APAC auto industry driving demand for global injection moulding machines
The global injection moulding machine market is projected to reach $ 4.86 billion by 2021, says a Markets and Markets report
Driven by the rapid growth of the automotive and packaging industries in the Asia-Pacific region, the global injection moulding machine market is projected to reach $ 4.86 billion by 2021 from $ 4.28 billion in 2015, registering a CAGR of 2.2 percent between 2016 and 2021, according to a latest report of Markets and Markets, a market research firm.
There is an increasing demand of automobiles in the emerging economies such as China, India, and Japan because injection moulding machines are majorly used for manufacturing automotive parts. This is fuelling the growth of the injection moulding machine market in these regions. Properties such as low energy consumption, low maintenance cost, short production cycle time, and high accuracy of all-electric injection moulding machines contribute to the growth of the injection moulding machine market.
Of the various types of products, namely, plastic, rubber, metal ceramic and others (includes micro-injection moulding, gas injection moulding, and liquid silicone rubber injection moulding), plastic is the most preferred product type of injection moulding machine and accounts for a major share in the global injection moulding machine market. The dominance of the plastic segment is expected to continue between 2016 and 2021 due to its increasing demand from the end-use industries such as automotive, consumer goods, and packaging, added the report.
The automotive industry, with more than 31 percent share, accounted for the largest share in the injection moulding machine market. This is due to the growing automotive industry and improving standard of living in the developing nations. Moreover, the increasing number of passengers and commercial vehicles in the region is fuelling the growth of the market. Injection moulding machines are predominantly used in manufacturing automotive components, interior wrapping, and numerous assembly parts.
As per the report, Asia-Pacific is the largest market, followed by Europe, and projected to be the fastest-growing market during the forecast period. Growing industrialisation and increasing number of passenger and commercial vehicles have offered enormous opportunities for various automotive industries to use injection moulding machines in the Asia-Pacific region.