Vertical Injection Molding Machine Market Worth $2.18
Chicago, Aug. 11, 2022 (GLOBE NEWSWIRE) — The vertical injection molding machine market is expected to reach USD 2.18 billion by 2027, growing at a CAGR of 4.3% from USD 1.69 billion in 2022, according to a new report by MarketsandMarkets™. The growing development in the healthcare industry is driving the demand for the vertical injection molding machine market. The growth of the medical industry and the development of the electric vehicle industry also provide future opportunities for vertical injection molding machines.
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“Based on automation, automotive is expected to grow at the highest CAGR over the forecast period”
Automatic vertical injection molding machines are used in various applications, including automotive, medical and healthcare, electrical and electronics, fiber optics and others. These machines allow manufacturers to produce small, complex geometries with maximum accuracy and precision. They offer great efficiency as it is a fully automatic process with less human interference.
“Electronics is expected to be the fastest growing application in the vertical injection molding machine market, in terms of value”
Electronic app is the fastest growing app, in terms of value, over the forecast period. In this industry, in fiber optic applications, vertical injection molded parts are widely used to mold gears such as connectors and parts of fiber optic applications in the telecommunications and medical industry. Fiber optic molding is a precision injection molding technology that creates optical components on a smaller scale than ordinary molding techniques.
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“Asia-Pacific is expected to be the fastest growing market for vertical injection molding machines over the forecast period, in terms of both value and volume.”
Asia-Pacific accounted for the largest market share, in terms of volume, in 2021. This dominance is attributed to major electrical and electronics end-use industries globally shifting their manufacturing base to Asia-Pacific countries such as China, India and Thailand. Growing demand for electrical appliances such as televisions, refrigerators and microwave ovens in China is expected to drive the sales of vertical injection molding machines.
New product launches and expansions are the major growth strategies adopted by major market players.
Key Players Operating in the Vertical Injection Molding Machine Market:
- Sumitomo (SHI) Demag Plastics Machinery (Japan),
- Fanuc Corporation (Japan),
- Japan Steel Works (Japan),
- Nissei Plastic Industrial Co., Ltd (Japan),
- Toyo Machinery & Metal Co., Ltd (Japan) has been expanding into the vertical injection molding machine industry.
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