A Detailed Analysis of the India Injection Moulders Market Based on Cold Runner Mould and Hot Runner Mould
With Injection Moulding Making Strides in the Manufacturing Sector, Can India Become a Profitable Market for Injection Moulder Manufacturers? Find out with FMI's New Report!
India Injection Moulders Market Outlook (2023 to 2033)
The India injection moulders market value is anticipated to increase from US$ 310.5 million in 2023 to US$ 525.3 million by 2033. In 2022, India injection moulders industry was valued at US$ 293.0 million and it is set to exhibit Y-o-Y growth of 6.0% in 2023.
Over the projection period from 2023 to 2033, injection moulder demand in India is likely to rise at a CAGR of 5.4%. A new estimation predicts that injection moulder sales will rise steadily with the target market generating an attractive incremental growth opportunity of US$ 232.3 million.
As per Future Market Insights (FMI), automotive segment by end use held a share of about 24.9% in 2022 within the India market. This is attributable to increasing application of injection molding in the automotive sector.
Holding a share of around 70%, hot runner mould segment dominates India injection moulders industry. For the projection period, hot runner mould segment is expected to thrive at a CAGR of around 5.4%.
Key Factors Shaping Market Dynamics
Rising popularity of injection molding across diverse sectors due to its several advantages is expected to boost India injection moulders industry
Booming manufacturing sector in India is likely to create a high demand for injection moulders
Escalating demand for plastic components and parts, especially in automotive sector is set to create lucrative opportunities for injection moulder manufactures
The tendency of injection moulders to produce intricate components or parts quickly is encouraging their adoption
Incorporation of robotics and automation in injection moulding process is expected to boost the target market
Burgeoning demand for fuel-efficient vehicles and flourishing electric vehicles sector are likely to fuel injection moulder sales
Injection moulders are equipment used in the injection moulding process to produce plastic objects. These moulders are used to shape molten plastic material into a certain shape. They are utilized in a wide range of sectors, including medical devices, automotive, consumer goods, and others.
Injection moulders have the capability to produce complex and precise parts in large quantities while maintaining constant quality. As a result, their popularity is increasing day by day across several sectors.
Rising usage of injection moulding process in various sectors is expected to drive India injection moulders industry during the assessment period.
Robust growth of medical device sector is emerging as a key factor boosting the injection moulders industry in India.
In recent years, India has emerged as one of the leading manufacturers of injection moulders. For instance, as per the India Brand Equity Foundation (IBEF), India is among the top 20 medical device markets worldwide. The medical device sector in India is anticipated to reach a valuation of US$ 50 Billion by 2025.
A wide variety of medical devices, ranging from implantable medical devices and disposables to consumables are being manufactured in India. The main medical devices manufactured in India are disposables such as syringes, catheters, perfusion sets, and feeding tubes as well as implants like intraocular lenses and cardiac stents.
For producing most of these medical devices, manufacturers use injection molding technology which in turn is creating a high demand for injection moulders in the country.
The growing demand for intricate and compact metal injection molded parts from various sectors along with increasing usage of metal injection moulding (MIM) is another key factor expected to fuel market expansion in India.
Manufacturing companies can take advantage of MIM, which is a cost-effective technology, to produce components with proven advantages.
Compared to other injection moulding processes, MIM offers several benefits, such as supporting mass production with high production volume while reducing production costs.
Metal injection moulding can create complex geometries with fewer manufacturing processes, reducing finishing time in secondary operations. It is an ideal solution for parts with intricate shapes, low mass, and moderate to large production volumes.
MIM finds extensive use in structural materials for applications in medical, military, hardware, electronic, and aerospace industries.
MIM is compatible with difficult-to-machine metals, such as stainless steels, cobalt-chromium alloys, and titanium alloys. Therefore, MIM technology plays a significant role in industrial transformation by facilitating the production of intricate and precise components with minimal waste, faster production times, and reduced costs.
India government is also implementing various policies and initiatives such as ‘Make in India’ and ‘Atmanirbhar Bharat’ to promote manufacturers in the country. These initiatives are expected to further drive injection molders demand during the assessment period.
Booming automotive sector and rising need for lightweight & sustainable materials such as bioplastics are likely to improve India injection moulders market share.
Attributes
Key Insights
Estimated India Injection Moulders Market Size (2023)
US$ 310.5 million
Projected Market Value (2033)
US$ 525.3 million
Value CAGR (2023 to 2033)
5.4%
Collective Value Share: Top 5 Companies (2022A)
20% to 25%
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2017 to 2022 India Injection Moulders Sales Outlook Compared to Demand Forecast from 2023 to 2033
As per Future Market Insights (FMI), the sales of injection moulders in India market grew at around 3.3% CAGR during the historical period from 2017 to 2022. Total market valuation increased from US$ 249.5 million in 2018 to US$ 293.0 million by 2022.
Looking forward, injection moulder demand in India is forecast to rise at 5.4% CAGR during the projection period. By 2033, total market valuation is anticipated to reach US$ 525.3 million.
Injection molds are tools used in the manufacturing process of plastic parts through injection molding. They are made up of two halves, a core and a cavity, which are separated to eject the finished product.
Injection molds are used in a variety of sectors, including automotive, consumer products, medical devices, and more. Hence, growth of these sectors will eventually create growth opportunities for injection mold manufacturers.
Plastic mould manufacturers in India are adopting reinforced plastics, which have high growth prospects in the global market.
The automotive sector is replacing metal with glass, carbon, metal, and graphite plastics due to their design flexibility, durability, and lightweight. The use of reinforced plastics is also gaining popularity in defense and medical applications.
Advancements in injection moulding technology, such as 3D printing and automation, are making it easier and more cost-effective to produce complex parts and customized products. This could increase demand for injection moulds as manufacturers seek to capitalize on these technologies.
Key Factors Impacting India Injection Moulders Industry
Increasing Defense Spending Boosting Market for Injection Molders in India:
India's defense sector presents a promising market for injection moulder manufacturers. With the world's 3rd leading military and the 5th defense expenditure giant, India spends almost 30% of its defense budget on capital acquisitions, and about 60% of its defense requirements are met through imports.
The Indian government has committed to spending US$ 130 billion over the next five to seven years to equip the army with modern defense equipment. This is expected to create a high demand for metal injection moulding (MIM) as well as injection moulders.
MIM technology is emerging as a suitable solution for advanced defense applications. This is due to its ability to produce parts with complicated shapes, low mass, and moderate to large production volumes while reducing waste.
Growing popularity of MIM technology in the defense sector is anticipated to bolster injection moulder sales over the assessment period.
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Comparative View of Adjacent India Injection Moulders Market
India Injection Moulders Market
Attributes
India Injection Moulders Market
CAGR (2023 to 2033)
5.4%
Market Value (2023)
US$ 310.5 million
Growth Factor
Technological advancements including 3D printing, digitization, high-performance materials, and other advanced techniques are expected to boost the market growth.
Key Trend
Growing adoption of reinforced plastics due to their design versatility is fostering market development.
Global Injection Blow Molding Machine Market:
Attributes
Injection Blow Moulding Machine
CAGR (2023 to 2033)
4.1%
Market Value (2023)
US$ 2,556.9 million
Growth Factor
Rising demand for injection blow moulding machines from automotive, packaging, and other sectors is expected to drive the target market.
Key Trend
Growing adoption of plastic packaging is a key trend influencing injection blow moulding machine sales.
Global Injection Bottles Market
Attributes
Global Injection Bottles Market
CAGR (2023 to 2033)
5.0%
Market Value (2023)
US$ 8.82 billion
Growth Factor
The demand for injection bottles is rising due to their lightweight and ease of handling.
Key Trend
Increasing adoption of plastic injections and technological advancements are likely to boost market growth.
Category-wise Insights
Demand for Cold Runner Moulds Rising across India
High Cost-effectiveness Fueling Cold Runner Mould Demand in India
A cold runner mould is a form of injection mould in which the material injected into the mould hardens in the runner, which is the route through which the material is delivered to the various cavities in the mould.
Because the runner in a cold runner mould is not heated, the material in the runner must be removed after each cycle, resulting in waste and extended cycle times. Cold runner moulds are frequently utilized for low-volume manufacturing runs or when the material used is costly.
Cold runner moulds offer various advantages that are making them popular. These include very high cost-effectiveness, less complexity, exceptional process flexibility, and low maintenance costs. They are becoming ideal for a wide array of engineered and commodity thermoplastics.
According to Future Market Insights (FMI), cold runner mould segment is anticipated to hold a volume share of 55.2% by 2033, advancing at a CAGR of 4.6%.
Plastic Material is Expected to Dominate the Target Market
Plastic Segment to Lead the Target Market Through 2033
Based on material, plastic segment is expected to dominate India injection moulders industry during the assessment period. As per the latest analysis, plastic segment is projected to hold around 64.2% of the market in 2023. It is set to create an incremental opportunity of US$ 122.5 million. during the forecast period.
Increasing demand for plastic moulds is driven by factors such as the growth of the healthcare sector and rapid industrialization in emerging economies.
In EVs, automobile manufacturers are utilizing engineered thermoplastics in battery enclosures to keep the weight low while ensuring occupant safety.
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Competitive Landscape
Leading injection moulder manufacturers in India are concentrating on developing novel products to meet growing demand from several sectors. They are also investing in research & development as well as adopting strategies such as mergers, partnerships, alliances, agreements, and acquisitions:
To supply 3D injection moulding machine for the Indian market, SOLIZE India Technologies partnered with Toray Engineering D Solutions in 2022.
In February 2023, ChenHsong Group unveiled its latest range of high-efficiency injection moulding machines at PLASTINDIA 2023 trade fair.
Ravi Plast Mold Private Limited has developed more than 1500 products and offers a full range of precision injection molding technologies.
Scope of the Report
Attribute
Details
Estimated Market Value (2023)
US$ 310.5 million
Projected Market Value (2033)
US$ 525.3 million
Anticipated Growth Rate (2023 to 2033)
5.4% 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
