Demand from the healthcare industry is expected to grow, as is industrialization in emerging markets, and the demand for plastic molds in electric vehicles is expected to increase.
According to a new report from Markets and Markets, the injection molding machine market is expected to reach US$12.3 billion by 2025, growing at a compound annual growth rate (CAGR) of 3.6% from US$10.3 billion in 2020.
In the report, it is stated that "the market is primarily driven by the increasing demand for injection molding machines in end-use industries such as automotive, consumer goods, packaging, healthcare, electrical electronics, injection molding, and others."Increasing demand from the healthcare industry, rapid industrialization in developing economies such as China, India, and Thailand, and increasing demand for plastic molds in electric vehicles will all contribute to the growth of the injection molding machine market.
In terms of both volume and value, the Asia-Pacific (APAC) region is considered to be the world's most important market for injection molding machines, followed by Europe and North America.
This has resulted in opportunities for the injection molding machine market, according to the report. “The injection molding machine has been adversely affected during COVID-19, which has opened up avenues of opportunities for the injection molding machine market,” the report stated. There has recently been an increase in demand for injection molding machines from makeshift hospitals and healthcare institutes all over the world, which are used to manufacture a variety of medical devices. In the report, Injection Mold it is stated that the outbreak of coronavirus across the globe has brought attention to the healthcare industry. As a result of an explosive increase in the number of COVID-19 cases, the demand for medical equipment such as syringes and air systems, as well as other medical instruments, has increased exponentially.“Countries such as India and China have emerged as the global manufacturing and distribution centers for all of this equipment,” the report stated, medical injection molding Image courtesy of Greenbutterfly/Adobe Stock.
Growing demand for large-tonnage injection molding machines, which are used to produce large molded parts for automotive, appliance, and industrial applications, according to the report, is on the rise. Before, because of costs associated with plant infrastructure, the demand for injection molding machines did not exceed the 400-ton range, plastic injection molding with 500 presses being the upper limit, according to the report. Over time, there have been shifts in consumer demand."Significant demand exists for large components.”
According to the report, the all-electric machine segment will be the fastest-growing during the forecast period of time.
The automotive industry will be the largest end-use industry in the future.
With the automotive industry as its primary end-user, there is the greatest demand for injection molding machines in this segment. The report stated that injection molding machines are primarily used in the production of automotive components, interior wrapping, and assembly parts, including automotive exteriors, car lenses, interior components, under-the-hood components, and filter components, as well as automotive interiors and assemblies. In the automotive industry, a significant shift toward the use of plastics rather than iron and steel is expected to drive the injection molding machine market during the forecast period.
Furthermore, strict government regulations have compelled automobile manufacturers to use plastics rather than other materials such as iron and steel. As a result of rapid economic growth, improved infrastructure, and an increasing middle-class population in emerging markets, vehicle production and sales have increased, thereby increasing the demand for injection molding machines. In addition, the rapidly expanding automotive industry in the Asia Pacific is one of the major factors driving the injection molding machine market, according to the report.
THE ASIA-PACIFIC MARKET WILL BE THE LARGEST.
According to the report, the APAC region has the largest injection molding machine market, with China being the most important market with the greatest potential for growth. This market is being driven primarily by "rising disposable incomes and rising living standards in emerging economies in the Asia-Pacific region," according to the report.
Europe is the world's second-largest injection molding machine market, with Germany, France, the United Kingdom, Italy, and Spain serving as the region's key markets.“Because the European market is mature, it is expected to grow at a lower compound annual growth rate (CAGR) over the next five years,” according to the report. The presence of a developed automotive industry in Europe has always made the continent a significant injection molding machine market. Because of the high demand for molds in electric vehicles, this market is expected to grow at a faster rate. Key countries such as Germany and Italy have demonstrated a strong demand for injection molding machines, which is expected to continue in the foreseeable future”.