The global market for hot runner temperature controllers is projected to expand significantly, increasing from US$ 124.31 million in 2021 to US$ 203.17 million by 2028. This growth represents a compound annual growth rate (CAGR) of 7.3% during the period from 2021 to 2028.
A hot runner system is designed with heated components that are integrated into the cavities of plastic injection molds. This innovative system effectively delivers molten plastic to multiple mold cavities simultaneously, facilitating the production of plastic products. The heated plastic travels from the nozzle of the molding machine through internal channels known as runners, allowing for direct transfer into several cavities at once. The increasing adoption of hot runner temperature controllers is attributed to their ability to prevent plastic from solidifying in the runners, thereby reducing cycle times and enhancing processing efficiency. Additionally, these systems minimize plastic waste since the material remains in a liquid state until it is injected into the mold. Hot runner temperature controllers operate with the assistance of a manifold that is securely attached to the mold assembly, further driving the demand for these advanced systems.
In conjunction with steady economic growth, the rising demand for high-quality injection-molded plastic products, along with benefits such as improved efficiency, energy savings, and increased productivity, are contributing to the expansion of the hot runner controller market. Favorable government regulations aimed at promoting advancements in the industrial sector also play a significant role in this growth. Furthermore, ongoing technological innovations, enhanced analytical tools, standardization of components, and advancements in modular design are expected to create lucrative opportunities for key players in the hot runner controller market throughout the forecast period.
The hot runner temperature controller market is categorized by type into two main segments: valve gate hot runner and open gate hot runner. In 2020, the valve gate hot runner segment dominated the market, holding a substantial share. The market is also segmented by application, which includes the automotive, electronics, medical, packaging, and other industries. The packaging sector accounted for the largest share in 2020. Additionally, the market is divided based on control zones, including categories such as 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. The 12-48 zones segment was the largest in terms of market share in 2020. Geographically, the market is segmented into regions including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with North America holding a significant share of the global market in 2020.
Impact of COVID-19 Pandemic on North America Hot Runner Temperature Controller Market
The COVID-19 pandemic had a profound impact on various industries worldwide in FY 2020, primarily due to lockdown measures implemented by numerous countries. These restrictions disrupted supply chains and created a demand-supply imbalance across different sectors. In North America, the packaging industry faced numerous challenges as operations in the food and beverage, automotive, and medical sectors were either suspended or significantly disrupted. Many assembly plants and supplier facilities across North America were closed between March and May 2020. Furthermore, transportation and logistics restrictions exacerbated the challenges faced by industrial operations. The slowdown in manufacturing and delays in routine equipment maintenance across various facilities further contributed to a decline in demand for hot runner temperature controller systems.
Consumer behavior also shifted during the pandemic, with a notable increase in the preference for home delivery services for food and other products, leading to a heightened demand for packaging materials, particularly plastics. Consequently, the need for substantial plastic production surged in the region. However, a decline in investments in industrial facilities amid the industrial crisis hindered the growth of automation technologies within the sector.
The overall size of the hot runner temperature controller market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the hot runner temperature controller market across all segments. Additionally, primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the hot runner temperature controller market.
Several prominent companies operating within the hot runner temperature controller market include EMI Corporation, EWIKON HEI?KANALSYSTEME GMBH, Gammaflux, G?NTHER 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).