CHICAGO, Oct. 31, 2022 /PRNewswire/ -- The 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 2027", is projected to reach USD 12.4 billion by 2027, at a CAGR of 3.6% from USD 10.4 billion in 2022.
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"201-500 tons force was largest clamping force segment for global injection molding machine market, in terms of value, in 2021"
Based on clamping force, 201-500 ton-force segment accounted for the largest market share, in terms of value, in 2021 and is projected to register the highest CAGR during the forecast period. Demand for medium sized molded parts from end-use industries such as automotive, packaging, and consumer goods is driving the high demand for the segment during the forecast period.
"Based on product type, plastic is projected to be the fastest growing segment for injection molding machine market between 2022 and 2027"
The injection molding machine market for plastic products accounted for the largest share, in terms of value, in 2021. This dominance is expected to continue during the forecast period due to the increasing demand for plastic products from automotive, consumer goods, and packaging end-use industries, where injection molding machines are used to make a wide range of plastic products such as automotive parts, chairs, toys, syringes, bottles, and construction kits.
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"Healthcare is projected to be the fastest growing end-use industry in injection molding machine market between 2022 and 2027."
Since injection molding machines offer high precision and accuracy for complex injection molded parts, these machies are preferred for manufacturing medical products. Due to the outbreak of coronavirus across the globe, the demand for medical equipments witnessed an explosive surge, driving the market for injection molding machines in healthcare industry. In addition, the technological advancements in the medical industry towards micro parts is further fuelig the demad for high precision molded parts.
"Asia Pacific projected to be fastest growing region for the injection molding machine market during the forecast period "
Asia Pacific region is offering lucrative opportunities for the growth of the injection molding machine market. Growing economies like China, India, Thailand and Vietnam are offering favourable investment opportunities in major end-use industries like automotive, healthcare, electronics and consumer goods. Rise in population in the region is driving the domestic demand for all these sectors, fueling the injection molding machine market.
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