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Injection Molding Machine Market Size, Share Analysis And Forecast 2033
Injection Molding Machine Market Size
According to The Business Research Company's, The injection molding machine market size has grown strongly in recent years. It will grow from $13.14 billion in 2023 to $13.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to industrialization and mass production, material innovation and development, consumer product evolution, environmental concerns and regulations, cost-effectiveness and production efficiency..
The injection molding machine market size is expected to see strong growth in the next few years. It will grow to $17.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to increasing demand for precision and efficiency, industry 4.0 integration, shift towards sustainable manufacturing, market expansion in emerging economies, customization and flexibility demands.. Major trends in the forecast period include global market expansion and diversification, shift towards electric machines, demand for high-speed and high-pressure machines, sustainability and energy efficiency..
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Market Drivers and Trends:
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. For instance, in July 2022, according to the ZVEI e. V., a Germany-based electro and digital industry association, the global electric market was 4.5 trillion euros ($4.97 trillion) increased in 2021, accounting for 5.0 trillion euros ($5.52 trillion) respectively.. Therefore, the growing electronics industry is driving the growth of the injection molding machine market.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Arburg GmbH + Co KG; Haitian International Holdings Limited; Milacron Holdings Corp; Nissei Plastic Industrial Co Limited; Engel Austria GmbH; Sumitomo (SHI) Demag Plastics Machinery GmbH; Chen Hsong Holdings Limited; Toyo Machinery & Metal Co Ltd; Husky Injection Molding Systems Ltd; Japan Steel Works Limited; KraussMaffei Group; UBE Machinery Corporation Ltd.; Shibaura Machine Co Ltd.; Wittmann Battenfeld; Toshiba Machine Co Ltd.; Negri Bossi SpA; Mitsubishi Heavy Industries Plastic Technology Co Ltd.; Victor Taichung Machinery Works Co Ltd.; Woojin Plaimm Co Ltd.; Billion SAS; Dr. Boy GmbH & Co KG; Fu Chun Shin Machinery Manufacture Co Ltd.; Huarong Plastic Machinery Co Ltd.; L.K. Machinery International Limited; LS Mtron Ltd.; Multiplas Enginery Co Ltd.; Niigata Machine Techno Co Ltd.; Sodic*k Co Ltd.; Yizumi Precision Machinery Co Ltd.; Cincinnati Milacron; WINTEC Co. Ltd; IKS PVD Technology (Shenyang) Co Ltd
Injection Molding Machine Market 2024 Key Insights:
• The injection molding machine market will grow to $17.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• The Surging Electronics Industry And The Injection Molding Machine Market
• Technological Advancements Driving Innovation In The Injection Molding Machine Market
• Asia-Pacific was the largest region in the injection molding machine market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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