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The global plastic injection molding market is expected to reach US$ 14.5 Bn in 2028 and is register CAGR of 3.5% from 2021 to 2028.
The flourishing healthcare sector in the North America and increasing use of injection molding in the manufacturing of medical devices is expected to boost the plastic injection molding market growth in the region. North America dominated the global plastic injection molding market growth by acquiring revenue of US$ 1.8 bn in 2020.
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Stringent US FDA regulations related to the use of plastic in medical devices and manufacturer’s approach towards adoption of cost-efficient production process is expected to increase demand for plastic molding machines. The medical device market in the US in 2017 was US$ 156 Bn and is anticipated to reach US$ 208 Bn in 2023. With the surging medical device export from the country reaching upto US$ 43 billion, the growth of plastic injection molding machines is expected to rise. Injection molding would aid manufacturers in the development of products with reduced weight, low cost, and increased functionality. The government is spending high on the development of healthcare infrastructure in order to support the R&D activities. Consumer’s inclination towards adoption of homecare is the reason the government is implementing certain standards for medical device manufacturing. Manufacturers need to attain a certain quality level considering the aspect of lowering the production cost.
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Asia Pacific region is witnessing swift development due to rapid technological and infrastructure development taking place in countries such as China, India, Malaysia, etc. Consumer spending on electronics devices/products is increasing. The presence of large number of players operating in the country and the introduction of new smart solutions is attracting consumers. Consumer electronics & appliances sales in India increased by 23% in 2021 and the demand for electronic hardware is expected to reach US$ 400 Bn by 2024. The governments of developing countries are providing positive business policies for entrepreneurs. Availability of 100% FDI and tax benefits along with easy availability of raw materials and low-cost labor is attracting players across the globe to venture in this region. Plastic tend to be a better raw material for electronic products. Plastic provides the benefits such as high flexibility, low cost, and micro-tolerance characteristics making it more preferable in comparison to other materials. This is expected to increase the demand of plastic injection molding machines.
High demand for plastic injection molding from various end-use industries, coupled with growing awareness among manufacturers related to the benefits of plastic injection molding is expected to increase plastic injection molding machine demand. The rise in construction activities in countries such as Brazil and India is increasing the demand for products that are heat and pressure-resistant. This is expected to increase the adoption of plastic injection molding machines from construction product manufacturers.
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In addition, high demand from the automotive sector for efficient components is supporting the market growth. However, changing regulations related to the use of plastic and volatility in the price of raw materials such as ethylene and propylene are some aspects expected to show downfall to the plastic injection molding market growth. In addition, strict environmental regulations related to the disposal of plastic products are an obstacle to market growth. Increasing production capacity from manufacturers and inclination towards the development of eco-friendly raw material that is cost-effective are some opportunities witnessed by enterprises for growth in the coming years. In addition, strategic business partnership and product portfolio acquisition is expected to support the revenue transaction of the market.
The global plastic injection molding market is segmented into machine types and end-use. The machine type is divided into hydraulic injection molding machines, all-electric injection molding machines, and hybrid injection molding machines. Among the machine types, the hydraulic injection molding machine accounted to a revenue share of 48% in 2020 in the global plastic injection molding market. High preference for hydraulic injection molding machine is due to low maintenance and better performance. The end-use segment is bifurcated into automotive, consumer goods, packaging, healthcare, electrical & electronics, and others. Players operating in the global plastic injection molding market are Husky Injection Molding Systems Ltd, Sumitomo Heavy Industries Ltd, Haitian International Holdings Limited, The Japan Steel Works Ltd, Chen Hsong Holdings Limited, and Engel Austria GmbH.
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