Injection Molding Machine Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

The injection molding machine is a crucial piece of equipment in the manufacturing process that transforms raw materials into a wide range of products. These machines work by heating the materials to a molten state in it injects them into a mold under high pressure and then cool them to form the desired shape. The materials include plastic, metal, rubber, ceramic and more. Injection molding machine molds can be fastened in either a horizontal or vertical position. The machine’s ability to mass produce objects, precision, repeatability and efficiency makes it indispensable in the production landscape.

MARKET OVERVIEW

The market valuation of injection molding machine market was valued at approximately USD 15.9 billion in 2023 and is projected to reach USD 21.5 billion in 2034 exhibiting a CAGR of 5.2% during the forecast period of 2024-2034. Injection molding machine is a component in the manufacturing process offering numerous benefits in the production line. The market is aligned with diverse sectors, which makes it a sustainable and growing market.

GROWTH DRIVERS

The rising demand for lightweight automotive components, where the automotive industry is increasingly using lightweight materials to improve fuel efficiency and reduce emission. The injection molding machines are ideal for producing lightweight plastic components. According to Statista, the worldwide car sales grew to around 75.3 million automobiles in 2023, up from around 67.3 million units in 2022.  According to Omega Plastics Group, due government regulations, car manufacturers are adopting new materials in order to make their cars lighter. The recent research has found that by 2020 the use of plastics in automotive will increase by 75% meaning that the average car will incorporate 350kg of plastic, up from 200kg in 2014.

The packaging industry is a major consumer of injection model products, from caps and closures to containers and trays. The rise of ecommerce and consumer goods has increased the demand for efficient, sustainable packaging solutions. According to Statista, global plastic packaging market was valued at USD 265.2 billion in 2022. The market is forecast to reach almost USD 385.5 billion by 2028, registering a CAGR of 6.1% during the forecast period 2023 to 2028. According to Shopify, the global ecommerce sales are forecast to hit USD 6.3 trillion in 2024. The number also marks an 8.8% annual increase—the third-fastest global ecommerce sales growth rate in the forecast period between 2021 and 2027. 

In 2025, global ecommerce sales are forecast to rise to USD 6.8 trillion, before adding another USD 550 billion in 2026, to USD 7.4 trillion. It is estimated that world retail ecommerce sales will hit USD 7.9 trillion, by 2027. The medical industry relies heavily on injection molded components for devices, diagnostic equipment and disposals. The growing healthcare needs and the technological advancement in the medical devices, increases the demand for the precise and reliable injection molding machines. According to KPMG, the medical device industry is poised for steady growth, with global annual sales forecast to rise by over 5% a year and reach nearly USD 800 billion by 2030.

These projections reflect increasing demand for innovative new devices (like wearables) and services (like health data), as lifestyle diseases become more prevalent, and economic development unlocks the huge potential in emerging markets, particularly in China and India. The electronics and consumer goods sectors are one of the major users of injection molded parts, from housing and enclosures to components and accessories. The injection molding plays a crucial role in producing high precision with high volume parts in the electronics market. According to Statista, the global consumer electronics market is expected to grow to USD 815.1 billion in 2024 and USD 1,467.9 billion by 2032.

MARKET SEGMENTATION:

·         By Material Type- Plastic (Thermoplastic & Thermosets), Metal (Powder & Liquid), Rubber, Ceramic and Others

·         By Machine Type- Electric, Hydraulic and Hybrid

·         By Clamping Force - 0-200 Ton Force, 201-500 Ton Force, above 500 Ton Force

·         By End Users- Automotive, Packaging, Electronics, Healthcare, Consumer goods, Building and Construction and others

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Injection Molding Machine Market Segment By Material Type Review:

The injection molding machine market is diverse, including various material types including plastics and thermosets, metals, ceramics, and rubber, each material type has distinct characteristics and applications. In the plastics segment, thermoplastic like polyethylene, polypropylene and others dominates the market due to the stability and its recyclability. It finds applications in a wide range of sectors including automotive parts, consumer goods and packaging. Thermosets like epoxy and phenolic resins are preferred for their excellent heat resistance and structural integrity.

It makes them an ideal choice for electrical components and aerospace electron applications. The metal injection molding, which includes both powder and liquid metal processes, finds application in high precision applications across medical, automotive and aerospace industries. Ceramic injection molding addresses the demand for high performance, wear resistance and biocompatible materials in the medical sector, electronics and automotive sector. The rubber injection molding involves materials like natural rubber and silicon. It is utilized in the automotive industries for high quality seals and gaskets and the medical sector demand for durable and flexible components.

Injection Molding Machine Market Segment By Machine Type Review:

The electric injection molding machine highly valued for their precision, energy efficiency, and clean operation. It makes them an ideal for producing medical devices, electronics and high-quality consumer goods. They consume less energy and offer high repeatability, which is crucial for integrate parts with tight tolerances. The hydraulic injection molding machines, known for their robustness and high clamping force, are cost effective and durable. It makes them suitable for large automotive parts, construction materials, and durable consumer products.

They handle demanding production environments and offers versatility for molding a wide variety of materials. The hybrid injection molding machines combines the features of electric and hydraulic systems. It offers a balance between energy efficiency precision and high performance. They are versatile, flexible and suitable for a wide range of applications including automotive packaging and consumer electronics.

Injection Molding Machine Market Segment By Clamping Force Review:

The machines with 0-200 ton clamping force are ideal for producing small, detailed parts in electronics, medical devices and consumer groups due to their high precision and fine surface finishes. These machines consumes less energy as compared to larger machines, making them cost effective for small scale production. The machines with a clamping force of 200-500 ton strikes a balance between power and precision. It makes them suitable for medium size automotive components, packaging products and industrial bars. The machines with the clamping force above 500 ton are essential for large-scale, high-volume production in automotive, construction, heavy industrial sector. They provide the necessary force to move large and thick-walled parts with ensuring proper material flow and part integrity.

Injection Molding Machine Market Segment By End-User Review:

The injection molding machine market is segmented into diverse sectors, catering to each with each end-user for specific advantage or application. The automotive sector drives the market due to the need for lightweight and high-performance components like dashboards. numbers and engine parts. The packaging industry benefits from sustainable and recyclable materials, producing container slits and medical packaging. The electronics sector demands miniaturization and high precision for manufacturing protective casings, connectors, and circuit boards.

The healthcare industry relies on strict quality and biocompatibility standards to produce medical devices, diagnostic equipment, and pharmaceutical packaging. The consumer goods require innovation and aesthetic appeal for household products, toys, personal care items, and more. the building and construction industry needs the robust and durable components like pipes fittings and other building materials driven by urbanization and projects.

Injection Molding Machine Market Regional Analysis:

North America is a significant market driven by advanced manufacturing infrastructure on strong demand from various end use industries. The adoption of Industry 4.0 and smart manufacturing technologies in USA and Canada is enhancing the production and efficiency and product quality, which drives the demand for advanced injection molding machines. The presence of major automotive manufacturers and suppliers in North America, fuels the demand for injection molding machines market.

Europe is a valuable market driven by presence of robust annual established automotive manufacturing base. Asia Pacific is the significant and fastest growing market for driven by rapid industrialization and economic growth. The countries like China, Japan, Korea are in major manufacturing words, producing a wide range of consumer goods, electronics and automotive components, which leads to high demand for injection molding machines. The rapid economic development and rising disposable incomes in the South countries like India and South Asian nations, boosts the demand for consumer goods and packaging.

The significant presence of electronics industry in Asia Pacific region, mainly in China, Taiwan, India and Korea requires precise volume production capabilities which is provided by injection molding machines. The supportive government policy and investment in manufacturing infrastructure and rapid technological upgrades in China, India and Asian countries promotes the adoption of the market. The Middle East and Africa is is a growing market driven by infrastructure development in the countries like UAE, Saudi Arabia and South Africa. South America is a developing market driven by industrialization and urbanization in this region.

Key Challenges:

The injection moulding machines and the related infrastructure requires significant capital investment, which may be a barrier for small and medium sized enterprises. The high cost of purchasing advanced injection molding machines and setting up the necessary infrastructure may be prohibitive for small manufacturers. The businesses may face long return on investment periods, which may make them hesitant to invest in new technologies and machines. The price of raw materials like plastic and resins used in injection molding may be highly volatile.  The fluctuations in raw material prices may significantly impact the production cost and profit margin. The dependence on raw material imports may lead to supply chain disruptions particularly in regions with local production capabilities.

Competitive Landscape:

In the highly competitive Injection Molding Machine market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategi partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes – Husky Technologies opened a cutting-edge service center in Jeffersonville, Indiana, in December 2023.  ARBURG expanded a new subsidiary in Vietnam, in November 2023. Haitian International opened an advanced manufacturing facility in Mexico, in June 2023. ENGEL partnered with ALPA Group and Brink and IPB printing  for ENGEL e-speed injection molding machine, in June 2022. Che Hsong Holdingd Ltd. signed an agreement with Chiers electric car manufacturer YD Group, in March 2022

Global Key Players:

·         Arburg GmbH + Co KG

·         Haitian International Holdings Limited

·         Milacron

·         Nissei Plastic Industrial Co., Limited

·         Engel Austria GmbH

·         Sumitomo (SHI) Demag Plastics Machinery GmbH

·         Chen Hsong Holdings Limited

·         Toyo Machinery & Metal Co., Ltd

·         Husky Injection Molding Systems Ltd

·         Japan Steel Works Limited

·         KraussMaffei Group

·         UBE Machinery

·         Shibaura Machine Co. Ltd.

·         Wittmann Battenfeld

·         Other Players