Report : South 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)
Packaging Industry Segment to dominate South America Hot Runner Temperature Controller Market during 2020–2028
According to a new market research study on “South 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$ 12.06 million by 2028 from US$ 8.17 million in 2021. The market is estimated to grow at a CAGR of 5.7% from 2021 to 2028. The report provides trends prevailing in the South America hot runner temperature controller market along with the drivers and restraints pertaining to the market growth. Reducing cycle time and reduction of plastic waste, advancing IoT and industry 4.O, and scaling use of molded plastics in automotive, medical devices, construction, and packaging industries are the major factor driving the growth of the South America hot runner temperature controller market. However, greater dependency on manufacturing sector hinder the growth of South America hot runner temperature controller market.
The COVID-19 pandemic has adversely affected many automobile and industrial vendors, which also led to the shutdown of manufacturing facilities. In January 2021, Ford Motor announced the shuttering of three of its plants in Brazil to stop the automobile production across this region due to reduced demand and sales along with slowdown in their production lines caused amid the COVID-19 pandemic and industrial crisis worldwide. This step taken by Ford Motors has also led to slowdown in the country’s GDP growth. Also, the industrial production in Brazil fell down by 8.2% during the FY 2020. Argentina also faced a GDP decline of ~9.9% during the FY 2020. Industrial production across Argentina shrank by 13.5% during the FY 2020. Furthermore, automobile manufacturing fell by ~40%, auto-parts production fell by ~38%, moto cycle production hampered by ~56%, and electrical equipment production decreased by ~42% across the country during the pandemic. However, the food & beverages sector grew by ~1.5% during the same period. Therefore, the downfall in the industrial production has led to reduction in spending on industrial automation, which is hindering the hot runner temperature controller market growth in South America.
The South 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 Brazil, Argentina, and Rest of SAM. In 2020, Brazil 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.; and Hillenbrand, Inc. are among the leading companies in the South 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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