Chicago, Aug. 11, 2022 (GLOBE NEWSWIRE) -- The Vertical Injection Molding Machine Market is projected to reach USD 2.18 billion by 2027, at a CAGR of 4.3% from USD 1.69 billion in 2022, according to a new report by MarketsandMarkets™. The growing development in healthcare industry is driving the demand for vertical injection molding machine market. The growing medical industry and development of e-vehicle industry are also bringing in future opportunities for vertical injection molding machine.
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“Based on automation, automotic is projected to grow at highest CAGR during the forecast period”
Automatic vertical injection molding machines are used in various application including automotive, medical & healthcare, electrical & electronics, fiber optics and others. These machines allow manufacturers to produce complicated small geometries with maximum possible accuracy and precision. They provide high efficiency as it is fully automatic process with less human interference.
“Electronics is projected to be the fastest growing application in vertical injection molding machine market, in terms of value”
Electronics application is the fastest growing application, in terms of value, during the forecast period. In this industry, within fiber optics application vertical injection molded parts are widely used for molding gears such as connectors, and parts of fiber optic applications in telecom and medical industry. Fiber optics molding is a precision injection molding technology that creates optical components on a smaller scale than regular molding techniques.
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“Asia Pacific is expected to be the fastest growing market for vertical injection molding machine during the forecast period, in terms of value and volume.”
Asia Pacific accounted for the largest market share, in terms of volume, in 2021. This dominance is attributed to major electrical & electronics end-use industries worldwide shifting their manufacturing base to Asia Pacific countries such as China, India, and Thailand. The growing demand for electric appliances such as televisions, refrigerators, and microwave ovens in China is expected to boost the sales of vertical injection molding machines.
New product launches and expansions are the major growth strategies adopted by the key players in the market.
Major Players operating in 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) have undertaken expansions in the vertical injection molding machine industry.
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