Injection Molding Machine Market Size, Share & Trends Analysis Report By Material (Plastic, Metal), By Technology (Hydraulic, Electric, Hybrid), By End Use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global injection molding machine market size was valued at USD 14.71 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2022 to 2030. The adoption of injection molded components is anticipated to increase across a variety of industries, including automotive, electronics, consumer products, and packaging. The Covid-19 pandemic had a negative impact on vital businesses, preventing investments in new technologies like robotics and job growth. The pandemic reduced the number of workers in industrial facilities, hampering the business. Following the epidemic, there will be an increased demand for injection molded goods in medical equipment. This is predicted to increase the demand for these machines over the forecast period.

The rising demand for on-the-go packaged products in the U.S. owing to the increased purchasing power and the busy lifestyle of consumers is expected to have a positive impact on the growth of the packaging industry in the country. The flourishing packaging industry and the rising adoption of injection-molded packaging products are anticipated to drive the demand for these products in the U.S. over the forecast period.

Rising demand for the expansion of floor space in various industries has led to the growth of new construction and renovation projects in the country. In addition, an increasing number of large-scale infrastructure investment projects, including hotels and hospitals in Missouri, New York, and Los Angeles, are likely to boost the construction industry growth, thereby driving the demand for injection molded components used in the construction industry. This is expected to positively impact the market growth in the country.

Factors such as easy access to new and advanced technologies in the EV industry, the availability of a highly-skilled workforce, the presence of advanced processing capabilities, and increased research and development initiatives have boosted the penetration of electric vehicles in the U.S. Increasing demand for injection molded components in both conventional and electric vehicles for various interior and exterior parts are expected to augment the market growth in the U.S.

Material Insights

The plastic segment led the industry and accounted for over 75.0% share of the global revenue in 2021. Rapid growth in the consumption of plastic parts in the automotive industry owing to their lightweight and cost is expected to fuel the growth of the segment over the forecast period. Plastic products provide great precision and high repeatability, with a low cost per part. The machine also produces complex geometric parts in large volumes. Compared to other conventional methods, the plastic injection molding machine production process is fast and it reduces the labor cost associated.

The metal segment is estimated to register a CAGR of 4.3% from 2021 to 2030, in terms of revenue. Factors such as superior surface finish, high resistance, and the ability to manufacture complex parts have resulted in an increased demand for metal molded products. The other materials used in the injection molding machine processes include rubber and ceramics. The rubber segment is an excellent process used for high-volume production of small- to medium-sized parts, complex inserts with near dimensional tolerances, and homogenous components. As this process can develop complicated elastomeric components using very low cycle times, it is gaining a rapid footing in various markets worldwide.

Technology Insights

The hydraulic segment led the market and accounted for over 50.0% share of the global revenue in 2021. The market is expected to grow as a result of factors like the ability to produce large quantities of parts, intricate parts for the automotive industry, lower initial costs, production of precise molds, higher wear and tear resistance of hydraulic parts, and widespread use in the automotive, marine, and aerospace industries where heavy force is required.

The electric machine is energy-efficient, has a shorter start-up time, and the energy is only used during machine movements. These machines are digitally controlled so there is no need for supervision, resulting in a fast process. The electric segment has highly accurate control and monitoring systems, and the molding condition can be stabilized.

The electric injection molding machine is digitally controlled, has high speed, and is more efficient during the whole production process because the independent motors control the entire process from injection to extruder to clamping and ejection. The machine allows less start-up scrap. The hybrid machine combines both hydraulic and electric injection molding machines. The machine uses a two-clamp system and allows for continuous adjustments by the servo pump. It also requires less maintenance and downtime as compared to hydraulic and electric molding systems.

End-use Insights

The automotive end-use segment led the market and accounted for over 25.0% share in 2021 on the account of the factors such as repeatability, material compatibility, fast prototypes with rapid tooling, and high precision and surface finish. Moreover, rising automotive production and increasing demand for lightweight automotive components are expected to propel market growth. BMB S.p.a, Milacron, KraussMaffei, and Arburg GmbH + Co KG are the manufacturers of injection molding machines and they cater to various end-use industries including automotive, electronics, and packaging.

The advent of electric vehicles worldwide can also be seen as an opportunity for injection molding service providers. Electric drive trains, braking, and clutching system parts, such as gears, seals, and magnets, are manufactured using injection molding. Moreover, the rising trend of replacing metal with plastic in automobiles is expected to drive the market over the forecast period.

Injection molding plays a crucial role in electronic component manufacturing owing to its ability to produce parts with high precision at a fast rate. These products are used to manufacture smartphones, tablets, laptops, connectors, and sensors. The growing electronics industry across the globe along with the presence of technology-driven companies is expected to play a key role in the growth of this market. The packaging industry has been growing significantly in the U.S., China, and India. Rising purchasing power, busier lifestyles, and subsequently rising demand for on-the-go packaged products are promoting growth in the packaging industry in these countries.

Regional Insights

The Asia Pacific region accounted for the largest revenue share of over 35.0% in 2021. The Asia Pacific region is anticipated to witness growth over the forecast period owing to the massive investments by the governments of different countries in the region for the development of the public infrastructure and the expansion of residential construction.

Factors such as ongoing urbanization, the increasing spending power of consumers, ongoing industrialization, and changing consumer food preferences in North America are responsible for the growth of the packaging industry in the region. The growth of the packaging industry in North America, coupled with the rising adoption of injection molded products for developing packaging solutions, is expected to drive this industry in the region in the coming years.

Europe held the second-largest revenue share in 2021. The flourishing electronics sector, primarily due to the surge in the adoption of flexible electronics in Europe, has led to a new application scope in the region. This product is used to manufacture electronics components such as sensors, meters, testing equipment, electronic connectors, and processing equipment. The flourishing electronics industry in the region is projected to contribute to the growth of the market in Europe over the forecast period.

During the projected period, Central and South America are expected to expand at a CAGR of 4.9%. Demand for injection molding machines is anticipated to witness substantial growth owing to the increasing demand for manufacturing facilities in the emerging economies of the region. This is projected to have a positive impact on industrial construction, thereby boosting the industry demand over the forecast period.

Key Companies & Market Share Insights

The manufacturers adopt several strategies, including acquisitions, mergers, joint ventures, new product developments, and geographical expansions, to enhance market penetration and cater to the changing technological requirements from various applications such as automotive, consumer goods, packaging, and electronics. The outbreak of the COVID-19 pandemic has prompted injection molding machine manufacturers to increase their production facilities and cater to the growing demand.

For instance, in May 2020, Milacron launched a new rental option for machinery upgrades through its exclusive financing partner, namely Equipment Finance Group (EFG). The equipment rental is now available in 24, 18, and 12-month options. The equipment rental option was officially launched on March 25, 2020, to cater to the increasing demand for temporary capacity expansion for manufacturing products during the COVID-19 pandemic. 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

• Chen Hsong Holdings Limited

• Toyo Machinery & Metal Co., Ltd.

• Husky Injection Molding Systems Ltd.

• Japan Steel Works Limited

• KraussMaffei Group

• UBE Machinery

• Shibaura Machine Co. Ltd.

• WittmannBattenfeld

• Hillenbrand, INC

Injection Molding Machine Market Report Scope

Global Injection Molding Machine Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global injection molding machine market report based on material, technology, end-use, and region:

• Material Outlook (Revenue, USD Million, 2017 - 2030)

  • Plastic

  • Metal

  • Others

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Hydraulic

  • Electric

  • Hybrid

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Automotive

  • Consumer Goods

  • Packaging

  • Electronics

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Austria

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Taiwan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE