Pune, India, Jan. 23, 2022 (GLOBE NEWSWIRE) -- The global Hot Runners for Packaging Market size reached USD 911.2 million by 2028, exhibiting a CAGR of 4.6% during the forecast period. The market was valued at USD 638.0 million in 2020 and reached USD 665.2 million in 2021. Increasing application of the product in several industries and rising adoption in rigid bulk and thin-wall packaging is expected to propel market growth. Fortune Business Insights™ mentions this information in its report titled “Hot Runners for Packaging Market, 2021-2028.”
Hot runners for packaging is an injection molding system used to produce heated plastics in industries. Increasing product applications from several industries are expected to boost its demand significantly. The rising adoption of the product from several industries is expected to fuel its demand. Furthermore, the rising adoption of the product for rigid bulk and tin-wall packaging industries is expected to boost its demand. This demand is attributable to the emergence of several packaging and manufacturing industries globally. These factors are likely to boost the market development during the upcoming years.
List of Key Players Profiled in this Market Report:
- Inglass S.p.A. (OC Oerlikon Management AG) (Treviso, Italy)
- Barnes Group Inc. (Connecticut, U.S.)
- Hillenbrand, Inc. (Indiana, U.S.)
- Husky Injection Molding Systems Ltd. (Caledon, Canada)
- Mastip Technology Limited (Auckland, New Zealand)
- Top Grade Molds (Mississauga, Canada)
- Mold Hotrunner Solutions Inc. (Westfall Technik) (Ontario, Canada)
- J-Tech Hot Runner (Ontario, Canada)
- Wellmade IND. Manufacturing(HK) Limited (HongKong, China)
- INCOE Corporation (Michigan, U.S.)
- SEIKI CORPORATION (KISCO LTD.) (Yonezawa-city, Japan)
- YUDO (SUZHOU) HOT RUNNER SYSTEMS CO., LTD (Gyeonggi-do, Korea)
- Zhejiang Snake Hot Runner Technology Co., Ltd. (Zhejiang, China)
- MasterFlow AB (Västervik, Sweden)
- EWIKON Heißkanalsysteme GmbH. (Frankenberg, Germany)
- HEITEC Heisskanaltechnik GmbH (Bottendorf, Germany)
- Hot Techs Hot runner technologies (Mumbai, India)
- Meusburger Georg GmbH & Co KG (Bangalore, India)
Rising Demand for the Machine from the Packaging Sector to Boost Market Progress
This market is expected to be positively impacted during the COVID-19 pandemic because of the rising product adoption in the food & beverage, medical, skincare, and other sectors to produce packaging material. The rising adoption of production machinery is expected to boost its demand. Further, manufacturers adopt social distancing, reduced capacities, and part-time shifts to meet demand and recover their losses. These factors are likely to bolster market progress during the pandemic.
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By type, the market is segmented into valve gate and open gate. Based on application, it is classified into coffee pods & capsules, bottles, cups, trays, buckets, and others. As per end-users, it is categorized into agricultural products, medical, health & skincare, food & beverages, and other industrial use. Regionally, it is grouped into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Report Scope and Segmentation-
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||4.6%|
|2028 Value Projection||USD 911.2 Million|
|Market Size in 2021||USD 665.2 Mllion|
|Historical Data for||2017 to 2019|
|No. of Pages||140|
|Segments covered||By Type, By End-users, By Application, By Region|
|Growth Drivers||Increased Demand for Plastic Products across Industries to Aid Market Growth|
|Pitfalls & Challenges||High Maintenance Cost to Impede Market Growth|
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Robust Demand for Plastic Products from Several Industries to Bolster Product Demand
The rapid adoption of plastic products from several industries for packaging and other purposes is expected to boost hot runners for packaging’s demand. It is used to produce PET bottles, cups, trays, medicine, salad dressing, household cleaner packaging applications because of its ease of use and effectiveness. Furthermore, it is used in industrial applications because of the shelf life of the products produced. Moreover, the rising adoption of these runners for packaging in the agricultural and food & beverage sector is expected to boost its sales. These factors are likely to drive the hot runners for packaging market growth.
However, these runners' high maintenance costs for packaging are expected to hinder the market’s progress.
Strong Technological Adaptability and Government Support to Bolster Growth in Asia Pacific
Asia Pacific is expected to dominate the hot runners for packaging market share because of strong technological adaptability, government support, and the availability of skilled labor. The market in Asia Pacific stood at USD 242.0 million in 2020 and is expected to gain a considerable portion of the market share in the upcoming years. Furthermore, the extensive adoption of different-sized packs and unique packaging is expected to boost the growth of hot runners for the packaging industry.
In Europe, higher plastic production and the expansion of production facilities in the region are expected to boost hot runners for packaging adoption. This factor may bolster the industry’s progress during the upcoming years.
In North America, the presence of major players and increasing focus on technological developments is expected to boost market development.
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Major Players Announce Innovative Products to Boost Brand Image
Prominent companies operating in the market announce novel products to boost their brand image. For example, Husky Injection Molding Systems Ltd. announced its ‘UltraShot Injection System’ injection technology molding in January 2021 to improve their design freedom and mold superior quality parts. UltraShot Injection System practices lesser high-pressure injection cycles, conserving the original resin properties and boosting the product’s quality. Furthermore, adopting research and development, acquisition, mergers, technologically advanced production technologies may enable market players to improve their product quality and boost their market position.
- October 2020: HRSflow announced its new production site with approximately ~3, 000 sqm for the European market. It is designed in accordance with manufacturing requirements and shall enable the company to increase its production flexibility and capacity for clients in Europe.
Table of Contents
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Hot Runners for Packaging Key Players Market Share Insights and Analysis, 2020
- Global Market Share Analysis of Key Manufacturers of Plastic Products Catering to Packaging Sector, 2020
- Competition Landscape of Machines Manufacturers, 2020
- Key Market Insights and Strategic Recommendations
- Primary Respondent Insights
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