Injection Molding Machine Market Size, Share & Trends Report

Injection Molding Machine Market Size, Share & Trends Analysis Report By Material (Metal, Plastic), By Technology (Hydraulic, Electric), By End-use, By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Dec, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-2-68038-652-3
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 135

Report Overview

The global injection molding machine market size was estimated at USD 18.28 billion in 2019. It is expected to expand at a compounded annual growth rate (CAGR) of 3.0% from 2020 to 2027. Rising investments in technological advancements for reducing production costs and scraps, thereby shortening production cycle time, are expected to drive market growth. Injection molding machines are used to produce a variety of automotive parts such as bumpers, electrical housings, exterior body panels, and dashboards. Rising R&D expenditure has resulted in the development of new technologies such as advanced hydraulic systems for large parts, electric systems for digital processing of parts for small and complex components, and hybrid systems that can work for both large and small parts, thus saving costs.

U.S. injection molding machines market size, by technology, 2016 - 2027 (USD Billion)

The U.S. is one of the prominent countries in North America on account of its highly developed technology industries, advanced processing capabilities, skilled workforce, and high R&D investments. Growing applications for injection molding machines and increased competition have prompted manufacturers to focus on new technological innovations, leading to high market growth over the forecast period.

Injection molding machines (IMM) are used in a broad range of industrial, medical, dental, aerospace, firearms, and automotive applications as it is one of the most important processes in mass production. The injection molding process is reproducible and delivers similar products at a fast rate. Furthermore, IMM can produce engineering components and small disposable consumer goods with high precision.

Manufacturers focus on producing IMM, which provides flexibility in production, has low maintenance, and is highly efficient. New injection molding processes such as gas-assisted injection molding, foam injection molding, co-injection molding, and multiple component injection molding are creating a high demand for injection-molded material.

Factors such as rapid population growth, rising industrialization, and technological advancements have augmented the demand for automotive components in emerging markets. The adoption of IMM in various applications such as interior and exterior trim components, electronic subassemblies, and under-hood applications is expected to have a positive impact on market growth.

Material Insights

Plastic injection molding machines led the market and accounted for over 76% of the overall revenue share in 2019. It involves manufacturing molded products by injecting molten plastic by using heat into a mold and then solidifying them. These machines are used in various applications industries such as packaging, construction, and consumer goods.

Rapid growth in the usage of plastic parts in the automotive industry, owing to their less weight and cost, is expected to drive the market growth of plastic injection molding machines over the forecast period. Innovations in the manufacturing of injection molding machines that can make complex products at high speed and in large quantities are expected to augment market growth.

The demand for metal injection molding machines is expected to expand at a CAGR of 2.8% from 2020 to 2027. Metal injection molding machine uses finely-powdered metal with a binding material to produce metal parts including gears, levers, phone flip slider and fiber-optic parts, and many more, which are used in a broad range of industrial, medical, dental, aerospace, firearms, and automotive applications.

Increasing penetration of metal injection molding in the automotive and aerospace industries is likely to drive growth. Other materials used for injection molding include rubber, ceramics, and elastomers. Faster molding and solidifying operations, coupled with the versatility of molding machines to be used in multiple industries, is expected to augment product demand over the forecast period.

Technology Insights

Hydraulic technology led the market and accounted for about 45% of the global revenue share in 2019. The demand for hydraulic technology is expected to be high in the automotive industry, where high clamping force is required for manufacturing large and heavy parts. It is widely used for manufacturing heavy parts in industries such as aerospace, defense, and marine.

Electric injection molding machines are expected to expand at a CAGR of 3.6% over the forecast period as these machines are digitally controlled, which enables them to operate at high accuracy and speed. These machines require less start-up time and run time, making them ideal for making small and complex parts in electrical and electronics, automotive, and consumer goods industries.

The demand for hybrid injection molding machines is expected to rise as it combines the characteristics of both hydraulic and electric injection molding machines. It provides high clamping force of hydraulic machine and energy efficiency, high precision, and less start-up time, resulting in a better performance for making both large and small parts.

Various companies are investing heavily in the R&D of hybrid injection holding machines at less cost and high precision levels to combine the operations of both hydraulic and electric machines. This is expected to aid the end-use industries to save space, time, and overall manufacturing cost.

End-use Insights

The automotive industry led the injection molding machines market and accounted for about 29% of the global revenue share in 2019. In the automotive industry, injection molding machines are used to manufacture the most complex-shaped, critical parts. IMM is used to produce a variety of automotive parts such as bumpers, electrical housings, exterior body panels, and dashboards.

The adoption of injection molding machines in the consumer goods industry is expected to expand at a CAGR of 2.7% over the forecast period. This can be attributed to their usage in the manufacturing of consumer goods such as personal hygiene products, houseware, cosmetics, and convenience goods. The replacement of traditional materials such as glass and wood with high-quality plastic is expected to augment product demand in the industry.

Global injection molding machines market share, by end-use, 2019 (%)

The usage of injection molding machines in the packaging industry is estimated to witness expand at a CAGR of 3.0% from 2020 to 2027 owing to high differentiation in types of packaging, such as shape, volume, and material. These machines are used to manufacture various types of thin wall containers, dairy, juice, and water packages, food storage, buckets, and beverage caps and closures.

The demand for injection molding machines is expected to be high in the electronics industry, owing to the high degree of accuracy and precision needed for making parts for smartphones, tablets, laptops, connectors, and sensors. Rapidly rising investment in the electronics industry in various countries, such as China, the U.K., India, Japan, and the U.S. is expected to drive the market growth.

Regional Insights

The Asia Pacific led the market and accounted for about 38% share of global revenue in 2019. Asia Pacific is a hub for several fast-growing industries, including equipment manufacturing, automotive, and electronics, which offer growth opportunities for the IMM manufacturers. Asia Pacific is characterized by highly skilled labor at low cost along with ample support from the local governments.

The growth in investment in the automotive industry in North America for making lightweight automotive components decrease overall weight, and manufacturing cost is expected to drive the demand for injection molding machines over the forecast period. The growing demand for small and complex parts in the electronics industry in the region is expected to drive the injection molding machine market over the forecast period.

The demand for injection molding machines in Europe is expected to be driven by the presence of advanced infrastructure, R&D facilities, and a skilled workforce in the region. Companies are also investing in technological innovations to decrease their processing times and increase production levels. This factor is expected to augment the growth of the market over the forecast period.

The CSA IMM market is expected to grow at an estimated CAGR of 3.2% over the forecast period. The region offers tremendous potential and opportunities in the field of injection molding machines on account of increasing penetration of the product in the automotive and consumer goods industries. An increasing number of applications of IMM in the healthcare and electronics industries is expected to boost market growth.

Key Companies & Market Share Insights

The global IMM market is highly competitive due to the presence of various multinational and regional players. Companies are shifting their focus toward product differentiation to ensure continuous expansion of their product portfolios and cater to specific requirements. Major industry players are taking advantage of low-cost feedstock in the regions, including the Asia Pacific and Central & South America, and investing heavily in R&D devoted to sustainability.

Market participants are also coming into strategic partnerships with other industry players for new product developments, value chain integration, and global operations expansion, thus sharing resources and expertise for R&D and exploring new markets. Distribution network expansion is also one of the important strategies adopted by market players. Some prominent players in the global injection molding machine market include:

  • Arburg GmbH + Co KG

  • Haitian International Holdings Limited

  • Milacron

  • Nissei Plastic Industrial Co., Limited

  • ENGEL Austria GmbH

  • Sumitomo (SHI) Demag Plastics Machinery GmbH

Injection Molding Machine Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 18.74 billion

Revenue forecast in 2027

USD 23.15 billion

Growth Rate

CAGR of 3.0% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million/billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Material, technology, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; France; Italy; Spain; Denmark; Austria; China; India; Japan; South Korea; Taiwan; Brazil; Argentina; UAE; Saudi Arabia

Key companies profiled

Arburg GmbH + Co KG; Haitian International Holdings Limited; Milacron; Nissei Plastic Industrial Co.; Limited; ENGEL Austria GmbH;

Sumitomo (SHI) Demag Plastics Machinery GmbH

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global injection molding machine market based on material, technology, end-use, and region:

  • Material Outlook (Revenue, USD Million, 2016 - 2027)

    • Plastic

    • Metal

    • Others

  • Technology Outlook (Revenue, USD Million, 2016 - 2027)

    • Hydraulic

    • Electric

    • Hybrid

  • End-use Outlook (Revenue, USD Million, 2016 - 2027)

    • Automotive

    • Consumer Goods

    • Packaging

    • Electronics

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

      • Spain

      • Denmark

      • Austria

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Taiwan

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • UAE

      • Saudi Arabia

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