Global Hot Runner Market 2019-2026: Business Development and Growth Opportunities by Industry Expert
PORTLAND, OREGON, UNITED STATES, October 15, 2020 /EINPresswire.com/ — Global hot runner market accounted for $2.85 billion in 2018 and is expected to hit $5.24 billion by 2026, registering a CAGR of 7.9% during 2019-2026. The advantage of cost-saving coupled with higher volume of production and increase in demand for complex injection molded products fuel the growth of the global hot runner market. On the other hand, several threats of substitutes hamper the growth to some extent. However, high-end technological advancements are expected to create lucrative opportunities for key players in the industry.
The automotive industry accounted for more than one-third of the total market share and is expected to lead the trail during the estimated period. As one of the most demanding and challenging sectors in plastics, automotive industry demands just-in-time (JIT) production conditions, technological advances, and exclusive customer service. This, in turn, provides opportunities for hot runner system manufacturers to develop injection-molded plastics on a frequent basis. The same segment is also expected to register the fastest CAGR of 8.5% till 2026.
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As per current hot runner technology market trends, the valve gate hot runner segment is expected to lead the market owing to its cost-effectiveness. As per industry, automotive is expected to emerge dominant owing to the rising preference towards lightweight vehicles among consumers worldwide. High demand for increasingly complex systems and components, high adoption of hot runner technology across the molding industry, developments in modular designs, and advancement in analysis tools are the factors driving the growth of the global hot runner market.
Based on process type, the valve gate hot runner system contributed to nearly three-fourths of the total market revenue and is anticipated to dominate during 2019–2026. This is attributed to the array of benefits offered by the system such as perfect finishing on the injection point, lower pressure, less shearing of plastic material, and better injection flow. The same segment is also projected to grow at the fastest CAGR of 8.1% throughout the study period.
Based on geography, the market across the Asia-Pacific region held the major share in 2018, accounting for two-fifths of the total market. The presence of many small to mid-level manufacturing sectors such as consumer goods, packaging, automotive, and others requiring high quality and complex injection-molded plastic products in economies such as China, and India drive the growth of the segment. The region is also projected to showcase the fastest CAGR of 8.6% during the forecast period.
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The key market players analyzed in the report include CACO Pacific Corporation, Barnes Group Inc., INglass Group, Fast Heat UK Limited, EWIKON Molding Technologies, Inc., Fisa Corporation, Husky Injection Molding Systems Ltd., INCOE Corporation, Yudo Group, Milacron, Seiki Corporation, and Günther Heisskanaltechnik. Incorporating a number of high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to strengthen their stand in the industry.
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Key Findings of the Hot Runner Key Market:
• By type, valve gate hot runner was the largest revenue-generating type segment in 2018.
• Based on application, the automotive industry generated the highest revenue in 2018, accounting for almost one-thirds of the market, and is projected to grow at a substantial CAGR from 2019 to 2026.
• Asia-Pacific held the largest share of global hot runner market throughout the forecast period.
• China accounted for the majority of the share of the Asia-Pacific hot runner market in 2018.
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Source: EIN Presswire