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In addition to increasing demand from the healthcare industry, rapid industrialization in developing countries, and increasing demand for plastic molds in electric vehicles will all drive the market, Using technology to improve the efficiency of medical injection molding.
According to a new report from market research firm Markets and Markets, the injection molding machine market is expected to reach US$12.3 billion by 2025, growing at a compound annual growth rate (CAGR) of 3.6% from US$10.3 billion in 2020.
“The market is primarily driven by an increase in demand for injection molding machines in end-use industries such as automotive, consumer goods, packaging, healthcare, electrical & electronics, and others,” Plastic Injection Mold according to the research report. Increasing demand from the healthcare industry, rapid industrialization in developing economies such as China, India, and Thailand, and increased demand for plastic molds in electric vehicles will all contribute to the growth of the injection molding machine market.
Europe and North America are the second and third largest markets for injection molding machines, respectively, in terms of both volume and value, according to industry estimates.
This has resulted in opportunities for the injection molding machine market, according to the report. "The injection molding machine has been adversely affected during COVID-19, which has opened up avenues of opportunities for the injection molding machine market," the report stated. There has recently been an increase in demand for injection molding machines from makeshift hospitals and healthcare institutes all over the world, which are being used to manufacture a variety of medical equipment. According to the report, the global outbreak of coronavirus (COVID-19) has brought attention to the healthcare industry. As a result of an explosive increase in the number of COVID-19 cases, Hot Runner Molds the demand for medical equipment such as syringes, air systems, and other medical instruments has skyrocketed. The report stated that “countries such as India and China have emerged as global hubs for manufacturing and meeting the demand for all of this equipment.”
A growing demand for large tonnage injection molding machines, which are used to manufacture large molded parts for automotive, appliance, and industrial applications, according to the report, is on the rise. In the past, the demand for injection molding machines did not exceed 400 tons, with 500 presses being the upper limit due to plant infrastructure expenses, according to the report. Over time, there have been shifts in customer demand."A high demand exists for large components.”
According to the report, the fastest growing segment will be all-electric machines during the forecast period.
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It is expected that the automotive industry will be the most important end-use sector.
It is in the automotive end-use market that the greatest demand for injection molding machines exists. The report stated that injection molding machines are primarily used in the production of automotive components, interior wrapping, and assembly parts, including automotive exteriors, car lenses, interior components, under-the hood components, plastic injection molding and filter components. In the automotive industry, a significant shift toward the use of plastics rather than iron and steel is expected to propel the injection molding machine market during the forecast period.
Aside from that, strict government regulations have compelled automobile manufacturers to use plastics rather than other materials such as iron and steel. As a result of rapid economic growth, improved infrastructure, and an increasing middle-class population in emerging markets, vehicle production and sales have increased, thereby increasing the demand for injection molding machines in the automotive industry. In addition, the report stated that "the rapidly growing automotive industry in APAC is also one of the major factors driving the injection molding machine market."
MOST IMPORTANT MARKET WILL BE ASIA-PACIFIC
As stated in the report, the Asia-Pacific region has the largest injection molding machine market, with China being the largest market with the most potential for growth.“Rising disposable incomes and rising standards of living in emerging economies in the Asia-Pacific region are the primary drivers of this market,” the report stated. "
With Germany, France, the United Kingdom, Italy, and Spain as the leading countries, Europe is the world's second-largest market for injection molding machines. Because the European market has reached maturity, it is expected to grow at a lower compound annual growth rate (CAGR) over the next five years, according to the study. The presence of a developed automotive industry in Europe has always made the continent a major injection molding machine market, says the author. "Because of the high demand for molds in electric vehicles, this market is expected to grow at an even faster rate. Key countries such as Germany and Italy have demonstrated a strong demand for injection molding machines, which is expected to continue in the foreseeable future.
The Wall