Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global plastic processing machinery market size was valued at USD 21.17 billion in 2022 and is expected to be worth USD 21.86 billion in 2023. The market is projected to reach USD 30.26 billion by 2030, recording a CAGR of 4.8% during the forecast period.
Plastic processing machinery usually consists of different kinds of equipment, such as extrusion machines, injection molding machines, thermoforming machines, and blow molding machines. Advanced technologies are being incorporated into these machines to improve their precision & efficiency, reduce waste, and decrease electricity consumption. This factor is estimated to accelerate the plastic processing machinery market growth.
Fortune Business Insights™ displays this information in a report titled, "Plastic Processing Machinery Market, 2023-2030."
KEY INDUSTRY DEVELOPMENTS:
- Husky Technologies brought improvements to its mold controller software with Advanced Reasoning Technology (ART) 2.0, thereby enhancing the efficiency of plastic processing machinery.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.8 % |
| 2030 Value Projection | USD 30.26 billion |
| Base Year | 2022 |
| Plastic Processing Machinery Market Share in 2022 | USD 21.17 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | By Type, By Industry Vertical, and By Region |
| Plastic Processing Machinery Market Growth Drivers | Advancements in Plastic Materials to Fuel Demand For Specialized Processing Machinery |
| Use of Industry 4.0 Technologies to Foster Market Growth |
Report Coverage:
The report has conducted an in-depth analysis of the market and highlighted several key areas, such as leading products/services, key companies, and top applications of the product. It also provides information about the latest market trends and top industry developments. Besides the abovementioned factors, the report encompasses many factors that have boosted the market’s growth.
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Drivers and Restraints:
Innovations in Plastic Materials to Fuel Product Adoption
Plastic materials are undergoing constant innovations as manufacturers and researchers are creating new formulations and types of plastics that have improved capabilities and characteristics. Since the demand for such specialized materials is increasing in various sectors, specialized plastic processing machines are being developed to process such materials properly. Advanced plastic materials need machines that have tighter process control and higher precision, which is expected to boost the sales of plastic processing machinery.
However, market saturation and strict government regulations regarding the use of plastics can hinder the market progress.
Market Segmentation:
Widespread Applications in Different Industries to Boost Adoption of Injection Molding Machines
Based on type, the market is segmented into injection molding machinery, blow molding machinery, extrusion molding machinery, thermoforming machinery, and others. The injection molding machinery segment is expected to dominate the market as these machines have several applications in different industry verticals, such as electronics, packaging, and automotive.
Plastic Processing Machines to be Widely Used in Packaging Industry Due to Robust Need for Sustainable Packaging
Based on industry vertical, the market is segmented into packaging, automotive, construction, consumer goods, healthcare, and others. The packaging segment is expected to capture the largest plastic processing machinery market share as this industry is highly reliant on plastic processing machines to produce bottles, containers, and other packaging products.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Analysis:
Asia Pacific Dominates the Market Due to High Plastics Production
Asia Pacific is dominating the global plastic processing machinery market share as the region is a global hub for the production and processing of plastics. The region also has a vast plastic production base in countries, such as India and China, which will help the region retain its dominance in the global market.
The market in North America is also growing at a considerable pace as the region is witnessing a high adoption of plastic processing machines across various industries. Moreover, technological advancements and introduction of stringent quality standards will further help the regional market grow.
Competitive Landscape:
Key Companies to Engage in Product Innovations to Dominate Market
Many companies operating in this market are increasing their investments in research & development programs to innovate their existing machines to improve their precision, efficiency, and automation features. They are also focusing on other innovations, such as improved control systems, energy-efficient components, and integration of IoT in their machines. Such initiatives will help these companies dominate the market and expand their customer base.
List of the Companies Operating in the Market:
- ARBURG GmbH (Germany)
- Brown Machine Group (U.S.)
- ENGEL AUSTRIA GmbH (Austria)
- Haitian International Holdings Limited (China)
- Husky Injection Molding Systems Ltd (Canada)
- KraussMaffei (China)
- Milacron LLC (Hillenbrand Inc.) (U.S.)
- NISSEI PLASTIC INDUSTRIAL CO., LTD. (Japan)
- Sumitomo Heavy Industries (Japan)
- WITTMANN Technology GmbH (Austria)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Plastic Processing Machinery Key Players Market Share/Ranking, 2022
- Global Plastic Processing Machinery Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Injection Molding Machinery
- Blow Molding Machinery
- Extrusion Molding Machinery
- Thermoforming Machinery
- Others (Rotational Molding Machinery, etc.)
- By Industry Vertical (USD)
- Packaging
- Automotive
- Construction
- Consumer Goods
- Healthcare
- Other (Agriculture, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Plastic Processing Machinery Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Injection Molding Machinery
- Blow Molding Machinery
- Extrusion Molding Machinery
- Thermoforming Machinery
- Others (Rotational Molding Machinery, etc.)
- By Industry Vertical (USD)
- Packaging
- Automotive
- Construction
- Consumer Goods
- Healthcare
- Other (Agriculture, etc.)
- By Country (USD)
- United States
- By Industry Vertical (USD)
- Canada
- By Industry Vertical (USD)
- Mexico
- By Industry Vertical (USD)
- United States
- South America Plastic Processing Machinery Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Injection Molding Machinery
- Blow Molding Machinery
- Extrusion Molding Machinery
- Thermoforming Machinery
- Others (Rotational Molding Machinery, etc.)
- By Industry Vertical (USD)
- Packaging
- Automotive
- Construction
- Consumer Goods
- Healthcare
- Other (Agriculture, etc.)
- By Country (USD)
- Brazil
- By Industry Vertical (USD)
- Argentina
- By Industry Vertical (USD)
- Rest of South America
- Brazil
TOC Continued…!
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