Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSIntroduction to Injection Molding Machine
An injection molding machine is a manufacturing machine used for production of molded plastic parts in large volume. The injection molding machine consists of two main components, i.e. an injection unit and a clamping unit. The machine is filled with a die with molten plastic by means of injecting the molten plastic under very high pressure into the mold. It is used to manufacture products made of plastics, rubber, metal, and ceramic. The main benefit of injection molding is its ability of mass-production of molded parts mainly made up of plastics.
Market Size and Forecast
Increasing demand of plastic products and wide-scale applications of injection molding machine in manufacturing automotive components coupled with its increased efficiency in production output are some of the significant factors boosting the market growth. The injection molding machine market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by machine into hydraulic, electric and hybrid. Among these segments, the segment for hydraulic is anticipated to hold the leading share in the market on account of its key features such as enhanced performance, longer lifetime and service period and, provision of peak power according to requirements. The hybrid segment, on the other hand, is anticipated to grow at the highest rate in the injection molding machine market as a result of integration of hydraulic and electric operating systems along with the provision of better precision, speed and power.
Growth Drivers
Globally Increasing Automobile Sector to Boost the Market Growth
Various automobile parts which comprises bumper, dashboards, lighting systems and seat covers are made from injection molding machines. According to statistical data released by International Organization of Motor Vehicle Manufacturers (OICA), the total production of cars globally was 67.14 million in 2019. China being the global producer for the automotive products coupled with the growing demand for automobiles in India, Indonesia, and Japan is propelling the growth of the injection molding machine market. CLICK TO DOWNLOAD SAMPLE REPORT
Increasing Demand of Plastic Products to Drive the Market Growth
Since the requirement for plastics and related products are continuously increasing, there is a rise in demand for machines to facilitate the molding process more quickly and easily to increase the production output. As per the data given by PlasticsEurope-Association of Plastics Manufacturers, the world plastic production was 335 million tonnes in 2016 and it reached 348 million tonnes in 2017. Innovated injection molding machines are being developed which can meet the increased demand from manufacturers of plastic products. On the back of these, the market is predicted to grow over the forecast period.
Restraints
Higher Machine Tooling Cost and Design Restrictions to Hamper the Market Growth
There is a high up-front cost involved in machine testing and tooling. Further, plastic parts must follow the basic design considerations of injection molding. This is estimated to hinder the growth of injection molding machine market in the future.
Market Segmentation
Our in-depth analysis of the injection molding machine market includes the following segments:
By Product Type
By Machine
By Clamping Force
By End User
By Region
On the basis of regional analysis, the injection molding machine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for injection molding machine in Asia Pacific is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market injection molding machines. Moreover, the growing end-user applications in automobile and packaging industries are met in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of developing automotive industry and growing plastic production in the region. The competitive manufacturing costs in the region, especially in emerging countries such as China, India and Japan further raise the demand for molding machines.
The injection molding machine market is further classified on the basis of region as follows:
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