The North America Hot Runner Systems Market would witness market growth of 5.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America Hot Runner Systems Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $947.8 Million by 2031. The Canada market is experiencing a CAGR of 7.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 7% during (2024 - 2031).
Hot runner systems are essential in various industries where precise, efficient, and high-quality injection molding of plastic parts is required. For instance, these systems mold interior components such as dashboard panels, door handles, consoles, and trim pieces. These components require precise molding to meet aesthetic and functional standards.
Hot runner systems mold parts for medical devices such as syringes, IV components, surgical instruments, and diagnostic equipment. These parts require biocompatibility, precision, and consistency in production. Components for laboratory equipment, including test tubes, petri dishes, pipette tips, and vials, are manufactured using these systems to ensure accuracy and reliability in scientific applications.
The computer and electronics industry often requires high precision in manufacturing processes. According to the Government of Canada, in 2021, manufacturing revenues from the computer and electronic industry reached $15.5 billion compared to $14.4 billion in 2020, an increase of 8.1%. Total revenues were $17.9 billion in 2021, increasing from $16.3 billion in 2020. In 2021, net revenues reached $2.02 billion compared to $1.96 billion in 2020, or an increase of 3%. Furthermore, Mexico has become a key player in the global automotive industry, with many major automakers establishing production facilities in the country. As per the International Trade Administration (ITA), Mexico is the world’s seventh-largest passenger vehicle manufacturer, producing 3.5 million vehicles annually. Eighty-eight percent of vehicles produced in Mexico are exported, with 76 percent destined for the United States. Thus, the rising automobile industry and increasing electronics industry in the region is driving the growth of the market.
Free Valuable Insights: The Hot Runner Systems Market is Predict to reach USD 4.7 Billion by 2031, at a CAGR of 6.3%
Based on Process, the market is segmented into Valve Gate Hot Runner, and Open Gate Hot Runner. Based on Application, the market is segmented into Automotive & Transportation, Consumer Goods, Packaging, Electronic, Medical, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Process
By Application
By Country
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