December 27, 2022 16:18 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
BEIJING, Dec. 27, 2022 (GLOBE NEWSWIRE) -- The Global Plastic Injection Molding Market Size accounted for USD 271.6 Billion in 2021 and is estimated to achieve a market size of USD 419.1 Billion by 2030 growing at a CAGR of 5% from 2022 to 2030. Die Casting
Plastic Injection Molding Market Statistics
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Plastic Injection Molding Market Report Coverage:
Plastic Injection Molding Market Overview
Growing demands for plastic injection molding from diverse end-use sectors, together with increased manufacturer awareness of the advantages of plastic injection molding, are likely to drive up demand for plastic injection molding machines. The surge in infrastructural development in nations such as Brazil & India is growing significantly for heat and pressure-resistant materials. This is likely to expand the use of plastic injection molding machines by building product producers.
Plastic Injection Molding Market Trends
Stringent US FDA rules governing the utilization of plastic in medical equipment, as well as manufacturers' shift toward a more cost-effective process of production, are projected to drive up demand for plastic molding machines. The medical device industry in the United States was worth US$ 156 billion in 2017 and is expected to be worth US$ 208 billion by 2023. With the nation's medical equipment exports reaching up to USD 43 billion, the expansion of plastic injection molding machines is likely to accelerate. Injection molding would help manufacturers produce items that are lighter, cheaper, and more functional. The government is investing heavily in healthcare infrastructural projects to assist R&D operations. The government is enforcing certain criteria for medical equipment manufacture due to consumer preferences for home healthcare adoption. Organizations must achieve a specific level of quality while keeping production costs reasonable.
Additionally, the automobile industry's strong demand for effective components is fostering market expansion. However, changing rules regarding the usage of plastic, as well as fluctuation in the raw material prices such as ethylene or propylene, are some factors that are projected to slow the growth of the plastic injection molding market. Furthermore, rigorous environmental rules governing the recycling of plastic items are impeding industry expansion. Increasing manufacturing capacity and a preference for the development of eco-friendly, cost-effective raw materials are two opportunities for development that enterprises see in the next years. Furthermore, business strategic collaborations and product offerings acquisition is likely to assist the market's revenue transaction.
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Plastic Injection Molding Market Segmentation
The global plastic injection molding market has been segmented by Acumen Research and Consulting based on machine type, and end-user industry. By machine type, the segment is separated into all-electric injection molding machines, hybrid injection molding machines, and hydraulic injection molding machine. Among the machines, the hydraulic injection molding machine is predicted to take over the global plastic injection molding market in terms of revenue. The popularity of hydraulic injection molding machines stems from their inexpensive maintenance as well as excellent performance.
In terms of end-user industry, the market is categorized into packaging, automotive, healthcare, consumables and electronics, building & construction, and others. According to the plastic injection molding market forecast, the packaging category is predicted to develop significantly in the next years.
Plastic Injection Molding Market Regional Overview
Based on the region, the worldwide plastic injection molding market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to a plastic injection molding industry analysis, the Asia-Pacific region is dominates the market in 2021. The Asia Pacific region is rapidly developing as a result of rapid technological and infrastructure investment in nations such as India, Malaysia, China, and others. Electronic device/product spending by consumers is growing in the Asia-Pacific region. Consumer appliances and electronics sales in India are predicted to expand by 23% in 2021, with demand for electronic gear expected to exceed $400 billion by 2024. Governments in emerging economies are encouraging entrepreneurs to start businesses. The accessibility of 100% FDI & tax benefits, as well as the simple access to raw materials as well as low-cost labor, is enticing companies from all over the world to invest in this region. Plastic is a superior feedstock for consumer devices. Plastic is preferred over other elements due to its advantages such as high elasticity, low price, and micro-tolerance properties. The need for plastic injection molding machines is likely to rise as a result.
Aside from that, North America is expected to see significant market growth in the coming years. The region's plastic injection molding market is predicted to increase due to the region's thriving healthcare industry and rising use of injection molding in the production of medical devices.
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Plastic Injection Molding Market Players
Some of the prominent plastic injections molding market companies are Husky Injection Molding Systems Ltd, Chen Hsong Holdings Limited, The Japan Steel Works Ltd, Haitian International Holdings Limited, Sumitomo Heavy Industries Ltd, and Engel Austria GmbH.
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