India Molding Machine Market Outlook to 2028

India Molding Machine Market Overview

In recent years, the India molding machine market has experienced substantial growth, this is reflected by the India injection molding machine market reached a valuation of USD 706 million in 2023. driven by increasing demand in various industries such as automotive, electronics, and packaging.

Leading players in the India Molding Machine Market include Toshiba Machine Co., Ltd., Arburg Gmb H + Co KG, Engel Austria Gmb H, and Haitian International Holdings Limited. These companies dominate due to their innovative technologies, expansive distribution networks, and comprehensive service offerings.

Maharashtra stands out as a significant hub in the India Molding Machine Market, primarily because of its large industrial base, strategic location for logistics, and concentration of manufacturing facilities.

Toshiba Machine Co., Ltd. highlighted impressive growth in the first three quarters of 2023, with revenue reaching $200 million and a substantial 20% increase in net profits, driven by their pioneering injection molding technologies and strong global partnerships.

India Molding Machine Market Segmentation

The India Molding Machine Market can be segmented based on various factors like product, end use industry and region.

By Product Type: The India molding machine market is segmented by product type into injection molding machines, blow molding machines, and compression molding machines. In 2023, injection molding machines dominated the market. This dominance is attributed to their widespread application in producing complex and high-precision components for the automotive and electronics industries.

By End-User: The India molding machine market is segmented by end-user into automotive, electronics, packaging, and others. The automotive sector dominated the market. The demand for lightweight and high-precision components in vehicle manufacturing drives the adoption of advanced molding machines. Innovations in electric and hybrid vehicles also contribute to the increased demand for molding machines in this sector.

By Region: The India molding machine market is segmented by region into North, South, East, and West. The northern region dominated the market. The presence of numerous automotive and electronics manufacturers in this region drives the demand for advanced molding machines.

India Molding Machine Market Competitive Landscape

Company Name

Establishment Year

Headquarters

Haitian International Holdings

1966

Ningbo, China

ENGEL Machinery India Pvt. Ltd.

1945

Mumbai, India

Milacron India Pvt. Ltd.

1968

Ahmedabad, India

Toshiba Machine (India) Pvt. Ltd.

1938

Chennai, India

Windsor Machines Limited

1964

Ahmedabad, India

In 2023, Haitian International announced the opening of a new manufacturing plant in Gujarat, India. This facility aims to increase production capacity and reduce lead times for molding machines, addressing the growing demand in the Indian market. The plant is expected to produce over 1,000 units annually, contributing to the company's market expansion.

In 2023, ENGEL Machinery entered into a partnership with an Indian automotive manufacturer to supply advanced injection molding machines. This collaboration aims to enhance the automaker's production capabilities and meet the rising demand for high-precision automotive components. The partnership is expected to generate annual revenue of USD 50 million.

India Molding Machine Industry Analysis

India Molding Machine Market Growth Drivers:

Electronics Manufacturing Surge: The electronics manufacturing sector in India is expanding due to increased consumer demand for electronic devices such as smartphones, laptops, and home appliances. In 2024, India's electronics manufacturing output is expected to surpass 300 million units, necessitating high-precision molding machines for producing intricate electronic components. The government's Digital India initiative and investments in semiconductor manufacturing are propelling this growth, creating substantial opportunities for the molding machine market.

Packaging Industry Growth: The packaging industry in India is growing due to the rising demand for packaged goods in food and beverage, pharmaceuticals, and personal care sectors. In 2024, the packaging industry is projected to produce over 50 billion units, increasing the need for blow molding machines for creating plastic bottles and containers.

Infrastructure Development Projects: The Indian government's focus on infrastructure development, including the construction of smart cities, industrial corridors, and residential complexes, is driving the demand for construction materials and components. In 2024, the construction sector is expected to generate over 200 million tons of building materials, necessitating the use of compression molding machines for producing durable and high-strength components

India Molding Machine Market Challenges:

High Cost of Advanced Molding Machines: The high cost of advanced molding machines remains a significant challenge for small and medium-sized enterprises (SMEs) in India. In 2024, the average cost of a state-of-the-art molding machine is estimated to be around USD 200,000, making it difficult for SMEs to invest in such equipment. This financial barrier limits the adoption of advanced molding technologies, affecting production efficiency and competitiveness in the market.

Skilled Labor Shortage: The shortage of skilled labor to operate and maintain advanced molding machines is a critical challenge for the industry. In 2024, it is estimated that the Indian manufacturing sector will face a shortage of 1 million skilled workers. This gap impacts the efficient utilization of molding machines, leading to increased downtime and reduced productivity. Efforts to bridge this skill gap through vocational training and education programs are essential to address this challenge.

India Molding Machine Market Government Initiatives:

Make in India Program: The Make in India initiative continues to play a pivotal role in boosting the manufacturing sector, including the molding machine market. In 2024, the government allocated USD 1 billion towards the program to enhance local manufacturing capabilities and attract foreign investments. This funding aims to support the development of advanced manufacturing technologies and infrastructure, promoting the growth of the molding machine industry.

Production-Linked Incentive (PLI) Scheme: The PLI scheme for the electronics and automotive sectors is driving demand for molding machines in India. In 2024, the government announced an incentive package of USD 500 million to encourage domestic manufacturing of electronic components and automotive parts. This initiative aims to reduce dependence on imports and foster the growth of local industries, creating significant opportunities for the molding machine market.

India Molding Machine Future Market Outlook

The India Molding Machine Market is projected to grow significantly by 2028, with a strong CAGR driven by continuous technological advancements, an expanding consumer goods market, and the growing influence of online retail channels.

Future Market Trends

Adoption of Industry 4.0 Technologies: Over the next five years, the adoption of Industry 4.0 technologies, including Io T, AI, and robotics, will transform the molding machine industry in India. By 2028, it is estimated that over 70% of molding machine manufacturers will implement these advanced technologies to enhance production efficiency, reduce operational costs, and improve product quality. The integration of smart manufacturing solutions will drive significant improvements in the industry's competitiveness.

Growth in Electric Vehicle Production: The growth in electric vehicle (EV) production will drive the demand for advanced molding machines used in manufacturing lightweight and high-precision components. By 2028, India's EV production is projected to reach 2 million units annually, necessitating the use of innovative molding technologies to produce components such as battery casings, charging ports, and lightweight panels. This trend will create substantial opportunities for the molding machine market.
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