According to a new report published by Allied Market Research, titled, “Medical injection molding machines market by material, application, machine type, mode of operation, and clamping force: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global medical injection molding machines market size was valued at $685.9 million in 2020, and is projected to reach $1,128.9 million by 2030, registering a CAGR of 4.8% from 2021 to 2030. Medical injection molding is a method of producing plastic components and products out of thermoplastic and thermosetting materials for medical industry. It is the most common manufacturing technique for mass production of plastic materials, notwithstanding the high cost of tooling. The procedure is both quick and difficult. Polypropylene, polystyrene, polyethylene, and unsaturated polyesters are common plastics used in injection molding. Plastic goods are made from high-grade raw materials, ensuring that they are of the highest possible quality. The injection molding method for plastic items entails heating the polymer until it becomes liquid, subsequently forcing it into the mold using pressure.
Asia-Pacific serves as a potential market for medical injection molding machines, owing to exponentially growing population and the development of new technologies and goods. However, fluctuation in foreign currencies influence profit margins, which is likely acts as a key challenge for industry participants.
Various key players are expanding their business to other countries to strengthen the market position and to improve their product portfolio. For instance, in May 2019, U.S.-based Absolute Haitian Corporation extended its North American operations by building a 116,000-square-foot facility in Moncks Corner, South Carolina. This is likely to boost the manufacturing and production of injection molding machines in North America.
However, due to a lockdown imposed in the countries such as China, the U.S., and India due to the outbreak of COVID-19, numerous manufacturers in the medical Injection molding machines market had to halt their business production. This disruption directly impacted the sales of injection molding machines. However, the introduction of coronavirus vaccines will lead to the reopening of the production facilities injection.
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The growth of the global medical injection molding machines market is significantly driven by rise in awareness about energy saving and increase in precision & re-usability. Moreover, all-electric injection molding machines surpass hydraulic machines in terms of efficiency, dependability, cost savings, and cycle time savings, which fuel their demand globally, thereby augmenting the medical injection molding machines market growth. However, the fluctuations in foreign currencies influence profit margins, which hamper the market growth. Conversely, technical advancements in medical injection machines are expected to offer lucrative opportunities for the market players during the forecast period.
Key companies profiled in the medical injection molding machines market report include ARBURG GmbH + Co KG, BOLE Machinery, China National Chemical Corporation Ltd., ENGEL AUSTRIA GmbH, Haitian International Holding Limited, Husky Injection Molding Systems Ltd., Hillenbrand Inc., Shibaura Machine Co. Ltd., Sumitomo Heavy Industries, Ltd, and The Japan Steel Works, Ltd.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging medical injection molding machines market trends and dynamics.
- Depending on material, the polyethylene segment has dominated the medical injection molding machines market, in terms of revenue in 2020.
- By application, the medical equipment has registered highest revenue in 2020.
- LAMEA region is projected to register highest growth rate in the coming years.
- The key players within the medical injection molding machines market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the medical injection molding machines industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the medical injection molding machines market.
- In-depth Injection molding machines analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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