China Market Insider The Five Largest Plastic Machinery Manufacturers in China

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China's plastic machinery industry has been experiencing solid growth for years. Here is an overview of the five largest manufacturers.

The number of manufacturers of plastic processing machines increased from 442 to 568 companies between 2015 and 2022, as China's manufacturing industry drives growth in all significant downstream industries. Production is also growing. In 2023, China produced nearly 389,900 machines specialized in plastic processing, an increase of 4.42 percent compared to the previous year.

Geographically, the industry is primarily concentrated in the coastal provinces of Zhejiang and Guangdong. Together, these account for roughly 56 percent of the national machine production. Zhejiang, located near Shanghai, alone accounts for 39 percent.

A significant portion of the business in China also involves injection molding, extrusion, and blow molding machines. Injection molding machines alone account for about 40 percent of the industry's value. Even in China, injection molding machines are by far the largest machinery category in terms of quantity, production value, and export volume.

In this segment, the Chinese machinery industry is currently benefiting from the rapid growth of Chinese e-mobility. Domestic plastic machinery manufacturers are investing heavily in research and development. Increasingly high-quality injection molding machines, which just a few years ago had to be entirely imported from abroad, are now often ordered by Chinese automakers from Chinese machinery manufacturers for cost reasons.

Chinese manufacturers now dominate their domestic market in the field of injection molding machines. Industry leader Haitian controlled about 44 percent of the Chinese market according to the latest available data, followed by Yizumi with 8 percent and Chen Hsong with 6 percent.

Only in the high-end segment, in the market for high-precision and large injection molding machines, do international companies such as Engel from Austria, KraussMaffei from Germany, and Sumitomo Demag from Japan continue to dominate the global market and remain strong in China. Japan leads in the field of electric injection molding machines. Additionally, certain high-quality components for manufacturing the machines still need to be imported in China.

At the same time, top companies from China are gaining more and more global market share year after year. In 2023, Haitian International already accounted for around 19.3% of global injection molding machine sales, and Yizumi for about 4%. The Chinese are particularly successful in exporting to rapidly growing markets like Mexico, Vietnam, Turkey, and Brazil because they offer machines of acceptable quality at affordable prices.

Chinese plastic machinery manufacturers are now generating substantial revenue through exports. In 2023, injection molding machines alone accounted for approximately 1.5 billion euros (~$1.65 Billion), making up over half of export earnings.

In the first quarter of 2024, the volume of Chinese injection molding machine exports increased by another 42 percent compared to the same period the previous year, while imports to China in this category decreased by 20 percent. This latter figure also strongly highlights the trend toward "domestic substitution" of equipment once imported from abroad with machines "made in China."

Here is an overview of the five leading manufacturers of plastic processing machines in China, sorted by their revenue in 2024.

1. Haitian Plastic Machinery Group Co., Ltd.

• Headquarters: Ningbo, Zhejiang Province

Haitian is the undisputed market leader for injection molding machines in China and has also been the largest manufacturer in this segment worldwide for several years. The company was founded in 1966 and has developed over nearly 60 years from a small operation to a globally active group.

Today, Haitian operates in five business segments, ranging from the plastic machinery division (Haitian International, listed on the Hong Kong stock exchange) to CNC machine tools, drive and control systems, die casting machines, and intelligent manufacturing solutions ("Haitian Smart").

The group has more than 80 subsidiaries worldwide and delivers its products to over 130 countries. The plastic machinery division covers almost the entire range of conceivable applications, primarily in the automotive and electronics industries.

Haitian's portfolio includes globally recognized products such as energy-efficient hydraulic injection molding machines of the Mars series, all-electric machines of the Zhafir series, as well as large-format two-platen models of the Jupiter series.

2. Yizumi Holdings Co., Ltd.

• Headquarters: Shunde, Guangdong Province

Yizumi is the second-largest Chinese plastic machinery manufacturer and also stands out with a highly diversified portfolio. In addition to all types of injection molding machines, it includes die-casting machines for metals, rubber injection presses, high-speed packaging systems, as well as robotics and automation systems.

The company operates multiple production sites domestically and internationally and employs more than 2,500 people. Yizumi pursues a "dual drivetrain" strategy, meaning it aims for revenue growth in both the injection molding and die-casting segments. Significant investments are also being made in international expansion.

In 2023, Yizumi generated revenue of approximately €480 Million/$525 Million  (an increase of 11.3 percent year-on-year) and a net profit of around €57 Million/$62 Million (an increase of 17.7 percent). The largest share was contributed by the injection molding machine business, but the most dynamic growth was recorded by Yizumi in the die-casting machine segment (approximately €93 Million/$101 Million).

The smaller divisions, particularly rubber machines as well as robotics and automation, have also recently seen significant revenue growth. The driving force here is once again China's booming automotive industry, especially in the electric vehicle segment, which has triggered strong demand for high-quality injection molding and die-casting equipment.

Over the past two years, Yizumi has introduced two new product lines for demanding casting applications: the new HII series (cold chamber die-casting machines) and the high-end LEAP series, both of which immediately recorded high order volumes.

Yizumi, the international name of this Chinese company, is the Japanese word for "spring water" and is meant to symbolize the vitality of the company.

3. Shanghai Jwell Machinery Co., Ltd.

• Headquarters: Shanghai

Jwell is the leading manufacturer of plastic extrusion machines in China. The high-tech company was founded in 1997 in Shanghai and has dominated the segment for several years. Across six major production sites in Shanghai, Suzhou, Changzhou, Haining, Zhoushan, and Dongguan, more than 3,000 employees are employed.

Jwell has filed over 1,000 patents, highlighting its ambitions to continually develop its product range. The portfolio now covers nearly all areas of extrusion and plastic recycling. The company offers complete production lines for films, sheets, profiles, and pipes, extrusion and compounding systems, blow molding machines, as well as recycling and granulating systems. Specialized machines, such as those for medical films or nonwoven applications, are also part of the portfolio.

According to its own information, Jwell exports its equipment to more than 120 countries. In Shanghai, the company is also proud of international certifications such as the CE mark or ISO 9001.

4. Chen Hsong Holdings Limited

• Headquarters: Hong Kong

The Chen Hsong Group is a pioneer in the Asian plastic machinery industry and one of the world's largest producers of injection molding machines. The company was founded in 1958 by Chen Chiang in Hong Kong. Over roughly 60 years, it has grown from a small workshop into a globally active, publicly listed corporation.

Today, Chen Hsong manufactures approximately 20,000 injection molding machines per year. These are delivered to customers in more than 90 countries, including the USA, Germany, and Japan, as well as increasingly to growth markets in Asia and South America.

Chen Hsong's smallest injection molding models offer 20 tons of clamping force (with a shot weight of approximately 28 grams), while the largest machines reach up to 6,500 tons and enable shot weights of over 100 kilograms. This allows for the production of both the finest precision parts for electronic housings and large-format plastic components for vehicles or household appliances.

Chen Hsong is one of the key players in the mainland Chinese market but also has an extensive international sales and service network.

5. Dalian Rubber & Plastics Machinery Co., Ltd.

• Headquarters: Dalian, Liaoning Province

The state-owned enterprise Dalian Rubber & Plastics is a traditional Chinese company. It is often referred to in domestic press reports as the "cradle" of Chinese rubber and plastic machinery manufacturing. The company was founded as early as 1907, making it significantly older than the People's Republic itself. Today, it is part of the Dalian Heavy Industry Equipment Group.

Dalian R&P employs more than 1,800 people and operates factory halls with a total area of approximately 530,000 square meters. The company remains one of the most important full-range suppliers for the rubber and plastic processing industry in China.