The injection molding machine market is slated to record significant gains by 2027 owing to the high product usage across various end-user industries including packaging, construction, automotive & transportation, and consumer goods among others. Injection molding machines utilizes custom-made molds to fill them out as per the specifications, manufacturing identical component copies that could be customized in a number of different ways.
The overall injection molding machine market is bifurcated in terms of type, position, mechanism, end-user, and regional landscape.
Based on type, the market for injection molding machine is classified into metal IMM, rubber IMM, plastic IMM and others including alloys, composite, and glass. Metal injection molding machines segment is projected to acquire a significant share by the end of 2027. The segment is also likely to witness a decent CAGR of over 5.8% through the forecast time. Metal injection molding process is usually adopted by major industries such as medical and aerospace to manufacture complex metal parts with high degree of consistency as well as accuracy.
With respect to mechanism, the injection molding machine market is categorized into hybrid, electric, mechanical, and hydraulic. Hybrid mechanism segment are anticipated to attain a high growth while growing at a CAGR of above 5.5% over the forecast period.
This growth projection can be chalked up to the superior characteristics of these kind of machines, which combine the clamping force of hydraulic machine with the high precision, repeatability as well as energy saving properties of the electric machines. Hybrid injection molding machines are also capable of manufacturing both thick and thin walled parts and are further becoming extremely popular among medical device manufacturers.
In terms of end-user, the overall market is segmented into electrical & electronics, packaging, consumer goods, construction, automotive & transportation, and others including sports & leisure, and medical among others. Among these, the packaging segment is a major revenue generating segment of the injection molding machine market. In 2020, the segment accounted over 40% of the industry share and is anticipated to witness similar growth over the coming years.
This industry employs a wide range of plastic material-based packages as well as containers to extend the product life and lessen the weight in transportation. In addition, manufacturers are utilizing plastic packages to improve the overall aesthetics of the product, thus, bringing out more product consumers. Subsequently, high rate of adoption of plastic in the packaging sector is likely to fuel the market size of the segment in the coming years.
On the regional front, Europe is a key market for the injection molding machines and is likely to acquire a significant portion of the market. The European region accounted for more than 15% market share in 2020 and is anticipated to exhibit a promising growth rate in the times to come. Increasing healthcare expenditure and high level of automotive production in the regions are some of the growth enabling factor fueling the overall regional market.