South Korea Injection Molding Machine Market by Product Type (Plastic, Rubber, Metal, Ceramic, and Others), by Machine Type (Hydraulic, Electric, and Hybrid), by Clamping Force (Below 200 Tons, 200–500 Tons, and Above 500 Tons), by Business Type (New Sales and Aftersales), by End-User (Automotive, Packaging, Electronics, Healthcare, Consumer Goods, Toy Making, Building and Construction, Home Appliances, and Others) –Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Semiconductor & Electronics | Publish Date: 07-Nov-2024 | No of Pages: 140 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : SE1492
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Market Definition
South Korea Injection Molding Machine Market size was valued at USD 551.68 million in 2023, and is predicted to reach USD 774.10 million by 2030, with a CAGR of 4.6% from 2024 to 2030. An injection molding machine, also referred to as an injection molder, is a sophisticated industrial apparatus designed for the precise and controlled injection of molten plastic material into a mold cavity. It melts the plastic resin and forces it into a mold under high pressure. Injection molding machines are essential tools for producing various plastic parts and products across various sectors, including automotive, consumer goods, electronics, medical devices, and others.
South Korea's Electronics Industry Fuels the Injection Molding Machine Market Growth
One of the key driving forces behind the injection molding machines industry in South Korea is the remarkable growth of the electronics industry. South Korea is renowned for its booming electronics sector, which includes the production of semiconductors, displays, and consumer electronics. For example, in March 2023, Samsung Electronics announced its plans to invest 230 billion over the next 20 years to develop the world's largest chip-making base, in line with efforts to boost the national chip industry.
Presence of Startups within South Korea's Injection Molding Industry Boosts Market Expansion
The presence of startups within South Korea's injection molding industry is another compelling factor driving its growth. These startups are injecting fresh ideas, innovation, and dynamism into the industry. For instance, in February 2021, a manufacturing startup, Jushin Global Tech has developed a Nitrogen pressure Vacuum injection molding machine that saves the company’s gas and conserves the environment. The eco-friendly injection molding machine can utilize 100% of waste plastics, increasing the recycling rate of waste plastics. Leveraging cutting-edge technologies, these startups driving the development of innovative injection molding solutions.
Emergence of Alternative Manufacturing Technologies Hinders the Market Growth
Emergence of alternative manufacturing technologies, such as 3D printing and additive manufacturing also restrains growth of the injection molding machines market. These innovative methods offer unique advantages that are drawing attention away from conventional injection molding. Industries that prioritize customization, rapid prototyping, and waste reduction are increasingly turning to 3D printing and additive manufacturing.
This diversion of demand impacts the injection molding machines market, particularly in sectors where these alternatives better suit the production requirements. As a result, injection molding machine manufacturers face the challenge of adapting to changing market dynamics and finding ways to remain competitive, as manufacturing technologies continue to evolve.
Customized Products from Diverse Industries Offer a Prime Opportunity for Growth and Innovation
The rise in demand for customization and personalized products is expected to create ample growth opportunities for the market in the future. This trend is becoming evident across various industries, ranging from consumer goods to electronics. Injection molding machines are at the forefront of catering to this trend.
Machines that possess the ability to quickly switch between different molds and efficiently produce small batches play a pivotal role in enabling manufacturers to respond to this demand for customization. These machines empower manufacturers to produce items that are tailor-made to suit specific requirements and preferences. Whether it's creating custom-designed consumer goods or producing electronics with unique features, injection molding machines equipped for such versatility are crucial for fulfilling consumers’ demand.
Competitive Landscape
The South Korea injection molding machine industry includes several market players such as Sumitomo Heavy Industries, The Japan Steel Works, LTD., NISSEI CORPORATION, UBE Corporation, ENGEL, ARBURG GmbH + Co KG, Haitian International, Husky Technologies, KraussMaffei, WOOJIN SELEX CO. LT.
The South Korea Injection Molding Machine Market Key Segments
By Product Type
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Plastic
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Thermoplastics
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Thermosets
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Rubber
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Metal
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Powder
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Liquid
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Ceramic
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Others
By Machine Type
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Hydraulic
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Electric
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Hybrid
By Clamping Force
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Below 200 Tons
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200–500 Tons
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Above 500 Tons
By Business Type
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New Sales
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Aftersales
By End-User
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Automotive
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Interior
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Trim
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Exterior
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Others
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Packaging
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Caps and Closures
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Thin-wall Containers
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Lids
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Personal Care
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Containers
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PET Preforms
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Others
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Electronics
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Healthcare
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Consumer Goods
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Toy Making
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Building and Construction
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Flooring
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Windows
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Doors
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Others
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REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 551.68 Million |
|
Revenue Forecast in 2030 |
USD 774.10 Million |
|
Growth Rate |
CAGR of 4.6% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Sumitomo Heavy Industries
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The Japan Steel Works, LTD.
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NISSEI CORPORATION
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UBE Corporation
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ENGEL
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ARBURG GmbH + Co KG
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Haitian International
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Husky Technologies
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KraussMaffei
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WOOJIN SELEX CO. LTD
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