Categories: HealthcareOil & Gas

Injection Molding Machine Market Drivers, Technology

The Injection Molding Machine Global Market Report 2023 by The Business Research Company, provides injection molding machine market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Injection Molding Machine Global Market Report 2023, the global injection molding machine market size is expected to grow from $12.38 billion in 2022 to $13.14 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global injection molding machine market size is expected to reach $16.12 billion in 2027 at a CAGR of 5.2%.

The growing electronics industry is expected to propel the growth of the injection molding machine market going forward. The electronics industry refers to the sector of the economy that produces electronic components, devices, and systems such as semiconductors, integrated circuits, computer hardware, telecommunications equipment, consumer electronics, and other electronic products. Injection molding machines are used in the electronics industry to provide protection for electronic products, produce less waste than other manufacturing processes, have versatility in material selection, and produce high volumes of parts quickly and efficiently.

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The injection molding machine market is segmented:

1) By Technology: Hydraulic, Electric, Hybrid

2) By Clamping Force: Less Than 200 Tons Force, 200-500 Tons Force, More Than 200-500 Tons Force

3) By Material: Plastic, Rubber, Metal, Ceramic, Other Materials

4) By Pressure Type: Low Pressure, High Pressure

5) By Application: Automotive, Packaging, Healthcare, Consumer Goods, Toy Making, Building And Construction, Home Appliances, Other Applications

Technological advancements are a key trend gaining popularity in the injection molding machine market. Major companies operating in the injection molding machine market are adopting new technologies to sustain their position in the market. For instance, in April 2022, LS Mtron Ltd., a South Korea-based manufacturer of medical products launched the latest artificial intelligence (AI)-based smart injection molding system. It is equipped with two technological features ‘AI Molding Assistant’ and ‘Smart Weight Control’. The AI molding assistant enables a reduction in time and stabilizes the initial molding setup process whereas the smart weight control is integrated with the software of the injection molding machine that helps in the detection of weight changes in products.

The injection molding machine market report table of contents includes: