Global Plastic Injection Molding Machines Market to reach $12.72 billion by 2030: Allied Market Research
Mass production of plastic products with low labor costs, increase in demand for plastic products from various end users, and benefits associated with injection molding machines drive the growth of the global plastic injection molding machines market. However, the outbreak of the COVID-19 pandemic had dwindled demand for the machines from end use industries. This has hampered the global plastic injection molding machines market.
Portland, OR, Oct. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global plastic injection molding machines market generated $8.37 billion in 2020, and is projected to reach $12.72 billion by 2030, witnessing a CAGR of 4.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Mass production of plastic products with low labor costs, increase in demand for plastic products from various end users, benefits associated with injection molding machines, and rise in demand for acrylonitrile butadiene styrene (ABS) material in end users drive the growth of the global plastic injection molding machines market. However, high initial tooling and machinery cost and threat of substitutes restrain the market to some extent. On the other hand, new technological advancements present new opportunities in the upcoming years.
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*COVID-19 scenario:*
· The outbreak of the COVID-19 pandemic led to the implementation global lockdown, due to which, the manufacturing and production of injection molding machines were delayed. This, in turn, adversely affected the global plastic injection molding machines market.
· During the initial period of the lockdown, there has been a dwindled demand for the machines from the construction, automotive, packaging, and logistics industries. This has sequentially hampered the global plastic injection molding machines market.
· However, several government bodies have initiated vaccination drives, and with this drift on board, the market is expected to recoup soon.
The report offers detailed segmentation of the global plastic injection molding machines market based on clamping force, mode of operation, material, type, application, and region.
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Based on mode of operation, the hydraulic segment held the highest market share in 2020, holding around two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the all-electric segment is estimated to register the highest CAGR of 4.2% from 2021 to 2030.
Based on application, the automotive segment held the largest market share in 2020, holding around one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the medical segment is projected to register the highest CAGR of 4.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding around half of the total market share, and is estimated to continue its dominant share by 2030. However, LAMEA is projected to manifest the fastest CAGR of 4.9% during the forecast period.
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List of Companies Profiled:*
Leading players of the global plastic injection molding machines market analyzed in the research include ARBURG GmbH + Co KG, ENGEL Austria GmbH, Haitian International Holding Ltd, Husky Injection Molding Systems, Krauss Maffei Group, Milacron Holdings Corp., Shibaura Machine Co Ltd., Sumitomo Heavy Industries, The Japan Steel Works, and Ube Industries, Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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