According to the latest market study released by Technavio, the global injection molding machine market is expected to grow at a CAGR of more than 2% during the forecast period.
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Technavio publishes a new market research report on the global injection molding machine market from 2016-2020. (Graphic: Business Wire)
This research report titled ‘Global Injection Molding Machine Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Gaurav Mohindru, a lead analyst at Technavio for unit operations research, “Injection molding, and particularly metal injection is finding in-roads and higher acceptance in major end-user industries.”
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The report categorizes the global injection molding machine market into the following five major end-user segments, of which the top three are discussed in detail below.
- Automotive
- Consumer goods
- Packaging
- Consumer electronics and IT
- Others
Automotive
The automotive industry is an important application sector for injection molding technology. Gearboxes, engines, locking mechanisms, turbochargers, steering systems, and various electronic systems embedded within the automobiles are a few of the devices that use injection molded parts as they possess high strength and in some cases, high complexity.
The global automotive industry has grown over the past five years. Though it has been adversely affected by the economic instability, especially in the US and more recently in China, the profit margins for the sector are in the process of recovery. The benefits are likely to be generated from automotive sales in emerging economies. The rise in revenue earnings from developed countries like the US, South Korea, Germany, and Japan will be moderate.
Consumer goods
The most common application of injection molding in the consumer goods industry is the use of thermoplastic and thermosetting polymers to manufacture various plastic goods such as containers, buckets, trolley buckets, chairs, tables, hangars, storage baskets, closing cabinets for air conditioners and washing machines, and several other consumer goods made of plastic.
Injection molding has proven itself as the most effective and cost-efficient manufacturing technology for developing watches with innovative designs. The eyewear sector is also a prominent end-application area for injection molding machines. The use of this technology offers benefits like cost-effective and high-volume manufacturing and the ability to create complex designs with ease.
“With the global population crossing 7 billion in August 2016 and the prediction for it to grow by approximately 1% YoY till 2020, the demand for consumer goods is expected to witness an unprecedented rise in demand, which, in turn, will provide impetus to the injection molding machinery,” says Gaurav.
Packaging
In the packaging industry, injection molding machines are used in the manufacture of caps and closures, containers, pails, buckets, etc. required for the packaging of an assortment of foods and beverages. With the rapid growth of the population coupled with changes in lifestyle due to urbanization, the packaged food industry is expected to generate revenue worth approximately USD 3 trillion by 2020. This creates significant growth opportunities for the injection molding machine market.
Besides the packaged food and beverage industry, injection molding machines also face demand from the beauty products market. The packaging of bottles and containers for products like shampoo, body wash, face wash, beauty creams, and other products is an important application. Thus, the increase in demand for all types of packaging would provide growth momentum to the global injection molding machine market.
The top vendors highlighted by Technavio’s heavy industry research analysts in this report are:
- ARBURG
- Haitian International Holdings
- Husky Injection Molding Systems
- NISSEI
- Sumitomo Heavy Industries Ltd.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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