Injection Molding Machine Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2021 - 2026
Injection Molding Machine Market Overview: According to the International Organization of Motor Vehicle Manufacturers (OICA), more than 97 million motor vehicles were produced in 2017 with a production growth rate of 2.36% year-on-year [1] . Furthermore, the future will be observing some tremendous growth in the automotive sector with an augmented vehicle production owing to the growth in demand for passenger cars and commercial vehicles. Now, the parts of these vehicles utilize injection molded plastic in bearings, gear wheels, and other parts because it’s lightweight and helps to enhance the fuel efficiency for which the demand for injection molding machine is increasing. According to IndustryARC’s market analyst, the injection molding machine market had a value of around $15 billion to $17 billion in 2018, and the demand for the product will grow at a CAGR of 2.8% to 3.2% during the forecast period of 2019 to 2025. China is one of the major producers of resins and plastic pr