machine market report on the basis of type, end-use, and region:
Plastic Injection Molding Machine, Type Outlook (Revenue, USD Billion, 2016 – 2028)
Plastic Injection Molding Machine, End-Use Outlook (Revenue, USD Billion, 2016 – 2028)
Plastic Injection Molding Machine, Regional Outlook (Revenue, USD Billion, 2016 – 2028)