The global injection molding machine market size is expected to reach USD 22.03 billion by 2030, registering a CAGR of 4.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for injection molding machines in industries such as automotive, consumer goods, packaging, and electronics is projected to fuel the market growth over the forecast period.

The spread of the omicron variant of COVID-19 has increased hospitalization rates in North America, and the demand for plastic molded products witnessed a surge in the medical sector. This is expected to drive the demand for numerous medical devices, thereby fueling the demand for plastics used for developing them using this technology. The increasing consumption of packaging products in the healthcare, cosmetics, personal care, and consumer goods industries is expected to fuel the growth of the packaging industry over the forecast period. This, in turn, is expected to fuel the market growth in the coming years.

Shifting consumer preferences toward electric vehicles owing to the increasing government subsidies regarding EVs, coupled with a growing number of EV charging stations, are expected to have a positive impact on the automotive industry growth. This, in turn, is expected to fuel the growth of the market in the coming years. Injection molding machine manufacturers are focusing on mergers, acquisitions, and partnerships to acquire a large market share and increase the capacity to meet the growing demand from various end-user industries such as automotive, electronics, and consumer goods.