The plastic injection molding machine market size is estimated to be USD 8.9 billion in 2020 and is expected to reach USD 10.6 billion by 2025, at a CAGR of 2.74% during the forecast period. Factors such as growing demand from healthcare industry, rapid industrialization in growing economies like China, India & Thailand and increasing demand for plastic molds in electric vehicles will drive the plastic injection molding machine market. The major restraint for the market will be 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 plastic injection molding machine market are mainly concentrating on new product launches, acquisition, 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 plastic 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 plastic injection molding machine market. In order to strengthen their 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.
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, a plastic injection molding machine manufacturer in Italy.
Plastic Injection Molding Machine Market by Machine Type (Hydraulic, All-Electric and Hybrid), Clamping Force (0-200 Tons Force, 201-500 Tons Force and Above 500 Tons Force), End-Use Industry (Automotive, Consumer Goods, Packaging, Healthcare, Electrical & Electronics and Others) and Region - Global Forecast to 2025
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