ALBANY, N.Y., June 7, 2021 /PRNewswire/ -- The demand for vertical injection molding machines has increased exponentially over the years. The utilization of these machines for preparing massive molded parts for appliances, automotive, and industrial applications is proving to be a game-changer. The rapid rise in urbanization and industrialization across many regions will also have a profound impact on the growth of the vertical injection molding machine market.
Vertical injection molding machines function the same as horizontal injection molding machines but they are optimized to operate on the vertical axis. These machines require very little space to function as compared to horizontal injection molding machines. The benefits offered by vertical injection molding machines as compared to horizontal injection molding machines will bring tremendous growth opportunities during the forecast period of 2021-2031.
The TMR experts expect the vertical injection molding machine market to expand at a CAGR of ~4 percent during the assessment period of 2021-2031. The global vertical injection molding machine market is prognosticated to reach a valuation of US$ 10.6 bn by 2021, the end year of the forecast period.
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Horizontal injection molding machines were already popular among numerous industries due to their efficiency and functionality. The 'space factor' was proving to be a hindrance as horizontal injection molding machines consume a lot of area. Vertical injection molding machines are serving as a feasible option as they use lesser space as compared to horizontal injection molding machines, eventually accelerating the growth prospects.
Key Findings of the Report
Smart Technologies to Reign Supreme
Technological advancements are playing a crucial role in the growth of the vertical injection molding machine market. The utilization of technologies like the Internet-of-Things (IoT) and Artificial Intelligence (AI) have made immense changes in the efficiency and functioning of vertical injection molding machines. The players in the vertical injection molding machine market are investing in research and development activities to discover new technologies for offering more convenience to the end-users. All these factors bode well for the growth of the vertical injection molding machine market.
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Prospering Packaging and Automobile Industries to add Extra Stars of Growth
The overwhelming utilization of vertical injection molding machines across the packaging and automobile industry will brighten the growth prospects during the forecast period to a considerable extent. The swelling demand for these machines across countries having a large automobile industry presence will invite extensive growth.
India and China are increasing their focus on industrialization and urbanization, which is ultimately benefitting the vertical injection molding machine market. The thriving automobile industry in India and China and the rising demand for packaging from varied pockets of the world will invite promising growth for the vertical injection molding machine market.
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Vertical Injection Molding Machine Market: Prominent Advantages
These advantages will shape the growth trajectory of the vertical injection molding machine market.
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