Injection Molding Machine Market projected to surpass $6 billion by 2027, Says Global Market Insights Inc.
Selbyville, Delaware, May 04, 2021 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the global Injection Molding Machine Market was estimated at $4.4 billion in 2020 and is slated to exceed $6 billion by 2027, registering a CAGR of 4.8% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Vertical position machine contributed around USD 795 Million to the injection molding machine market in 2020. Vertically oriented machines occupy less space than the horizontal types and are more suitable for insert molding applications, including glass, films, and metals in addition to plastics. This type of machine is preferred for manufacturing small parts and manual operations. Additionally, manufacturing facilities with space constraints place high demands for vertically oriented injection molding machines.
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Hydraulic injection molding machines also hold a significant portion of the injection molding machine market. This can be ascribed to their high clamping force abilities. Modern hydraulic IMMs can provide a clamping force of up to & beyond 8,000 tons and hold the ability to produce parts weighing more than 50 pounds. Therefore, hydraulic injection molding is highly preferred by the automotive industry to manufacture heavy & large parts such as bumpers. Manufacturers leverage several benefits offered by different injection molding machines and are increasingly ordering IMMs to manufacture all kinds of products. Thus, these trends are positively impacting IMM demand and creating lucrative opportunities for industry participants.
The North America injection molding machine market will witness around 3.5% CAGR by 2027. This can be mainly attributed to the large automotive vehicle production across the region. Moreover, with the large number of plastic parts used in a vehicle and the increasing automotive vehicle sales and huge fleet of automobiles, injection molding is one of the most viable options to mass produce parts with high cost-efficiency.
In 2020, automotive vehicle production in the U.S. was over 8.8 million units. In addition, the increasing demand for smaller tonnage equipment in the bottling and medical industries will further drive the demand for the injection molding machine. However, the COVID-19 outbreak has severely impacted the injection molding machine demand from the automotive sector due to declined vehicle production.
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Prominent injection molding machine industry participants are ENGEL Group, ARBURG GmbH + Co KG, Haitian Plastics Machinery Group, Sumitomo (SHI) Demag Plastics Machinery GmbH, Husky Injection Molding Systems Ltd., KraussMaffei Technologies GmbH, Milacron LLC, Nissei Plastic Industrial Co., Ltd., The Japan Steel Works, Ltd., Ube Machinery Corporation, Ltd., Polymechplast Machines Ltd., Electronica Plastic Machines Ltd., Multiplas Enginery Co., Ltd., Supermac Machinery, Borch Machinery Co., Ltd., MICRO, and Wittmann Battenfeld GmbH.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
Published on : https://www.globenewswire.com/news-release/2021/05/04/2222044/0/en/Injection-Molding-Machine-Market-projected-to-surpass-6-billion-by-2027-Says-Global-Market-Insights-Inc.html