Market Report Injection moulding machine market to reach volume of $ 20 billion by 2028
Ireland — The global injection moulding machine market size is expected to reach $ 20.0 billion by 2028. This is mainly due to a strong shift from metal parts towards plastic components in the automotive industry.
The global injection moulding machine market is expected to expand at a CAGR of 4.5 percent from 2021 to 2028. The growing demand for lightweight and complex components in the automotive and electronics industry is projected to increase industry growth over the years, Research and Markets states in the “Injection Molding Machine Market Size, Share & Trends Analysis Report, 2021-2028” report.
The Covid-19 pandemic has caused unprecedented supply chain disruptions resulting in heavy losses for the market. However, the demand for PPE and medical equipment has created an upsurge for injection moulding machines and has accelerated the use of automation with a focus on shortening production cycle time and increasing productivity. The pandemic caused unprecedented supply chain disruptions, which has prompted manufacturers to opt for localized manufacturing, providing a boost to the injection moulding market. Germany accounted for 35.1 percent of the European market revenue, owing to the presence of advanced infrastructure & technology, R&D initiatives and facilities, and a highly-skilled workforce.
The demand for electric injection moulding machines is rising due to factors such as higher suitability to clean rooms and reduced downtime. With companies focusing on environment-friendly manufacturing, the demand for electric injection moulding machines that increase energy savings is anticipated to grow during the forecast period.
The major players in the market have invested extensively in research and development operations in recent years, which has led to the introduction of several innovative technologies, including Gas Assisted Injection Moulding (GIT), foam injection moulding, and multi-component injection moulding that can be used across the market.
The hydraulic injection molding machine segment accounted for 45.2 percent of the overall market in 2020 owing to the increasing demand for heavy and complex parts in industries such as automotive, marine, defense, and aerospace.
The automotive end-use industry is estimated to witness a CAGR of 4.4 percent over the forecast period on account of wide use in producing automotive parts such as interior and exterior trim components, electronic subassemblies, and other under-hood applications.