Global injection molding machine market forecast at $64 billion by 2030
New York, NY – According to the report from InBox, the global injection molding machine market is expected to reach $64B by 2030, growing at a CAGR of 2.6% during the forecast period from 2022 to 2030. The expansion will be attributed to the rising demand for plastic products from various end-use industries such as automotive, packaging, healthcare, and consumer goods.
These machines are used in various industries for the mass production of identical plastic parts with good dimensional accuracy. Injection molding is a popular manufacturing process due to its versatile design and capability to produce high-precision articles. The global injection molding machine market is highly consolidated, with the top five vendors accounting for a market share of over 80%.
Asia-Pacific is projected to see the highest market growth in the coming decade due to the rapid industrialization and urbanization in China and India. It should be followed by North America and Europe.
Increasing demand for plastic products. The need for such articles soars globally, and injection moulding machines are used to produce a variety of them.
The popularity of electric injection moulding equipment is surging due to its energy efficiency and lower operating costs.
Injection moulding machines are constantly evolving with new technological advances, which makes them more user-friendly.
Increasing government support around the world encourages the use of this equipment.
Stringent environmental regulations are forcing manufacturers to use environmentally-friendly machine types.
High initial cost. Injection molding machines are expensive, which makes them inaccessible to small and medium-sized businesses.
Complex operations and limited availability of skilled labor. Exploiting an injection molding machine requires a high level of technical expertise, which can be challenging for inexperienced operators. Moreover, qualified workers are in short supply in many countries, which makes it difficult to find appropriate personnel.
High energy consumption. Injection molding machines are energy-intensive, which can lead to high operating costs.
Limited product range. This restricts their applications in certain industries.
Companies Mentioned in the report include: Arburg GmbH & Co. KG, Engel Austria GmbH, Haitian International Holdings Ltd., Husky Injection Molding Systems Ltd., Nissei Plastic Industrial Co. Ltd., Sumitomo Heavy Industries, Ltd., Milacron Holdings Corp., Toshiba Machine Co., Ltd., KraussMaffei Group GmbH, Chen Hsong Holdings Ltd., JSW Plastics Machinery, Inc.