Injection Molding Machine Market Size Worth $23.15 Billion By 2027

Injection Molding Machine Market Growth & Trends

The global injection molding machine market size is expected to reach USD 23.15 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 3.0% during the forecast period. Increasing adoption of lightweight materials in the automotive industry is anticipated to boost the demand for plastics in automotive component manufacturing, thereby complementing growth.

Technological advancements in the injection molding machine, lower production cycle, and increase in productivity are changing the trends of new-age injection molding machines. New developments in technology, such as molding different raw materials through an injection molding process and increasing energy efficiency, have replaced traditional molding machines.

Growth in the global automotive industry is expected to increase the demand for injection molding machines for making large, heavy, and small and complex parts. These machines are used in the automotive industry on account of their smooth flow rate, high repeatability, high precision, ability to manufacture complex parts, and ease of maintenance and operation.

The rising population, coupled with improving economic conditions, has boosted the demand for consumer goods and food and beverage processing, thereby creating opportunities for product differentiation. This, in turn, is expected to drive the demand for attractive packaging, boosting complexed, and high-quality injection-molded plastic packaging products growth.

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Injection Molding Machine Market Report

Injection Molding Machine Market Report Highlights

• Plastic injection molding machine accounted for over 76% of the global revenue in 2019, on account of the shifting adoption from metal parts towards plastic components in the automotive industry
• The demand for electric injection molding machine is estimated to expand at a CAGR of 3.6% from 2020 to 2027 owing to its increasing application in various industries such as electrical and electronics, aerospace, and automotive for making small and precise products
• The Asia Pacific accounted for 40% of the global revenue share in 2019 owing to the expansion of electronics, automotive, aerospace, and automotive industries in countries including India, China, South Korea, and Japan
• The demand for injection molding machines in the packaging industry is estimated to witness a CAGR of 3.0% from 2020 to 2027 on account of the rising demand for different packaging enclosures in the food and beverages industry
• Strategies adopted by market participants include new product developments, partnerships with end-use industries, and value chain integration to gain a competitive edge in the market