(IT-NEWSWIRE.COM, January 20, 2023 ) The global Injection Molding Machine Market size is projected to reach USD 12.4 billion by 2027 from USD 10.4 billion in 2022 growing at a CAGR of 3.6%. An injection molding machine is used for manufacturing products made up of plastics, rubber, metal, and ceramic. 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. Injection molding machines can fasten the molds either at the horizontal or the vertical position. Factors such as growing demand from the healthcare industry, rapid industrialization in growing economies like China, India & Thailand, and increasing demand for plastic molds in electric vehicles will drive the injection molding machine market.
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Based on machine type, the Injection Molding Machine Market is segmented as Hydraulic, All-Electric, and Hybrid. Hydraulic accounted for the largest share in this segment. Hydraulic injection molding machine is the most popular machine type, primarily because of its long service life and a wide range of applications. The hydraulic injection molding machine consists of a fixed-speed, three-phase motor, and a variable-volume pump. Hydraulic injection molding machines have a long life, far drive distance, and low maintenance cost.
Based on clamping force, the injection molding machine market is segmented as 0-200 tons force, 201-500 tons force, and Above 500 tons force. The 201–500 ton-force segment accounted for the largest market share in terms of value, in 2019 and is projected to register the highest CAGR during the forecast period. This high growth is attributed to the rising demand for medium-sized molded parts from major end-use industries such as automotive, packaging, and consumer goods.
On the basis of product type, injection molding machine market is segmented into plastic (thermoplastics and thermosets), rubber, metal (powder and liquid), ceramic, and others (microinjection, gas injection molding, and liquid silicone rubber). Injection molding machines for plastic products is the most dominant and accounted for the largest share of the injection molding machine market in 2019. Injection molding is the manufacturing process for making plastic parts and products from thermoplastics and thermosetting materials.
Based on end-use industry, the injection molding machine market has been segmented into automotive, consumer goods, packaging, healthcare, electrical & electronics, and others. The demand for injection molding machines in automotive end-use is the largest in this segment. Injection molding machines are predominantly 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. A strong shift in the use of plastics instead of iron and steel in the automotive industry is expected to drive the injection molding machine market during the forecast period.
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Asia Pacific region is offering lucrative opportunities for the growth of the injection molding machine market. Growing economies like China, India, Thailand and Vietnam are offering favourable investment opportunities in major end-use industries like automotive, healthcare, electronics and consumer goods. Rise in population in the region is driving the domestic demand for all these sectors, fueling the injection molding machine market.
The key market players profiled in the report include Haitian International Holdings Limited (China), Sumitomo Heavy Industries Limited (Japan), The Japan Steel Works Ltd. (Japan), Chen Hsong Holdings Limited (China), Hillenbrand, Inc. (U.S.), Nissei Plastic Industrial Co., Ltd. (Japan), Engel Austria GmbH (Austria), Arburg GmbH & Co KG (Germany), Husky Injection Molding Systems Ltd. (Canada), KraussMaffei Group GmbH (Japan), Dongshin Hydraulic Co., Ltd. (South Korea).
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