Injection Molding Machine Market Size 2024-2028

The injection molding machine market size is forecast to increase by USD 5.19 billion at a CAGR of 4.36% between 2023 and 2028. The rising demand from various industries, such as automotive, packaging, and healthcare, is driving market growth by increasing the adoption of injection molding technology. The increasing demand for consumer electronics, driven by technological advancements in injection molding and changing consumer preferences, is also boosting market expansion. Additionally, the rising awareness regarding energy saving, driven by environmental concerns and government regulations, is driving demand for energy-efficient injection molding machines such as robotic injection molding machines and driving market growth. Overall, these factors are driving the growth of the market and driving innovations in the industry. Our report examines historic data from 2018 - 2022, besides analyzing the current and forecasts market scenario.

Injection Molding Machine Market Forecasting and Size

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Injection Molding Machine Market Dynamics

The market is witnessing significant growth due to the mass volume production of plastic products globally. With the increasing global population, the demand for various products, including medicines, automobiles, and electronics, is on the rise. Plastics are preferred for their versatility and ability to meet specific requirements. This has led to a surge in the demand for these machines in manufacturing industries such as processed food & beverages, and the automotive industry. The market is driven by the need for interior and exterior components in vehicles, with companies like Sumitomo (SHI) Demag Plastics Machinery GmbH leading the pack among injection molding manufacturers. These companies are expanding their supply networks and adopting supply chain analytics to meet the growing demands of various industries. The shift toward electric vehicles has also increased the demand to produce interior parts and exterior parts efficiently. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Market Driver

The rising demand for Injection molding machines from various industries is notably driving the market growth.They are gaining popularity as manufacturers seek to enhance production efficiency, reduce costs, and manufacture high-quality products. The automotive sector has been a key driver of this trend, as injection molding technology allows for the precise and consistent production of complex parts, improving the quality of finished automobile products. This is particularly beneficial for electric vehicles, where the demand for interior parts and exterior parts produced using injection molding is increasing. Additionally, these machines play a crucial role in supply networks, especially in urgent emergencies, ensuring the efficient production of necessary components.

Likewise, the packaging and consumer goods industries are increasingly adopting injection molding techniques to manufacture plastic containers, packaging machinery, and other products that are durable, lightweight, and high quality. The medical sector has also recognized the benefits of these machines for producing medical tools and equipment. This is due to the versatility of plastics, which can meet specific requirements for medical devices. Injection molding also offers advantages in terms of labor efficiency and production rate, making it ideal for the medical industry's needs. Injection molding technology is crucial for meeting strict regulatory standards and ensuring the production of products with the required thickness, strength, and design. These factors are expected to drive market growth in the forecast period.

Significant Market Trends

The growing popularity of 3D printing is an emerging trend in market growth. The demand for injection molding equipment has increased as 3D printing is becoming popular. Although objects of various sizes and shapes can be produced using 3D printers, the selection of materials is frequently constrained. Contrarily, injection molding equipment can produce items from a variety of plastic and metal materials, enabling businesses to produce prototypes and finished goods that meet their unique needs.

The simplicity with which complex geometries can be produced when using 3D printing in injection molding is one of its primary benefits. Complex shapes are frequently created using multiple parts in traditional manufacturing processes, but with 3D printing, these shapes can be produced entirely in one piece. In addition to saving time, this lowers the chance of defects and material waste. The simplicity of prototyping is another benefit of 3D printing for injection molding. Multiple iterations of a design can be made quickly owing to the quick production of parts made possible by 3D printing. This makes it possible for engineers and designers to spot and fix any design flaws before moving on to mass production. Thus, the above-mentioned factors are expected to drive the growth of the market during the forecast period.

Major Market Challenge

The high initial and maintenance cost of injection molding machines is a major challenge impeding market growth. For the production of high-quality goods, including plastic, metal, and other goods, injection molding machines are essential. However, these machines can be quite expensive to buy and maintain. An injection molding machine's high price is primarily caused by the intricate design and extreme precision needed to produce these machines. The high cost of manufacturing machines is also a result of the materials, labor, and energy requirements. In addition to their high initial cost, these machines' high maintenance costs are a major concern. To ensure ideal working conditions, these machines need to undergo routine maintenance. Repair and replacement of damaged parts like nozzles, heaters, thermocouples, and hydraulic valves are included in the maintenance cost.

Smaller businesses that are unable to invest sizable sums of money may find it difficult to enter the market due to the high initial and ongoing costs of injection molding machines. As a result, smaller businesses may find it difficult to compete with the market's larger players, which may result in less competition and innovation. Therefore, such factors are expected to hinder the growth of the market to some extent during the forecast period.

Injection Molding Machine Market Segmentation

By Type 

The plastics segment will contribute a major share of the market. This is a versatile and efficient manufacturing process used to produce a wide range of plastic parts and components for various industries. Four main plastics stand out as the most popular among the various types used in these machines. These are polypropylene, polyethylene, polystyrene, and acrylonitrile-butadiene-styrene (ABS).

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The plastics segment showed a gradual increase in market share with USD 14.26 billion in 2018. The thermoplastic polymer polypropylene (PP), is frequently used in the packaging, medical, and automotive sectors. It is renowned for being extremely tough, having a high melting point, and having good chemical resistance. Furthermore, PP is a perfect material because it is lightweight and simple to mold. Another popular plastic is polyethylene (PE), particularly in the packaging and consumer goods sectors. It is renowned for its sturdiness, adaptability, and resistance to chemicals and moisture. Transparent thermoplastic polymer Polystyrene (PS) is also used in a variety of consumer goods, packaging, and electronic applications. It is renowned for having exceptional electrical insulation qualities and dimensional stability. With a balance of mechanical, chemical, and thermal properties, ABS is a thermoplastic polymer. It is used in many different products, such as toys, sports equipment, electronics, and automotive parts. High impact resistance, simple processing, and low cost are all attributes of ABS. Hence, such factors are expected to drive the growth of the plastic segment in the global market during the forecast period.

By End-user 

Dashboards, bumpers, and interior trims are a few of the components made by injection molding machines for automobiles. This device is crucial for boosting productivity and raising the caliber of the manufacturing process for automotive parts. The quick production rate is one of its benefits in the automotive sector. High-speed injection molding is a feature of these machines that enables the quick production of large quantities of automotive parts. To meet the market's increasing demand for vehicles, this is crucial for automakers. Additionally, this has a higher level of accuracy and consistency when producing automotive parts. Moreover, with the help of this equipment, manufacturers can create a variety of automotive parts in various colors and shapes. Thus, the above-mentioned factors are expected to drive the growth of the automotive segment in the global market during the forecast period.

By Region

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APAC is estimated to contribute 45% to the growth during the forecast year.  Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

APAC holds a significant share of the global machine market. This can be attributed to the region's steady growth in a number of industries, including the automotive, packaging, and construction sectors. The region's largest economy, China, has a sizable consumer goods and automotive sector, which fuels demand for injection molding equipment. The growth of the market in China has been further fueled by improved infrastructure and rapid industrialization. Increased demand for cars and consumer goods in India has also accelerated the uptake of injection molding equipment. Additionally, programs like Make in India and the development of smart cities have strengthened the manufacturing industry, fueling a significant demand for injection molding equipment. In addition, the expanding electronics industry and government assistance for small and medium-sized businesses have driven steady growth in the South Korean market.

Technology improvements in these machines have helped the market expand in addition to the expanding industries. Robotics and automation are being used more frequently in these equipment, which has increased productivity and efficiency. Manufacturers as a result have been able to cut costs, increasing their competitiveness. Furthermore, low labor costs and a plentiful supply of raw materials are also anticipated to draw investments from multinational corporations, which will in turn spur the expansion of the regional market during the forecast period.

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Shibaura Machine Co. Ltd. - The key offerings of the company include injection molding machines such as the Hydraulic injection molding machine IS series.

NISSEI PLASTIC INDUSTRIAL Co. Ltd. - The key offerings of the company include injection molding machines such as the NEX IV series and FVX III series.

We also have detailed analyses of the market’s competitive landscape and offer information on key companies, including:

ARBURG GmbH Co KG, BORCHE North America INC., Chen Hsong Holdings Ltd., Cosmos Machinery Enterprises Ltd., Electronica Plastic Machines Ltd., ENGEL Austria GmbH, FANUC Corp., Haitian International Holdings Ltd., Hillenbrand Inc., Husky Technologies, KraussMaffei Group GmbH, L.K. Technology Holdings Ltd., NISSEI PLASTIC INDUSTRIAL Co. Ltd., Shibaura Machine Co. Ltd., Sumitomo Heavy Industries Ltd., Tederic Machinery Co., Ltd., The Japan Steel Works Ltd., Toyo Machinery and Metal Co. Ltd., Ube Corp., and WITTMANN Technology GmbH 

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Type Outlook 
  • Plastics
  • Rubber
  • Others
• End-user Outlook 
  • Automotive
  • Consumer goods
  • Packaging
  • Healthcare
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Market Analyst Overview

The market is experiencing growth due to various factors. Advancements in mechanical systems are enhancing efficiency and reducing wastage in the industry. The market is driven by the growth in the injection molding market and the increasing demand for plastic components used in various packaging solutions and automotive hubs. The trend towards fully automatic, highly efficient, and all-electric machines is gaining traction. There is a growing demand for medical components, driven by advancements in human health conditions. Factors such as global trade and finance influence the production of automobiles and electronics, impacting the demand for injection molding machines. Government initiatives supporting energy efficiency and monitoring systems are also driving market growth.

Moreover, the market is witnessing growth due to several factors. The increasing demand for injection molding is driven by the rise in vehicles per 1000 people and the need for efficient production. Machines like the IntElect S 100/460-250 are leading innovations, meeting the evolving needs of the community and medical equipment sectors. To meet these demands, injection molding manufacturing companies are adopting new methods of working and investing in skilled staff. Factors such as the demand for electronics and construction industry growth are also boosting the market. Additionally, supportive government initiatives and the development of hybrid machines and servo pumps are driving the market further.

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What are the Key Data Covered in this Injection Molding Machine Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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