Injection Molding Machine Market Size, Share & Trends Analysis Report By Material (Plastics), By Technology (Hydraulic), By End-use (Automotive), By Region, And Segment Forecasts, 2024 - 2030

Injection Molding Machine Market Trends

The global injection molding machine market size was estimated at USD 15.99 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030. The market has witnessed significant growth in recent years, driven by the rising demand for molded plastic products across various industries. Injection molding machines play a crucial role in the manufacturing process by injecting molten material into a mold, resulting in the production of a wide range of products with high precision and efficiency.

Key factors driving the market growth are the increasing adoption of plastic components in automotive, packaging, consumer goods, and medical sectors. These industries require mass production of intricate parts, which can be efficiently achieved through injection molding, thus boosting the demand for injection molding machines.

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 market 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.

Technological advancements in injection molding machines, such as the integration of automation and robotics, have further enhanced their efficiency, accuracy, and productivity. Manufacturers are investing in the development of advanced machines equipped with features like real-time monitoring, predictive maintenance, and energy efficiency, thereby driving market growth.

The growing emphasis on sustainability and environmental concerns has led to the adoption of eco-friendly materials and processes in manufacturing. Injection molding machines are increasingly being used with biodegradable and recycled materials, aligning with the global shift towards sustainable practices and contributing to market expansion.

Rising population and improving economic conditions create high demand in consumer goods and food & beverage industries. This poses high competition for manufacturers, creating need for product differentiation with attractive packaging which results in a high growth rate for complex, high-quality packaging products. These factors are expected to drive the market growth over the forecast period.

Market Concentration & Characteristics

The market growth stage is medium, and the pace is accelerating. The market is characterized by a high degree of innovation owing to rapid technological advancements. Manufacturers are focusing on developing efficient injection molding machines, which can bring down manufacturing costs, enhance production flexibility, reduce scrap generated, minimize maintenance requirements, and shorten production cycle time in different industries.

Globalization has intensified competition within the global market, with manufacturers expanding their presence in new geographic regions to tap into emerging market opportunities. Localized production, distribution, and support capabilities enable manufacturers to better serve regional markets, adapt to local regulations, and respond swiftly to customer needs, thereby gaining a competitive edge.

Manufacturers are increasingly seeking machines that offer versatility to produce a wide range of products with varying complexities and specifications. This demand has led to the development of modular injection molding systems that can be easily reconfigured to accommodate different molds, materials, and production requirements. Such flexibility enables manufacturers to swiftly adapt to changing market demands and capitalize on new opportunities.

The competitive landscape of the global market is characterized by intense competition among key players, leading to continuous technological advancements and product innovations. Companies are focusing on strategic collaborations, mergers, and acquisitions to expand their market presence and enhance their product portfolios. In addition, investments in research and development activities are aimed at addressing evolving customer needs and staying ahead in the competitive landscape.

Material Insights

Based on material, the plastic segment led the market with the largest revenue share of 76.7% in 2023. Rapid growth in the consumption of plastic parts in the automotive industry owing to their lightweight and cost is expected to fuel the market growth 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 labour cost associated.

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 the 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

Based on technology, the hydraulic segment led the market with the largest revenue share of 51.4% in 2023. 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

Based on end-use, the automotive segment led the market with the largest revenue share of 29.1% in 2023. Injection molding machines are used to make a wide range of vehicle components, including their exterior body panels, bumpers, dashboards, spoilers, and electrical housings. Several parts of automobiles are manufactured using plastic injection molding. These include instrumentation components, glove boxes, interior surfaces, dashboard faceplates, air vents, etc. Rapid growth in demand for automotive components has fueled global automobile production, resulting in high demand for injection-molded parts in the automotive industry. This, in turn, leads to the market growth.

The packaging industry has been growing significantly across the globe. Rising purchasing power, busier lifestyles, and subsequently rising demand for on-the-go packaged products are promoting growth in the packaging industry. Product packaging with functional, convenient, and eco-friendly products is likely to gain traction. Injection molding is widely used for manufacturing packaging products, thereby the market growth of the packaging industry is projected to have a positive impact on the market growth over the forecast period.

Regional Insights

The injection molding machine market in North America is projected to grow at the fastest CAGR of 4.1% from 2024 to 2030. The region has witnessed significant manufacturing growth owing to the existing industrial dynamics and commodity abundance in its countries. Increasing demand for packaged food products, growing immigration, and ongoing technological advancements, such as automation, are some of the key factors responsible for the market growth in this region.

U.S. Injection Molding Machine Market Trends

The injection molding machine market in U.S. holds a significant revenue share of over 60% within the North America in 2023. The accessibility to cutting-edge technologies, a proficient workforce, advanced processing capabilities, and heightened research and development efforts have all contributed to the widespread adoption of injection molding machines in the U.S.

Asia Pacific Injection Molding Machine Market Trends

The Asia Pacific dominated the injection molding machine market with the largest revenue share of 39.4% in 2023. The market growth is driven by rising healthcare demand, rapid industrialization in emerging economies such as China, India, and Japan, and increasing demand for plastic molds in electric vehicles. In addition, the rapid growth of automotive and packaging industries in Asia Pacific is expected to boost the demand for injection molding machines over the forecast period.

The injection molding machine market in China is projected to grow at the fastest CAGR of 5.5% from 2024 to 2030. Rising automotive production and increasing demand for lightweight automotive components are expected to propel market growth.

The Japan injection molding machine market is projected to be driven by growing electronics industry and the presence of technology-driven companies in the country.

The injection molding machine market in India is experiencing significant growth driven by expanding manufacturing sector, particularly in automotive, packaging, consumer goods, and healthcare industries.

Europe Injection Molding Machine Market Trends

The injection molding machine market in Europe is expected to grow at the fastest CAGR over the forecast period, owing to the rising demand for injection-molded components in both conventional and electric automobiles for different interior and exterior parts. Several manufacturers like ARBURG, Krauss Maffei Group, Milacron Holdings Corp., and Nissei Plastic Industrial Co., Ltd provides injection molding machines with hydraulic, hybrid, and electrical technologies.

The Germany injection molding machine market holds a significant revenue share of over 34% within the Europe region. The market growth is attributed to highly skilled workforce, advanced research and development capabilities, and a strong industrial base.

The injection molding machine market in France is experiencing growth propelled by the packaging industry's expanding demand for solutions catering to food, beverages, pharmaceuticals, and various consumer goods.

Central & South America Injection Molding Machine Market Trends

The injection molding machine market in Central & South America is expected to increase its automobile production in coming years, owing to favorable regulations implemented in the region to develop an electric vehicle network and reduce automobile emissions, as well as an increase witnessed in the sales of electric vehicles. This is anticipated to fuel the demand for injection molding machines in Central & South America in the coming years to make a variety of vehicle components.

The Brazil injection molding machine market is projected to grow at the fastest CAGR of 5.7% from 2024 to 2030. The flourishing automotive industry is expected to have a significant influence on the demand for injection molding machines in the country.

Middle East & Africa Injection Molding Machine Market Trends

The injection molding machine market in Middle East & Africa is expected to grow at the fastest CAGR over the forecast period. The global adoption of electric cars can be viewed as a business opportunity for injection molding machine manufacturers based in the Middle East & Africa as these machines are used to make different parts of electricity-driven trains, including their brakes, clutch systems, gears, seals, and magnets. The prevailing trend of replacing metals with plastics in vehicles is also anticipated to fuel the demand for injection molding machines in the region over the forecast period, thereby contributing to the market growth in the Middle East & Africa.

The Saudi Arabia injection molding machine market is projected to grow at the fastest CAGR of 4.9% from 2024 to 2030, driven by the packaging industry, construction, automotive, healthcare sectors, and government-led initiatives.

Key Injection Molding Machine Company 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.

Recent Developments

• In December 2023, Husky Technologies opened a cutting-edge service center in Jeffersonville, Indiana. The facility provides a wide array of readily accessible OEM parts, demonstrating the company's dedication to its customers in the Americas region

• In November 2023, ARBURG expanded its global footprint with the inauguration of a new subsidiary in Vietnam. The primary objective was to enhance accessibility to ARBURG products and services for customers in Vietnam. The establishment of this subsidiary reflects the company's commitment to providing products and services with increased convenience, efficiency, and dependability

• In June 2023, Haitian International opened an advanced manufacturing facility in Mexico with the strategic objective of enhancing local production capacity, reducing delivery times, and delivering superior solutions to meet the technical needs of customers in North and South America

Injection Molding Machine Market Report Scope

Global Injection Molding Machine Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 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, 2018 - 2030)

  • Plastics

  • Metals

  • Others

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Hydraulic

  • Electric

  • Hybrid

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Automotive

  • Consumer Goods

  • Packaging

  • Electronics

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • UK

    • Spain

    • Denmark

    • Austria

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Taiwan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • UAE