In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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.
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.
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.
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.
Our in-depth analysis of the injection molding machine market includes the following segments:
By Product Type
By Clamping Force
By End User
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: