According to the new market research report on the "Injection Molding Market by Product Type (Plastic, Rubber, Metal), Machine Type (Hydraulic, All-Electric, Hybrid), End-Use Industry (Automotive, Packaging, Consumer Goods), Clamping Force (0-200, 201-500, Above 500) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to reach USD 19.68 billion by 2023 from an estimated USD 17.08 billion in 2018, at a CAGR of 2.9% between 2018 and 2023.
Emerging economies are expected to witness a rise in demand for injection molding machines in the near future due to the rising demand for injection-molded parts from the packaging, automotive, and consumer goods end-use industries. The need for lightweight automotive components to attain fuel efficiency and the rising demand for all-electric injection molding are expected to support the Injection Molding Machine Market during the forecast period. Rapid economic growth, improved infrastructure, and rising middle-class population in emerging economies have led to an increase in vehicle production and sales, which, in turn, has increased the demand for injection molding machines. The rapidly growing automotive industry in the Asia Pacific region is one of the major factors driving the growth of the Injection Molding Machine Market.
The plastic segment is estimated to be thelargest product type segment of the Injection Molding Machine Market in 2018.
The plastic segment is estimated to account for the largest share of the Injection Molding Machine Market in 2018, in terms of value. The dominance of the plastic segment is expected to continue during the forecast period due to the increasing demand from the automotive, consumer goods, and packaging end-use industries. Injection molding machines are used to make a wide range of plastic products, including automotive parts, chairs, toys, syringes, bottles, and construction kits. Thermoplastics are the most prominent and widely used plastics in this segment due to their low melting point, flexibility, excellent dimensional stability, and good chemical resistance.
The automotive segment is estimated to be the largest end-use industry segment of the injection molding market in 2018.
The automotive segment is estimated to be the largest application segment of the Injection Molding Machine Market, in terms of both, value and volume, in 2018. The growth of this segment can be attributed to the increasing production of vehicles and rising demand for lightweight automotive components in developed and emerging regions.
The hydraulic machine segment is estimated to be the largest machine type segment of the injection molding market in 2018.
The hydraulic machine type segment is estimated to be the largest application segment of the Injection Molding Machine Market, in terms of both, value and volume, in 2018. The dominance of hydraulic injection molding is expected to continue during the forecast period owing to its enhanced performance and low maintenance cost. Also, the increasing demand from the automotive, consumer goods, and packaging end-use industries is fueling the growth of the hydraulic Injection Molding Machine Market during the forecast period.
Asia Pacific is estimated to be the largest market for injection molding machines in 2018.
The Injection Molding Machine Market in the Asia Pacific region is estimated to witness the highest growth due to the rapidly growing automotive, packaging, consumer goods, healthcare, and electrical & electronics end-use industries. The Asia Pacific region is also home to key players in the Injection Molding Machine Market such as Haitian International Holdings Limited and Chen Hsong Holdings Limited.
Key market players profiled in this report include Haitian International (China), Chen Hsong (China), Milacron (US), The Japan Steel Works (Japan), Sumitomo Heavy Industries (Japan), Arburg (Germany), Nessei Plastic (Japan), Husky (Canada), and Engel (Austria).
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