The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Injection Molding Machine Market. 

It was estimated prior to this unanticipated outbreak Injection Molding Machine Market will reach CAGR of 6.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

Injection Molding Machine Market Insights

Injection molding machine market is likely to witness a modest CAGR of 2.9% during the forecast period. The key factor contributing to the demand for injection molding machines is the increasing demand for plastics in packaging, building & construction, and automotive industries.

Market Share Analysis

Injection Molding Machine Market Share: By Product Type

Based on the product type, the market is segmented as plastic, rubber, metal, ceramic, and others. The plastic segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period, driven by its properties such as chemical resistivity and flexibility. The surge in demand from automotive, consumer goods, and packaging end-use industries drives the claim for plastic injection molding machines.

Injection Molding Machine Market Share: By Machine Type

Based on the machine type, the market is segmented as hydraulic, all-electric, and hybrid. The hydraulic segment captured the largest share of the market in 2019, and is estimated to maintain its legacy during the forecast period on account of long service period, enhanced performance, and reduced maintenance costs.

Injection Molding Machine Market Share: By End-Use Industry Type

Based on the end-use industry type, the market is segmented as automotive, consumer goods, packaging, healthcare, electrical & electronics, and others. The automotive and consumer goods are the major segments of the injection molding machine market. Increase in use of injection molding machines in manufacturing automotive components and consumer goods products drives the market.

Injection Molding Machine Market Share: By Clamping Force Type

Based on the clamping force type, the market is segmented as 0-200-ton force, 201-500-ton force, and above 500-ton force. The above 500-ton force segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period owing to increase in use of more than 500-ton force injection molding machines to manufacture large injection molded parts.

Injection Molding Machine Market Share: By Region

In terms of regions, Asia-Pacific is estimated to be the fastest-growing injection molding machine market during the forecast period owing to the urban and rural population, rapid pace of urbanization, and foreign investments driving the demand for automotive, consumer goods, and electronics industries. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.