According to the new market research report “Plastic Injection Molding Machine Market by Machine Type (Hydraulic, All-Electric and Hybrid), Clamping Force (0-200 Tons Force, 201-500 Tons Force and Above 500 Tons Force), End-Use Industry (Automotive, Consumer Goods, Packaging, Healthcare, Electrical & Electronics and Others) and Region – Global Forecast to 2025″, is projected to reach USD 10.6 billion by 2025, at a CAGR of 2.74% from USD 8.9 billion in 2020. A plastic injection molding machine is used for manufacturing products made up of plastics. It consists of two main parts – an injection unit and a clamping unit. The injection unit is like an extruder, whereas the clamping unit is concerned with the operation of the mold. Plastic injection molding machines can fasten the molds either at the horizontal or the vertical position. There are three types of plastic injection molding machines – hydraulic injection molding machines, all-electric injection molding machines, and hybrid injection molding machines.
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All-electric injection molding machine utilizes electric servo motor powering gears, racks, and ball screws to drive most of the machine functions. All-electric presses are noiseless faster, and more accurate as compared to other types of injection molding machines; however, the machine is more expensive. Since servo motors run all-electric injection molding machines, they require power only when they are in operation. All-electric injection molding machine can save up to 50–70% energy as compared to hydraulic injection molding machine. All-electric injection molding machine is currently the most preferred machine type owing to its lower use of chilled water, decreased housekeeping and preventive maintenance, less energy and oil consumption, and lower repair rate. Thus, All-Electric injection molding machine is the fastest growing segment during the forecast period.
Plastic molds are widely used in the healthcare industry. Plastic injection molding machines are preferred for manufacturing medical products, as these machines offer high precision, accurate, and complex injection molded parts. These machines have application in surgical and medical devices such as syringes, vials, medical instruments, inhalers, cannulated, medicinal connectors, air systems, and prescription bottles. The outbreak of coronavirus across the globe has highlighted the healthcare industry. Due to explosive surge in the number of Covid-19 cases, the demand for medical equipment like syringes, air systems, and other medical instruments increased exponentially. Countries such as India and China became the hub for manufacturing and meeting the demand for all these equipment across the globe.
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The plastic injection molding machine market size is estimated to be USD 8.9 billion in 2020 and is expected to reach USD 10.6 billion by 2025, at a CAGR of 2.74% during the forecast period. Factors such as growing demand from healthcare industry, rapid industrialization in growing economies like China, India & Thailand and increasing demand for plastic molds in electric vehicles will drive the plastic injection molding machine market. The major restraint for the market will be high initial and maintenance cost of the machines. However, rising awareness about energy saving, will act as an opportunity for the market.
The key market players profiled in the report include Haitian International Holdings Limited (China), Chen Hsong Holdings Limited (China), Sumitomo Heavy Industries Ltd. (Japan), Engel Austria GmbH (Austria), Hillenbrand, Inc. (US), and others. They are continuously undertaking developmental strategies such as expansions, new product launches, acquisitions, and contracts & agreements to strengthen their position in the injection molding machine market.
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Haitian International Holdings Limited. is one of the major players in the plastic injection molding machine market. In order to strengthen their product portfolio, the company is focusing on organic growth for meeting client’s requirements. In May 2019, Absolute Haitian Corporation, the sales and service partner of Haitian International, expanded its North American operations with the opening of a 116,000-sq.-ft. facility in Moncks Corner, South Carolina, US. Haitian launched a new Jupiter 3 series, which has better features than that of the Jupiter 2 series. It has better intelligent control and digitization of processes.
The companies also adopted acquisition as a strategy to increase their share and market presence. For instance, in November 2019, Hillenbrand, Inc. completed the acquisition of Milacron Holdings Corp. at approximately USD 1.9 billion. Also, Nissei Plastic Industrial Co., Ltd. acquired NEGRI BOSSI S.P.A. (NEGRI BOSSI) Group, a plastic injection molding machine manufacturer in Italy.
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