The global hot runner temperature controller market is expected to grow from US$ 124. 31 million in 2021 to US$ 203. 17 million by 2028; it is estimated to grow at a CAGR of 7. 3% during 2021-2028.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hot Runner Temperature Controller Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, and Control Zone" - https://www.reportlinker.com/p06176787/?utm_source=GNW
A hot runner system consists of heated components that are infused into the cavities from plastic injected molds.This system efficiently delivers liquid plastic to several mold cavities to create a plastic product.
The warmed plastic shifts from the molding machine nozzle through internal channels called runners and are transferred directly into multiple cavities at the same time.The popularity of hot runner temperature controllers are growing in popularity, as they do not allow plastic to solidify in the runners and reduce cycle time by accelerating processing.
Moreover, these systems produce less plastic waste as the material does not harden until the mold is loaded.Hot runner temperature controllers perform with the help of an added manifold bolted to the mold assembly.
All these features would propel the demand for hot runner temperature controllers.
In addition to the steady economic growth, the escalating application of high-quality, injection-molded plastic products; advantages such as efficiency, energy-saving, and productivity; and favorable government regulations for encouraging the advancements in the industrial sector are further contributing to the hot runner controller market growth. Moreover, technical advancements and analysis tools, uniformity in components, and modular design advancements are expected to create lucrative opportunities for the key hot runner controller market players during the forecast period.
Based on type, the hot runner temperature controller market is bifurcated into valve gate hot runner and open gate hot runner.In 2020, the valve gate hot runner segment led the market, accounting for a larger market share.
By application, the hot runner temperature controller market is segmented into automotive industry, electronic industry, medical industry, packaging industry, and others.In 2020, the packaging industry segment accounted for the largest market share.
Similarly, based on control zone, the hot runner temperature controller market is segmented into up to 12 zones, 12-48 zones, 48-72 zones, 72-108 zones, 108-144 zones, 144-180 zones, 180-216 zones, and above 216 zones.In 2020, the 12-48 zones segment accounted for the largest market share.
Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.
Impact of COVID-19 Pandemic on North America Hot Runner Temperature Controller Market
The COVID-19 pandemic hit almost all industries across the world in FY 2020 due to lockdown measures imposed by various countries, which disrupted supply chain of different industries as well as generated a demand & supply gap in different industries.The packaging industry in North America has faced many challenges due to suspended or disturbed operations in the food & beverages, automotive, and medical industries.
Assembly plants and supplier facilities in different countries in North America were closed in March and May 2020.Moreover, restrictions enacted on transportation and logistics operations created further challenges for industrial operations.
Slowdown in industrial manufacturing and delays in scheduled periodic equipment maintenance activities across different facilities further caused a stir in the industrial sector, further lowering the demand for hot runner temperature controller systems.
Further, consumer habits have changed during the COVID-19 pandemic owing to a surge in preference for home delivery of food and other products that has led to a great requirement of packaging materials such as plastics.Therefore, the requirement of the large amount of plastic production is increasing across the region.
Also, decline in investments across industrial facilities, amid the industrial crisis, has hindered the growth of the industrial automation technologies.
The overall hot runner temperature controller market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the hot runner temperature controller market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the hot runner temperature controller market.
A few key companies operating in the hot runner temperature controller market are EMI Corporation; EWIKON HEIKANALSYSTEME GMBH; Gammaflux; GÜNTHER Heisskanaltechnik GmbH; Husky Injection Molding Systems Ltd.; Meusburger Georg GmbH & Co KG; Mold Hotrunner Solutions Inc.; FISA Corporation; INGLASS S.P.A.; and HILLENBRAND, INC. (MOLD-MASTERS).
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