The injection molding machine market size is estimated to be USD 10.3 billion in 2020 and is expected to reach USD 12.3 billion by 2025, at a CAGR of 3.6% during the forecast period. Factors such as growing demand from the 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. The major restraint for the market will be the high initial and maintenance cost of the machines. However, rising awareness about energy saving will act as an opportunity for the market
The key market players profiled in the report include Haitian International Holdings Limited (China), Chen Hsong Holdings Limited (China), Sumitomo Heavy Industries Ltd. (Japan), Engel Austria GmbH (Austria), Hillenbrand, Inc. (US), and others. They are continuously undertaking developmental strategies such as expansions, new product launches, acquisitions, and contracts & agreements to strengthen their position in the injection molding machine market.
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Players in the injection molding machine market are mainly concentrating on new product launches, acquisitions, and collaboration to meet the growing demand for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the injection molding machine market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Haitian International Holdings Limited and Chen Hsong Holdings Limited have adopted new product launches to enhance their market position.
Haitian International Holdings Limited. is one of the major players in the injection molding machine market. In order to strengthen its product portfolio, the company is focusing on organic growth for meeting client’s requirements. In May 2019, Absolute Haitian Corporation, the sales and service partner of Haitian International, expanded its North American operations with the opening of a 116,000-sq.-ft. facility in Moncks Corner, South Carolina, US. Haitian launched a new Jupiter 3 series, which has better features than that of the Jupiter 2 series. It has better intelligent control and digitization of processes.
Chen Hsong Holdings Limited is another leading injection molding machine manufacturers, globally. It has a customer base in more than 90 countries, including China, Taiwan, the US, Canada, France, the UK, Germany, Turkey, India, Brazil, Argentina, and Mexico. The company is engaged in expanding its presence across the globe and cater to potential markets. For instance, Chen Hsong’s wholly-owned subsidiary in India, named, Chen Hsong Machinery (India), in November 2018. The main purpose of the company is to provide timely and high-quality services, spare parts, solutions, and technical assistance to the vast plastics industry in India. Chen Hsong Holdings Ltd had launched SPEED-PACK 260 of the SPEED-PACK Series and a JM88-MK6 of the JETMASTER MK6 Series in October 2018.
The companies also adopted acquisition as a strategy to increase their share and market presence. For instance, in November 2019, Hillenbrand, Inc. completed the acquisition of Milacron Holdings Corp. at approximately USD 1.9 billion. Also, Nissei Plastic Industrial Co., Ltd. acquired NEGRI BOSSI S.P.A. (NEGRI BOSSI) Group, an injection molding machine manufacturer in Italy.
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