August 18, 2022 02:18 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global injection molding machine market is projected to reach USD 20.49 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period. Advent of smart manufacturing technologies will generate numerous innovation opportunities in this market, shares Fortune Business Insights™ in its report, titled “Injection Molding Machine Market Size, Share, and Regional Forecast, 2020-2027”.
The global injection molding machine market size was USD 15.39 billion in 2019 and is projected to reach USD 20.49 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period.
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New-age, smart technologies powered by artificial intelligence (AI) and the Internet of Things (IoT) have revolutionized manufacturing processes. For example, in the injection molding domain, machines and equipment are embedded with sensors that collect and transmit data to a central system, where they are analyzed. The key feature of these technologies is that they eliminate the need for human intervention. Injection molding machines are widely utilized in manufacturing essential items made from plastics and metals. With the integration of AI and IoT, these machines can work at higher efficiencies compared to their conventional counterparts and this factor is expected to create wide-ranging opportunities for players in this market.
Asia Pacific to Hold Lion’s Share Backed by Strong Industrial Growth
At USD 6.01 billion, Asia Pacific dictated the injection molding machine market share in 2019 and is predicted to maintain its dominant position during the forecast period. This will mainly be a result of robust growth of industries in the region, especially in the SME sector in countries such as India, China, and Vietnam. In addition, government policies supporting manufacturing activities will further encourage innovation and entrepreneurship in the region, benefiting the market in general.
In North America, quick adoption of advanced manufacturing equipment and technologies to compensate the lack of labor will favor the market in the region. In Europe, on the other hand, manufacturers are facing major hurdles in the form of stringent environmental regulations, which is dampening the regional prospects of the market.
Leading Players to Concentrate on Developing Cost-Effective Molding Equipment
Key players in this market are constantly engaged in developing injection molding machines that are cost-effective and energy-efficient. By offering future-proof solutions to end-users, these companies are able to broaden and deepen their presence in the market and expand their operations globally.
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Injection Molding Machine Market: Report Scope & Segmentation:
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Declining Manufacturing Activities amid COVID-19 to Limit Market Growth
The outbreak of the COVID-19 pandemic has unprecedented uncertainty across industries, hampering investments in new technologies and creation of employment. The injection molding machine market growth is likely to get impacted as well owing to the reduced labor force working in manufacturing plants amid the pandemic. In India, for example, the sudden lockdown announced in March 2020 to contain the spread of the infection forced a huge number of migrant workers, most of who are employed in the country’s burgeoning small and medium enterprise (SME) sector, to leave for their native places. In the US, to take another example, a survey conducted by the National Association of Manufacturers revealed that 53.1% of manufacturers foresee changes in production operations, while 35.5% have been facing issues due to supply chain disruptions. The uptick for this market is the surging demand for plastic medical devices, which are extensively manufactured by injection molding machines. Thus, the demand for these machines from the medical device industry may offset the losses from other industries to a limited extent for players in this market.
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. The report further provides insights into the regional analysis covering different regions, contributing to the market growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
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