The India injection molding machine market size was estimated at USD 0.73 billion in 2021 and is anticipated to expand at a compounded annual growth rate (CAGR) of 6.1% from 2022 to 2030. The rising adoption of personal mobility, and increased penetration of alternative-engine powertrain vehicles, is likely to drive demand for electric vehicles in the automotive sector and thus drive the industry expansion for injection molding machine. The COVID-19 pandemic outbreak resulted in the implementation of a global lockdown, which caused a delay in the development and manufacture of injection molding equipment. During the initial period of the lockdown, there has been a dwindled demand for machines from the automotive, packaging, and logistics industries. This has sequentially hampered the Indian injection molding machines market.
COVID-19's impact includes a scarcity of subcontractors and materials, supply chain interruptions, and contract terminations to limit costs. The India Injection Molding Machine market saw negative growth during the pandemic period, but it is likely to recover traction quickly with the revival of economic activity. Even before the COVID-19 pandemic, geopolitical dynamics led to the regional and local procurement of raw materials, resulting in short manufacturing runs and highly diverse product lines.
Growing adoption of automation and increasing demand for automobiles and consumer goods are expected to fuel the growth of the injection molding machine market. Increased demand from households, changing lifestyles of individuals, greater access to finance, and increased disposable incomes all contribute to the growth of the Indian consumer electronics industry, which are expected to drive the growth of this industry over the forecast period.
The plastics segment led the market and accounted for 74.8% of the global revenue share in 2021 owing to rapid growth in the consumption of plastic parts in the automotive industry, due to their lightweight and cost, are expected to drive the industry growth of the plastic segment over the forecast period. Plastic molded parts provide a solution for high-volume and cost-efficiency. The recent trend of light-weighting in the automotive industry to enhance fuel efficiency has resulted in increased use of plastic molded parts, coupled with rising demand for plastic molded components in medical device manufacturing.
The metal segment is estimated to witness a CAGR of 5.6% from 2022 to 2030, in terms of revenue on account of the factors such as high resistance to corrosion, and the ability to manufacture parts with complex geometries have resulted in increased demand for metal molded products. The rising costs of recyclability of plastics have led manufacturers to look into substitutes such as bioplastics that are environmentally friendly and have similar properties to plastics; this has led to an increase in demand for this product.
The hydraulic segment led the market and accounted for 80.34% of the global revenue share in 2021. Factors such as the ability to work under high-pressure, high-power density, and wide use in automotive, marine, and aerospace industries where heavy force is required are expected to augment industry growth. The electric segment is estimated to witness a CAGR of 7.7% over the forecast period owing to its high efficiency, and it requires less start-up time and run-time as compared to the hydraulic segment. The electric technology is tighter, faster, and cleaner, as compared to hydraulic machines.
The hybrid segment provides a faster return on investment and provides continuous adjustments with the help of the servo motor along with diversity in the product design. Furthermore, the closed-loop process of these machines provides a faster response time, resulting in increased adoption across various end-use industries. Manufacturers developed hybrid segment largely to save energy through screw recovery. As many countries such as India rush to create infrastructure around 5G, hybrid machines are likely to play a major part in the fabrication of the telecommunications sector, with hybrid machines growing at a CAGR of 6.5% over the projection period.
The automotive end-use segment dominated the market and accounted for over 29.1% of the global revenue share in 2021 owing to rising automotive production and increasing demand for lightweight automotive components. Furthermore, this product provides fast prototypes with rapid tooling, and high precision and surface finish, which are expected to propel industry growth. Injection molding has several applications in the packaging industry as it is used to make thin wall containers, dairy juice and water packaging, beverage caps and closure, and specialty closures. Increasing consumption of packaging products in the healthcare, personal care, and consumer goods industries is expected to boost the packaging industry over the forecast period.
Injection molding is used in the production of smartphones, tablets, laptops, connections, sensors, and several other electronic components. These parts demand high levels of accuracy and quality, which injection molding machines can provide, making it the fastest-growing end-use category throughout the projection period, with a CAGR of 6.8%. The demand for consumer goods is witnessing significant growth in emerging economies owing to the increasing population and improvement in the economic conditions of the countries. Furthermore, rising awareness pertaining to personal hygiene and organic personal care products is anticipated to drive the consumer goods industry. This, in turn, is expected to have a positive impact on the demand for IMM in the production of various consumer goods.
The industry is highly competitive in nature and dependent on technological advancements and product development. Market players strive to achieve new application developments in order to gain a competitive advantage. The presence of large local players in India poses a major threat to the large multinational firms in terms of product quality and price offered to the customers.
The companies are focusing on optimum business growth by introducing numerous growth strategies. Many companies are investing heavily in research and development and continue to bring new products to the global industry. Some of the prominent players in the India injection molding machine market include:
Arburg GmbH + Co KG
NISSEI PLASTIC INDUSTRIAL CO., LTD.
ENGEL AUSTRIA GmbH
Chen Hsong Holdings Limited
UBE MACHINERY CORPORATION, Ltd.
Husky Injection Molding Systems Ltd.
WITTMANN Kunststoffgeräte GmbH
Shibaura Machine CO., LTD (Formerly Toshiba Machine)
TOYO MACHINERY & METAL CO., LTD.
The Japan Steel Works, LTD.
Sumitomo Heavy Industries, Ltd.
Market size value in 2022
USD 0.77 billion
Revenue forecast in 2030
USD 1.2 billion
CAGR of 6.1% from 2022 to 2030
Base year for estimation
2017 - 2020
2022 - 2030
Revenue in USD million and CAGR from 2020 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Material, technology, end-use
Key companies profiled
Arburg GmbH + Co KG; HAITIAN INTERNATIONAL; KraussMaffei; Milacron; NISSEI PLASTIC INDUSTRIAL CO., LTD.; ENGEL AUSTRIA GmbH; Chen Hsong Holdings Limited; UBE MACHINERY CORPORATION, Ltd.; Husky Injection Molding Systems Ltd.; WITTMANN Kunststoffgeräte GmbH; FANUC CORPORATION; Shibaura Machine CO., LTD (Formerly Toshiba Machine); TOYO MACHINERY & METAL CO., LTD.; The Japan Steel Works, LTD.; Sumitomo Heavy Industries, Ltd.
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This report forecasts revenue growth at country level and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the India injection molding machine market report based on material, technology, and end-use:
Material Outlook (Revenue, USD Million, 2017 - 2030)
Technology Outlook (Revenue, USD Million, 2017 - 2030)
End-use Outlook (Revenue, USD Million; 2017 - 2030)
b. The India injection molding machine market size was estimated at USD 0.73 billion in 2021 and is expected to be USD 0.77 billion in 2022
b. The India injection molding machine market, in terms of revenue, is expected to grow at a compound annual growth rate of 6.1% from 2022 to 2030 to reach USD 1.2 billion by 2030
b. The hydraulic injection molding machine led the market and accounted for 80.34% of the global revenue share in 2021. Factors such as the ability to work under high-pressure, high-power density, and wide use in automotive, marine, and aerospace industries where heavy force is required are expected to augment market growth.
b. Some of the key players operating in the India injection molding machine market include: Arburg GmbH + Co KG; HAITIAN INTERNATIONAL; KraussMaffei; Milacron; NISSEI PLASTIC INDUSTRIAL CO., LTD.; ENGEL AUSTRIA GmbH; Chen Hsong Holdings Limited; UBE MACHINERY CORPORATION, Ltd.; Husky Injection Molding Systems Ltd.; WITTMANN Kunststoffgeräte GmbH; FANUC CORPORATION; Shibaura Machine CO., LTD (Formerly Toshiba Machine); TOYO MACHINERY & METAL CO., LTD.; The Japan Steel Works, LTD.; Sumitomo Heavy Industries, Ltd.
b. Key factors that are driving the India injection molding machine market growth include rising adoption of personal mobility, increased penetration of alternative-engine powertrain vehicles, increased connectivity in vehicles, digitization in dealership models, and digitalization of the workforce
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