Report : North America Hot Runner Temperature Controller Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Valve Gate Hot Runner and Open Gate Hot Runner), Application (Automotive Industry, Electronic Industry, Medical Industry, Packaging Industry, and Others), and Control Zone (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)
Valve Gate Segment to dominate North America Hot Runner Temperature Controller Market during 2020–2028
According to a new market research study on “North America Hot Runner Temperature Controller Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User,” is expected to reach US$ 62.98 million by 2028 from US$ 39.35 million in 2021. The market is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report provides trends prevailing in the North America hot runner temperature controller market along with the drivers and restraints pertaining to the market growth. Raising use of molded plastics in automotive, medical devices, construction, and packaging industries, reduced cycle time and reduction of plastic waste, and growth of IoT and industry 4.O are the major factor driving the growth of the North America hot runner temperature controller market. However, higher dependency on manufacturing sector hinder the growth of 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 regions 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 greater requirement of packaging materials such as plastics which has generated the requirement of large amount of plastic production across the region. Also, decline in investments across industrial facilities, amid the industrial crisis, has resulted in slowdown in the growth for industrial automation technologies.
The North America hot runner temperature controller market is segmented on the basis of type, application, control zone, and country. Based on type, the hot runner temperature controller market is segmented into valve gate and open gate. In 2020, valve gate segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. On the basis of application, the hot runner temperature controller market is segmented into automotive industry, electronic industry, medical, packaging industry, and others. In 2020, packaging industry segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. 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, 12-48 zones segment held the largest share in the market and 48-72 zones is expected to be the fastest growing segment during the forecast period. Based on country the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market and it is also expected to be the fastest growing country during the forecast period.
Gammaflux; Husky Injection Molding Systems Ltd.; Meusburger Georg GmbH & Co KG; INGLASS S.P.A.; Hillenbrand, Inc.; GÜNTHER Heisskanaltechnik GmbH; EWIKON HEIßKANALSYSTEME GMBH; Mold Hotrunner Solutions Inc.; FISA Corporation; and EMI Corporation are among the leading companies in the North America hot runner temperature controller market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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