An Exhaustive Analysis of the India Injection Molding Machine Market Based on All Electric, Hydraulic, and Hybrid
Discover with FMI Why Injection Molding Machines are Becoming a Must-have Equipment for Automotive, Packaging, and Electronics Sector Players in India!
India Injection Molding Machine Market Outlook (2023 to 2033)
The India injection molding machine market value is expected to increase from US$ 707.3 million in 2023, to US$ 1,537.4 million by 2033. In 2022, India injection molding machines industry was valued at US$ 655.1 million and is anticipated to exhibit Y-o-Y growth of 8.0% in 2023.
Over the forecast period from 2023 to 2033, injection molding machine sales across India are likely to soar at a CAGR of 8.1%. The target market is likely to create an attractive incremental growth opportunity of US$ 882.3 million through 2033. It is set to expand 2.2x times the current market value during the forecast period.
As per Future Market Insights (FMI), the automotive segment by end use held a share of about 29.2% in 2022 within the India market. This can be attributable to rising usage of injection molding machines in the thriving automotive sector.
The hydraulic segment with a market share of more than 44.9% in 2033 is expected to lead the India injection molding machines industry. As per the latest report, hydraulic injection molding machine demand is anticipated to rise at around 7.4% CAGR over the forecast period.
Key Factors Shaping India Injection Molding Machine Industry:
Robust growth of manufacturing sector along with growing applications of injection molding in this sector is expected to uplift injection molding machine demand in India
The tendency of injection molding machines to produce intricate parts or components is encouraging their adoption across several sectors
Increasing trend of customization is anticipated to elevate demand for injection molding machines as well as injection molders across India
Integration of automation and robotics in injection molding process is expected to boost the target market
Flourishing electric vehicles sector along with growing demand for fuel-efficient vehicles is set to create lucrative growth opportunities for injection molding machine manufacturers in India
Rising applications of injection molding machines in packaging, electronics, and other end-use sectors is forecast to foster market development.
Growing popularity of stretch injection molding and rubber injection molding to support market expansion
Injection molding machines are equipment used to produce plastic parts by injecting molten plastic into a mold cavity. These machines allow end users to easily and quickly produce a wide variety of products with intricate designs.
Rising usage of injection molding for creating plastic parts and components in large quantities across various sectors is expected to boost the target market through 2033.
Injection molding is revolutionizing the way plastic products were produced during ancient times. It is becoming a versatile and highly efficient process for large-scale production and enables the creation of intricate and precise parts with consistent quality.
Injection molding machines are widely used in the manufacturing sector for producing a wide variety of plastic products, from small components to large automotive and household items.
With rising demand for plastic products from various sectors including automotive, packaging, and healthcare, sales of injection molding machines are likely to rise rapidly across India. This is because these injection molding machines are being increasingly employed for producing a wide range of plastic products.
The injection molding machine market is expected to see increased automation, with more machines incorporating robotics and artificial intelligence (AI) to improve efficiency, reduce downtime, and enhance product quality. This is likely to boost the target market during the assessment period.
Booming automotive sector across India is acting as a catalyst stimulating growth of the injection molding machine industry.
The automotive sector is a key consumer of injection molded plastic components such as dashboards, door panels, bumpers, and interior trims. Injection molding machines are used to manufacture these components in large volumes with high precision and consistency.
With increasing focus on sustainability, various companies are offering injection molding machines that are energy-efficient and have a low carbon footprint. This will help them to improve their revenues.
Attribute
Key Insights
Estimated India Injection Molding Machine Market Size (2023)
US$ 707.3 million
Projected Market Size (2033)
US$ 1,537.4 million
Value CAGR (2023 to 2033)
8.1%
Collective Value Share: Top 5 Countries (2022A)
25% to 30%
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2017 to 2022 India Injection Molding Machines Sales Outlook Compared to Demand Forecast from 2023 to 2033
As per Future Market Insights (FMI), sales of injection molding machines in India market increased at around 5.5% CAGR during the historic period from 2017 to 2022. Total market value reached about US$ 655.1 million at the end of 2022.
Looking ahead, the injection molding machines industry in India is expected to thrive at a robust CAGR of 8.1% during the assessment period. It is likely to attain a valuation of US$ 1,537.4 million by 2033.
Growing adoption of injection molding machines across numerous sectors including packaging and automotive is driving India market forward.
The packaging sector is rapidly expanding because of advancements in technology for packaging and increasing consumer demand for packaged goods and sustainable packaging.
Packaged product usage is expanding in rural regions, and the growing middle-class population is driving demand for packaged goods. Because of these causes, per capita spending on packaged goods has increased.
The increased competition among packaging makers has resulted in the use of various types of packaging. This is boosting the market for rigid plastic packaging and, as a result, the packaging industry's demand for injection molding machines.
Injection molding is most commonly employed in the packaging of plastic products like containers and cups. These machines allow end users to easily and quickly produce a wide range of products.
Key Factors Fueling Growth in the India Injection Molding Machines Industry
Growing Usage of Injection Molding Machines in Healthcare Sector Boosting India Market:
The healthcare sector in India has been expanding rapidly over the last decade and is expected to further gain momentum. According to the India Brand Equity Foundation (IBEF), the healthcare sector in India gained momentum at a CAGR of 22% from 2016 to 2022. It reached a valuation of US$ 372 billion at the end of 2022 and is further predicted to thrive at a fast pace going forward.
The Indian healthcare sector is divided into numerous sub-sectors, including hospitals, medicines, medical equipment, diagnostics, and health insurance.
The healthcare sector primarily uses injection molding machines to manufacture medical gadgets, diagnostic tools, and pharmaceutical packaging. Medical equipment such as syringes, catheters, inhalers, and surgical instruments are frequently made with injection molding.
Injection molding process is also used to manufacture diagnostic tools like test kits and related equipment as well as pharmaceutical packaging such as vials, ampoules, and pill containers.
India has the potential to become a highly lucrative market for injection molding machine manufacturers. This is due to several benefits of injection molding in the healthcare sector and the robust growth prospects for the healthcare sector in India.
Ability of Injection Molding Machines to Make Intricate Designs Widening their Application Area:
The capacity to make intricate forms and designs with high accuracy and precision is one of the key benefits of injection molding for various end uses. As a result, injection molding machines are being used in new market applications, such as the production of micro-components, optical lenses, and 3D printing molds.
Injection molding machines are increasingly being used in the production of optical lenses. This is due to their ability to create lenses with unusual forms and characteristics, such as spherical lenses, which are challenging to create with traditional lens manufacturing techniques.
Further, the use of polymer materials is less expensive than traditional lens materials, such as glass, helping create an economical solution.
For industries that keep developing new small and intricate parts, such as electronics, medical devices, and automotive, injection molding for micro-components proves significantly efficient. With other manufacturing techniques, it might be challenging to produce items with extremely fine features and strict tolerances.
The injection molding process offers the ability to create complex shapes with intricate designs. The flexibility of production offered by injection molding machines is creating opportunities in new markets.
Find your sweet spots for generating winning opportunities in this market.
Comparative View of Adjacent India Injection Molding Machine Market
India Injection Molding Machine Market:
Attributes
India Injection Molding Machines Industry
CAGR (2023 to 2033)
8.1%
Market Value (2023)
US$ 707.3 million
Growth Factor
Rising demand for injection molding machines from sectors such as automotive, packaging, and electronics is driving India market forward.
Key Trend
Growing popularity of automated systems to fuel sales in India market through 2033.
Europe Injection Molding Machines Market:
Attributes
Europe Injection Molding Machines Market
CAGR (2023 to 2033)
4.3%
Market Value (2023)
US$ 3,475.3 million
Growth Factor
Increasing demand for plastic components and products from the packaging sector is expected to boost the Europe injection molding machines industry.
Key Trend
Adoption of advanced technologies such as automation, robotics, and IoT to improve efficiency, precision, and productivity in injection molding processes is a key trend impacting market growth.
Sliding Injection Molding Machine Market:
Attributes
Sliding Injection Molding Machine Market
CAGR (2023 to 2033)
3.9%
Market Value (2023)
US$ 383.3 million
Growth Factor
Incorporation of sliding injection molding machines with 3D printing and additive manufacturing technologies is expected to boost the target market.
Key Trend
Integration of additive manufacturing with sliding injection molding machines is an emerging trend fueling market growth.
Category-wise Insights
Which Material Segment will Hold a Prominent Share of the Target Market?
Plastic Segment to Hold a Dominant Market Share
Based on material, plastic segment is expected to hold a dominant market share of 72.1% in 2023. Further, it is likely to thrive at a CAGR of 7.8% during the projection period. This is due to increasing demand for plastic from various sectors including automotive.
Usage of plastic packaging materials is increasing due to the rising demand for convenience and durability in packaging. Similarly, demand for medical devices and equipment made from plastic materials is rising due to the need for cost-effective and disposable products.
The escalating demand for plastic products across various sectors, such as automotive, packaging, and healthcare in turn is expected to fuel injection molding machines sales.
In recent years, usage of plastic molded parts has increased dramatically across India and other emerging nations. This is due to the rising trend of lightweighting in the automotive sector to enhance fuel efficiency.
Injection molding machines are used to easily and cost-effectively produce a wide range of plastic products. Hence, growing usage of plastic across India is set to drive the demand for injection molding machines through 2033.
Which End-use Sector is Expected to Generate Significant Revenues in the Market?
Automotive Sector to Generate Lucrative Revenues
By end use, automotive segment is estimated to hold 29.1% of the market in 2023, creating an incremental opportunity of US$ 231.4 million during the forecast period. This is due to rising usage of plastics and increasing applications of injection molding machines in the booming automotive sector.
The automotive sector is a leading consumer of injection molded plastic components such as bumpers, dashboards, door panels, and interior trims. Injection molding machines are used to manufacture these components in large volumes with high precision and consistency.
The automotive sector in India has seen significant growth over the past few years due to favorable government policies. Growing export market and increased investment have also contributed to the growth of the automotive sector in India, making it an important sector for the country's economy.
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Competitive Landscape
Key manufacturers of injection molding machines are rapidly shifting their focus on developing technologically advanced machines to meet end user requirements. They are also employing strategies such as partnerships, acquisitions, mergers, facility expansions, alliances, etc. to gain profits.
Recent developments:
In March 2022, Milacron received recognition at the 10th national awards for innovation in technology in the downstream plastics and petrochemicals processing industry.
In March 2021, Milacron expanded its all-electric machine portfolio with the launch of a new fanuc roboshot alpha-sib series.
Scope of the Report
Attribute
Details
Estimated Market Value (2023)
US$ 707.3 million
Projected Market Value (2033)
US$ 1,537.4 million
Anticipated Growth Rate (2023 to 2033)
8.1% CAGR
Historical Data
2017 to 2022
Forecast Period
2023 to 2033
Quantitative Units
Revenue in US$ Million, Volume in Units and CAGR from 2023 to 2033
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
