Vertical Injection Molding Machine Market: Introduction
Transparency Market Research delivers key insights on the global vertical injection molding machine market. In terms of revenue, the global vertical injection molding machine market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global vertical injection molding machine market.
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High initial and maintenance costs of machines are likely to hamper the global vertical injection molding machine market during the forecast period. On the other hand, the rise in the demand for vertical injection molding machines in packaging and automobile industries is expected to drive the global vertical injection molding machine market. Increase in awareness and need for reliable and quality products are further boosting the demand for vertical injection molding machine, thus augmenting the global vertical injection molding machine market.
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Vertical Injection Molding Machine Market: Dynamics
The demand for large vertical injection molding machines has been rising across the globe. These machines are used for making large molded parts for automotive, appliances, and industrial applications. Previously, owing to plant infrastructure expenses, the demand for injection molding machines was not beyond some hundreds of units range with approximately 500 presses being the maximum limit. Currently, the demand for large parts is high in automotive and industrial applications.
All types of newly developed and advanced electric injection molding machines can save up to 50%–70% energy compared to hydraulic injection molding machines. Currently, the electric injection molding machine is the most preferred type of machine due to its advantages such as lower use of chilled water, decreased housekeeping and preventive maintenance, less energy and oil consumption, and lower repair rate. The ability of machinery manufacturers to build a large energy-efficient machine that offers fast cycle time has increased. Manufacturers are offering advanced vertical injection molding machines for various end-use industries.
Vertical Injection Molding Machine Market: Prominent Regions
Asia Pacific dominates the global vertical injection molding machine market. The packaging industry in the region is estimated to expand at a rapid pace between 2021 and 2031. This is expected to boost the demand for vertical injection molding machines in Asia Pacific, as vertical injection molding machines are widely used in the packaging industry.
China is anticipated to be a highly attractive country of the vertical injection molding machine market in Asia Pacific during the forecast period. End-use industries, such as consumer goods, medical science, and electrical & electronics are witnessing strong growth in China, owing to the rapid rise in urbanization and increase in disposable income of consumers. This has led to a rise in demand for injection molding machines, thereby boosting the vertical injection molding machine market in the country.
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North America is likely to be another highly attractive region of the global vertical injection molding machine market during the forecast period. The U.S. held major share of the global injection molding machine market in North America in 2020.
Vertical Injection Molding Machine Market: Key Players
Major players operating in the global vertical injection molding machine market are The Japan Steel Works, Ltd, Dekuma Rubber And Plastic Technology, Nissei Plastic Industrial Co., Ltd, Milacron Holdings Corp, ARBURG, Sumitomo Heavy Industries, Ningbo Haijiang Machinery Manufacturing Co.,Ltd., Engel Austria., TAYU Machinery Co.,Ltd., Pratishna Engineers, Ningbo Peng Tai Machinery Co.,Ltd, and Dongshin Hydraulics Co., Ltd.
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