injection molding machine industry keep growing in 2024

author: YONGJIANG GROUP

2024-05-27

injection molding machine industry keep growing in 2024

Injection molding machines are one of the commonly used plastic molding methods in injection molding machine industry, and this product has now been widely used in various industries such as general plastics, automotive industry, and household appliances. According to Grand View Research, the global injection molding machine market is expected to grow from around US$15.33 billion in 2022 to around US$22.03 billion in 2030, with a compound annual growth rate of 4.6%.
Currently, with the domestic injection molding machine market in China accounting for about 40.2% of the global market, the market demand is still growing in Injection molding machine industry. According to National Bureau of Statistics data, in February and March 2024, the monthly fixed asset investment in the rubber and plastic products industry had a continuous year-on-year growth, with growth rates of 10.3% and 17.29%, respectively.
In addition to the continuous growth of investment, related enterprises' revenue has also increased in Injection molding machine industry. Taking YONGJIANG injection molding machine as an example, the company's injection molding machine shipments in the first quarter of 2024 increased by 88% year-on-year, with electric YONGJIANG injection molding machine sales approaching the full-year level of 2023.
In 2023, HAITIAN Injection molding machine's full-year revenue was RMB 4.096 billion, with a net profit attributable to the parent of RMB 477 million, of which haitian injection molding machine sales were RMB 2.76 billion, a year-on-year increase of 3.86%. The first quarter report for 2024 showed that its main business income was RMB 955 million, a year-on-year increase of 11.72%; the net profit attributable to the parent was RMB 116 million, a year-on-year increase of 28.83%, with the haitian injection molding machine sales still impressive.
injection molding machine Industry insiders believe that under multiple factors, China's injection molding machine industry will continue to develop steadily. Firstly, equipment renewal policies are expected to stimulate downstream automotive and single product upgrade and replacement demands. It is understood that HAITIAN's annual financial report showed that the automotive sector's growth performance had been outstanding in recent years, achieving sustained high growth for four consecutive years. HAITIAN also stated in its 2023 annual report that all its products achieved growth, mainly due to the rapid development of the automotive industry, especially the new energy vehicle industry. Injection molding machines, die-casting machines, and other equipment were popular with customers, and automotive industry customers were rapidly increasing.
Secondly, the overseas market has broad space, and a large number of domestic injection molding machine manufacturers are actively exploring the overseas market, with the proportion of overseas income expected to continue to increase. Taking Haitian International as an example, in 2023, its overseas sales revenue accounted for 39.4%, and it has a strong reputation and overseas layout advantages. It is worth mentioning that on May 13th, Haitian International's injection molding machine manufacturer, Xinzhe Machinery, held a groundbreaking ceremony for the Taoyama New Factory in Higashi-ku, Niigata City, Japan. The new factory will not only greatly improve Xinzhe Machinery's delivery capacity locally in Japan, but also an important step for Haitian International in its global strategic layout.
In 2023, HAITIAN's overseas income was RMB 1.09 billion, a year-on-year increase of 26.7%, with overseas income accounting for 26.7%. Among them, the export amount of HAITIAN injection molding machines also reached a new high, up 5.7% year-on-year to US$1.714 billion. As HAITIAN continues to deepen its overseas market development, its overseas market share is expected to continue to increase in the future.
Overall, the demand for YONGJIANG injection molding machines is relatively good, and as downstream industries' prosperity improves, the demand for the injection molding machine industry is expected to accelerate. However, it should be noted that changes in the market environment, intensified market competition, and exchange rate fluctuations may all have an impact on enterprises and even the industry, and investors still need to be cautious.

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