In recent years, incidents of Chinese companies going abroad have been appearing intensively in our vision. They are constantly providing better products and services to overseas customers by relying on products, services, or supply chains to go global. Currently, with the relatively mature injection molding machine market in China and the basic completion of domestic substitution in the mid to high end field, leading enterprises are continuously improving their overseas layout and further increasing their market share.
Industry insiders believe that based on the vast market space, domestic injection molding machine companies will accelerate their expansion into overseas markets in the future. According to statistics from Huajing Industry Research Institute, the domestic injection molding machine market space exceeded 26 billion yuan in 2022, with a CAGR of 3.79% from 2017 to 2022. The global scale of injection molding machines in 2020 was 99.4 billion yuan, and it is expected that the global scale will reach 141.4 billion yuan by 2028, with a CAGR of 4.5%. From the above data, it can be seen that domestic injection molding machine enterprises have great potential to go global.
In fact, Dongwu Securities recently released a research report stating that the trend of domestic injection molding machines going abroad is mainly due to: 1) the basic formation of a localization pattern, with foreign leading enterprises only occupying a portion of the high-end market, and domestic leading enterprises seeking more opportunities to go abroad; 2) The gross profit margin of overseas business of domestic injection molding machine enterprises is higher than that of domestic business, and leading enterprises pursue high profits to go abroad; 3) The overseas injection molding machine market has strong demand under the transfer of the industrial chain.
Prior to this, Zhejiang Securities also released a research report stating that they are optimistic about the export of injection molding machines. The article mentions that China's plastic machinery industry has become a major manufacturing and exporting country after years of development, and has significant influence in the global plastic machinery market. Under the resonance of policies and cycles, it is expected that the turning point of the general equipment industry will come. Among them, in terms of injection molding machines, Yizhimi and Haitian International are optimistic.
It is understood that Yizhimi's business has covered more than 70 countries and regions in overseas markets. As of now, factories have been established in India, as well as German R&D centers, Brazilian service centers, Vietnamese service centers, etc. The overseas market layout has been relatively complete. In the future, the company will further expand its overseas market and increase its market share.
Since its establishment, Haitian has always been at the forefront of industry innovation, insisting on starting from market demand and providing high-quality products and services to global customers. According to data, in 2023, the company's overseas sales reached 5.152 billion yuan, a year-on-year increase of 17.3%. Currently, the company is still accelerating its expansion and construction in overseas markets. It is reported that the Chennai factory in India is expected to be completed and put into use this year, and the first phase of the Serbian factory is also expected to be put into operation in 2025. It is worth mentioning that recently, Haitian South Korean sales company H T Korea also held a grand 20th anniversary commemoration event at the Qingbei Dichuan factory.
Overall, product strength is the primary factor determining the competitive landscape of injection molding machines. In the future, it is expected that enterprises with advantages in scale efficiency and product strength will remain stronger and more competitive in overseas markets.