The injection moulding industry is poised for growth owing to the emergence of various sectors such as packaging, automotive, and consumer goods end-use industries in the Asia Pacific region. Plastic injection moulding occupies a major share of the overall global injection moulding market.
The injection moulding machine market is projected to reach 19.68 billion dollars by 2023 from an estimated 17.08 billion dollars in 2018, at a CAGR of 2.9 % between 2018 and 2023, according to a report by market research company Markets and Markets.
The report further elaborates that the main demand drivers for injection-moulded parts will come from the packaging, automotive, and consumer goods end-use industries in developing economies especially the Asia Pacific region. In addition to this, with the recent trend of manufacturing lightweight automotive components which consume fuel efficiently and the increasing demand for all-electric injection moulding, the growth of the injection moulding machine market is certain in the near future.
The plastic injection moulding industry is one of the ‘most dynamically evolving businesses in recent times’, states a report by Global Market Insights. One of the core reasons behind this statement is the growing inclination towards developing plastic components as a substitute to metal components in automobiles. Plastic components also prove beneficial in many ways as it is durable, cost-effective, lightweight, and corrosion-resistant. It is interesting to note that the automotive sector is considered to be the largest end-user industry segment of the global injection moulding industry.
The latest research report on ‘Global Injection Molded Plastic Market 2018’ by Market Research Future states that on the geographical front, the Asia Pacific region emerged as the dominating region for the global plastic injection moulding industry due to rapid industrialisation and urbanisation. In addition to this, Europe is also witnessing significant growth owing to changing lifestyle and rising consumer spending with expansion of multinational companies in Spain, France and Italy.
The report also mentions that increasing food & beverage industry along with household chemical segment in the European market are likely to boost the demand for the injection moulded plastics market. Countries like the U.S. and Canada are spending more on construction activities. Increased in purchasing power and shift towards advanced materials are likely to propel the market growth. All these factors are expected to prove beneficial for the global injection moulded plastic market.
To track what’s happening in the sector, industry leaders can now attend Moulding Expo, the international trade fair for tool, pattern and mould making which is soon going to be held from May 21– 24, 2019 in Stuttgart, Germany. All the bigwigs of the moulding industry will be attending this mega trade fair to witness all the action live!