PUBLISHER: Grand View Research | PRODUCT CODE: 1446494
PUBLISHER: Grand View Research | PRODUCT CODE: 1446494
The North America plastic injection molding machine market size is anticipated to reach USD 2.61 billion by 2030 and is anticipated to expand at a CAGR of 3.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is primarily driven by the increasing demand for precision-engineered plastic components across diverse industries, such as automotive, consumer goods, packaging, and electronics. Moreover, factors, such as rising product customization requirements, the push for lightweight & durable materials, and the need for cost-effective mass-production methods are propelling the market growth. Plastic injection molding allows the creation of plastic packaging for a variety of applications and in a variety of forms.
The injection method can be utilized to manufacture food and beverage containers, creatively designed body care packaging, and even packaging for household chemicals. The plastic injection molding technique solves problems related to barrier protection, handling, product visibility, scalability, and aesthetics. Plastic injection molding machine is suitable for producing a wide variety of exterior automotive components, such as mudguards, door panels, wheel arches, grilles, trunk trims, front and rear covers, and outside car door trims. Its significance lies in the ability to manufacture complex and intricate designs with consistency, ensuring the stringent quality standards required for automotive applications.
Plastic injection molding enables the production of advanced technological components including sensors, connectors, and intricate parts for electric vehicles. According to the Center for Automotive Research, the automobile sector is one of the most important industries in the U.S. It contributed around 4.7% of the total U.S. GDP in 2022. Moreover, six additional assembly facilities were announced in 2022, building new electric vehicles, joining the 23 existing facilities that have been retooled for electric production. Premium/high-tech injection molding machines are used for manufacturing plastic components that have complex designs and unique end-use requirements.
As these machines are incorporated with the IIoT, automation, and machine learning algorithms, they can undertake high-quality manufacturing processes. These machines are used in automotive, medical equipment, and electronics industries to manufacture plastic components. Plastic injection molding machines with less than 100 metric tons of clamping force are used to manufacture small electronics parts, medical components, and coverings of consumer goods. Changing consumer preferences are encouraging companies to develop small and precise products in the electronics and medical industries. In addition, during the start of 2021, new investments of over USD 75 million were announced in the U.S. These investments further boosted the new assembly of automotive plants, thus, driving the market demand.