Plastic Injection Molding Machine Market worth $11.6 billion by 2028 Globally, at a CAGR of 3.4%, says MarketsandMarkets™

Chicago, July 27, 2023 (GLOBE NEWSWIRE) -- The Plastic Injection Molding Machine Market is estimated to grow from USD 9.5 billion in 2022 to USD 11.6 billion by 2028, at a CAGR of 3.4%, as per the recent study by MarketsandMarkets™. The plastic injection molding machine market is mainly driven by the increasing demand from the packaging industry. Packaging industry is growing at a high rate due to the developments in packaging technologies and increasing demand for packaged goods with sustainable packaging. Growing urban population, increasing consumer spending on packaged goods, and rise in e-commerce and organized retail are contributing to the growth of the packaging industry.

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List of Key Players in Plastic Injection Molding Machine Market:

Haitian International Holdings Limited (China)
Chen Hsong Holdings Ltd. (China)
Engel Austria GmbH (Austria)
Sumitomo Heavy Industries Limited (Japan)
Hillenbrand, Inc. (US)
Japan Steel Works Ltd. (Japan)
Arburg GmbH (Germany)
Nissei Plastic Industrial Co., Ltd. (Japan)
Husky Injection Molding Systems Ltd. (Canada)
KraussMaffei Group GmbH (Germany)

Drivers, Restraints, Opportunities and Challenges in Plastic Injection Molding Machine Market:

Driver: Rising awareness about energy savings
Restraint: High initial and maintenance cost of machines
Opportunities: Growing demand from healthcare industry
Challenges: High heating and hydraulic pressure

Key Findings of the Study:

201-500 tons force is projected to register the highest CAGR, in terms of value, of the global plastic injection molding machine during the forecast period.
All-electric is projected to register the highest CAGR, in terms of value, of the global plastic injection molding machine during the forecast period.
Automotive is estimated to be the largest application of the plastic injection molding machine, in terms of value, during the forecast period.
Asia Pacific is estimated to be the largest market for the plastic injection molding machine market, in terms of value, during the forecast period.

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Based on clamping force, the plastic injection molding machine market is segmented as 0–200 ton-force, 201–500 ton-force, and above 500 ton-force. Most of plastic injection molding machines with 0–200 ton-force and 201–500 ton-force are delivered in standard forms. However, there is a growing demand for new designs and dimensions from end customers as a result of the increase in machine size. The 201–500 ton-force segment accounted for the largest market share, in terms of value, in 2022. This is attributed to the rising demand for medium-sized molded parts from end-use industries, such as automotive, packaging, and consumer goods

Based on type, the plastic injection molding machine market is segmented as hydraulic, hybrid, and all-electric injection molding machines. Hydraulic plastic injection molding machine accounted for the largest market share, in terms of both value and volume, in 2022. Growth of the plastic industry, increasing awareness about the importance of sustaibale packaging in various applications and the need for improved durability of plastic products fuels the demand for hydraulic type of plastic injection molding machine globally.

Based on application, the plastic injection molding machine market is segmented as packaging, automotive, consumer goods, healthcare, electrical & electronics, and others. Packaging is expected to be second-fastest growing application, in terms of value, during the forecast period. This is due to the growing population, increased consumer spending, and the rise in e-commerce. Also, the rising levels of consumer spending and growing preference for convenience have led to an increased demand for sustaibale pre-packaged foods, beverages and other products driving the market for plastic injection molding machine in packaging application.

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Based on region, Asia Pacific dominated the plastic injection molding machine market, both in terms of value and volume, in 2022. According to OICA, China was the largest manufacturer of automotive in 2022, across the globe. Plastic injection molding machines are used in manufacturing automotive components, interior wrapping, and assembly parts, such as automotive exteriors, car lenses, interior components, under-the-hood components, and filter components. The increasing demand for automotive due to growth in middle-class population, rising expenditure, and changing lifestyle is fueling the demand for plastic injection molding machine in automotive application.

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