TAGS: Medical Metal Replacement Machinery
The injection molding machine market is projected to reach USD 12.3 billion by 2025, at a CAGR of 3.6% from USD 10.3 billion in 2020. Plastic molds are widely used in the healthcare industry. Injection molding machines are preferred for manufacturing medical products, as these machines offer high precision, accurate, and complex injection molded parts.
These machines have applications 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 an 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.
Segment with Largest Market Share
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. The clamping force of 201–500 ton-force is mainly used in medium-sized injection molding machines. Machine types such as hydraulic, all-electric, and hybrid are available in 201–500 ton-force. These machines are mainly used for applications in the automotive, packaging, and consumer goods industries, where relatively medium-sized molded parts are required.
The injection molding machine market for plastic products accounted for the largest in terms of value, in 2019. Injection molding is the manufacturing process for making plastic parts and products from thermoplastics and thermosetting materials. Commonly used plastic in the injection molding process is nylon, polypropylene, polystyrene, polyethylene, and unsaturated polyesters. Plastic products are manufactured using high-quality raw materials that ensure their superior quality. The injection molding process for plastic products involves heating the polymer until it is liquid and then using pressure to force it into the mold. The process is very fast and complicated. In spite of expensive tooling cost, injection molding is the most popular manufacturing process for the mass production of plastic materials. Injection molding machines are used to produce various plastic products such as power-tool housing, telephone handsets, electrical switches, car bumpers, dashboards, syringes, disposable razors, and bottle lids/closures.
Most Popular Machine Type
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. This type of machine helps in a significant reduction of production cycle time. Molders mainly use high-tonnage hydraulic machines for molding large parts. This machine is mainly used for producing high precision plastic components such as automotive parts, caps & closers, consumer goods, electrical & electronics goods, and medical items.
Largest End-use Industry
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.
Stringent government regulations have forced automotive manufacturers to use plastics instead of other materials such as iron and steel. Rapid economic growth, improved infrastructure, and rising middle-class population in emerging economies have led to an increase in vehicle production and sales, which, in turn, increase the demand for injection molding machines. The rapidly growing automotive industry in APAC is also one of the major factors driving the injection molding machine market.
Major Emerging Nations in the Market
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The injection molding machine market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest injection molding machine market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the injection molding machine market. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization. Booming automotive, consumer goods and packaging sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India, Indonesia, and China are expected to witness high growth in the injection molding machine market due to the increasing demand from the automotive industry.
Source: Research and Markets