According to a new report published by Allied Market Research, titled,"Hot Runner Market: Global Opportunity Analysis and Industry Forecast, 2019 - 2026,"the global hot runner market size was $2,854.0 million in 2018, and is expected to reach $5,241.5 million by 2026, growing at a CAGR of 7.9% from 2019 to 2026. The automotive industry segment accounted for around one-thirds of the global hot runner market share in 2018 and is expected to witness significant growth during the forecast period.
Hot runner systems are used for reducing wastage of plastic material that arise in the injection molding process. The utilization of a hot runner system increases molding efficiency by offering reduced cycle time, and decrease in labor, material, and energy costs. It also adds significantly to consistency and quality of part, and permits additional flexibility for molding automation. In addition, the global hot runner market is mainly propelled by the rise in demand for optimal quality injection-molded parts from numerous end-use industries such as the consumer goods, packaging, automotive, and others. Moreover, various innovative technologies are established based on hot runner system that includes the PET pre-formed process, stack mold, multi-material shot, and multi-color shot. Further, hot runner market growth in application of valve gate hot runner in varied industries such as automotive and electronic owing to its ability to produce large number of optimal quality parts is estimated to fuel the development of the global hot runner industry.
One of the key advantages associated with the use of hot runner systems is their speed. The cost savings along with part production in lesser amount of time boost the demand for hot runner systems globally. In addition, by using hot runner, costs are greatly reduced due to generation of less waste. Further, hot runner technology qualifies a diversity of augmented process efficiencies, in addition to the ability for extreme precision. An illustration of how precise these systems can be is the electric valve gate. Electric valve gate uses variable pin positioning in 0.001” increments, thereby offering a fundamental level of control to molders. Moreover, hot runner systems when installed properly, deliver faster speeds, lower labor costs, less scrap, a better part quality, increased efficiency, and mass production.
Based on application, the automotive industry segment is expected to account for the largest share in the global market during the forecast period. Based on type, valve gate hot runner segment is expected to account for the maximum share during the forecast period. By region, Asia-Pacific is projected to account for the majority of the share throughout the global hot runner market forecast period.
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.
Major players in the global hot runner market adopted partnership, product launch, and expansion as their key strategies to meet the change in consumer demands. Moreover, they have introduced energy-effective hot runner of different types to strengthen their market position. The key players profiled in this report include Barnes Group Inc., CACO Pacific Corporation, EWIKON Molding Technologies, Inc., Fast Heat UK Limited, Fisa Corporation, Günther Heisskanaltechnik, Husky Injection Molding Systems Ltd., INCOE Corporation, INglass Group, Milacron, Seiki Corporation, and Yudo Group.