Injection Molding Machine Market worth $12.3 billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, April 20, 2021 /PRNewswire/ -- According to the new market research report "Injection Molding Machine Market by Machine Type (Hydraulic, All-Electric and Hybrid), Clamping Force (0-200, 201-500 and Above 500),Product Type (Plastic, Rubber, Metals), End-Use Industry (Automotive, Packaging) and Region - Global Forecast to 2025", published by MarketsandMarkets, the Injection Molding Machine Market is projected to reach USD 12.3 billion by 2025, at a CAGR of 3.6% from USD 10.3 billion in 2020.
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An injection molding machine is used for manufacturing products made up of plastics, rubber, metal, and ceramic. It consists of two main parts - an injection unit and a clamping unit. The injection unit is like an extruder, whereas the clamping unit is concerned with the operation of the mold. Injection molding machines can fasten the molds either at the horizontal or the vertical position. There are three types of injection molding machines - hydraulic injection molding machines, all-electric injection molding machines, and hybrid injection molding machines.
Hydraulic injection molding machine is the largest type segment of the injection molding machine market. APAC was the largest market for synthetic leather in 2019, in terms of both volume and value. Factors such as growing demand from healthcare industry, rapid industrialization in growing economies like China, India & Thailand and increasing demand for plastic molds in electric vehicles will drive the injection molding machine market.
All-Electric injection molding machine is projected to be fastest growing machine type for injection molding machine market between 2020 and 2025
All-electric injection molding machine utilizes electric servo motor powering gears, racks, and ball screws to drive most of the machine functions. All-electric presses are noiseless faster, and more accurate as compared to other types of injection molding machines; however, the machine is more expensive. Since servo motors run all-electric injection molding machines, they require power only when they are in operation. All-electric injection molding machine can save up to 50–70% energy as compared to hydraulic injection molding machine. All-electric injection molding machine is currently the most preferred machine type owing to its lower use of chilled water, decreased housekeeping and preventive maintenance, less energy and oil consumption, and lower repair rate. Thus, All-Electric injection molding machine is the fastest growing segment during the forecast period.