A lead analyst at AMR highlighted that the injection molding machine market across LAMEA is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the injection molding machine market. The findings of the report states that the global market for injection molding machines generated $9.42 billion in 2020, and is projected to reach $15.85 billion by 2030, witnessing a CAGR of 4.9% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restrains and opportunities to help the market players in devising several growth strategies. Increased demand for products such as processed food & beverages, medicines, automobiles, and electronics fueled by rise in population and the ability of injection molding machines to work with a wide range of plastics boost the global injection molding machine market. On the other hand, high initial cost and part design restrictions impede the market growth. Nevertheless, the development of newer technologies which increase the efficiency and production capacity of injection molding machine offers lucrative opportunities for growth in the market.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the injection molding machine market globally. The COVID-19 outbreak negatively affected the growth of the global injection molding machines industry owing to the implementation of lockdown in various countries around the world and delay in manufacturing and production of injection molding machines. However, as the world returns back to its normal phase, injection molding manufacturing companies began reopening at their full-scale capacities and manufacturers are commencing their operations, which is helping the market to recover.
“The injection molding machine market has witnessed significant growth in the past decade, owing to rise in industrialization in developing countries and rapid growth of automotive, electronics, and consumer goods industry. A number of players in the injection molding machine industry are expanding their business to strengthen their foothold in the global market. By clamping force, the more than 200-500 tons force segment dominated the market in 2020, in terms of revenue. This is attributed to rise in demand for efficient injection molding machine from various manufacturing industries. Depending on application, the packaging segment is expected to grow at a higher CAGR during the forecast period, owing to growth of food & beverage industry across the globe.” said Priyanka Khandelwal, Lead Analyst, Construction and Manufacturing at Allied Market Research.
The report offers detailed segmentation of the global injection molding machine market based on force, machine type, pressure type, application and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
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Based on force, the more than 200-500 tons force segment accounted for the highest market share in 2020. The less than 200 tons force is expected to witness the fastest growth during the forecast period, owing to growing demand for injection molding machines from the manufacturing sector.
By application, the packaging segment is anticipated to grow rapidly during the forecast period, owing to the growth of pharmaceutical and food & beverage industry in emerging economies.
Based on region, the injection molding machine market across Asia-Pacific dominated the market in terms of revenue in 2020, accounting for around half of the injection molding machine industry market share. However, the market in LAMEA region is expected to grow at the fastest CAGR during the forecast period, owing to the growth of the manufacturing industry in the region.
The leading market players analyzed in the global injection molding machine market report include ARBURG, ENGEL, Haitian International, Husky Injection Molding Systems, KraussMaffei Group, Milacron Holdings Corp., Nissei Plastic Industrial Co., Ltd., Sumitomo Heavy Industries, The Japan Steel Works, and Ube Industries, Ltd.
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