Molding machines are used to make high-precision, intricately detailed parts out of materials like plastic, metal alloys, glass, and rubber. Melting the material and injecting it into a pre-made cavity in the mold is the injection molding process. After cooling, the material is released in the desired shape. Injection molding machines are highly automated and used in a variety of industries, including consumer goods, automotive, medical, and aerospace. The ability of injection molding machines to produce a high-quality product with short lead times and low cost is driving up demand for them.
The injection molding machine market is projected to reach USD 12.4 billion by 2027, at a CAGR of 3.6% from USD 10.4 billion in 2022. The growth is largely driven by factors such as high demand from the automotive, packaging, and electrical & electronics industries. The rising consumption of plastics in various industries increases demand for injection molding machines as well.
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The injection molding machine market in the Asia Pacific is expected to grow at the fastest rate during the forecast period. This is primarily due to increased demand for injection molding machines from a variety of end-use industries, including automotive, packaging, and medical. Furthermore, the growing presence of well-known automotive and electronic companies in countries such as India, China, South Korea, and Japan has resulted in an increase in demand for injection molding machines. Furthermore, the region’s rapid industrialization is expected to fuel demand for injection molding machines in the near future.
The key global players in the injection molding machine market include Haitian International Holdings Limited (China), Chen Hsong Holdings Ltd. (China), Engel Austria GmbH (Austria), Sumitomo Heavy Industries Limited (Japan), Hillenbrand, Inc. (U.S.). The global and regional players have sizable shares in the injection molding machine market. They are focusing on strategies such as new product launches, acquisitions, and expansions, and partnerships & agreements to expand their businesses globally.
Haitian International Holdings Limited is one of the leading global manufacturers of injection molding machines. The company is involved in the manufacturing and distribution of injection molding machines. It operates through its extensive sales network across China and exports its plastic injection molding machines to over 100 countries. The company has 60 sales and service partners, which includes operations in 9 locations for assembling and logistics across the world. The company caters to different applications through its three different brands- Zhafir Plastics Machinery, which produces all-electric injection molding machines with advanced technology and high-quality components, thus focusing on high-tech applications; Haitian Plastics Machinery, which focuses on standard applications by manufacturing cost-efficient and high-quality hydraulic machines; and Tianjian Plastics Machinery, which manufactures hydraulic machines for simple applications. The company offers innovative products and focuses on customer orientation, cost-efficiency, and quality awareness. The company has joint ventures with HCMC University of Technology & Education and Nigata Machine Techno Co. Ltd. To enhance the design and production methods for all-electric injection molding machines.
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Chen Hsong Holdings Limited is one of the leading manufacturers of injection molding machines. The company operates through its manufacturing facilities in Shenzhen, Shunde, and Ningbo (China), and Taoyuan (Taiwan). The company produces around 15,000 machines annually. 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, and in most Southeast Asian countries. The companys subsidiaries include Asian Plastic Machinery Company Limited, Chen Hsong Finance and Management Services Limited, Chen Hsong Industrial Park (Shenzhen) Co., Ltd., and Chen Hsong Logistics Services Company Limited. The company is one of the largest manufacturers of injection molding machines in the world. It aims at quality, technology, and innovation, which makes it one of the largest players in the injection molding machine market. The company has a strategic cooperation agreement with Chinese electric car manufacturer BYD Group Co., Ltd. It has obtained several purchase orders for injection molding machine equipment from BYD Group Co., Ltd. for a total amount of about USD 43.7 million.
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