Wilmington, Delaware, United States, July 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for plastic processing equipment was worth US$ 1.4 billion in 2021. Between 2022 and 2031, it is expected to grow at a CAGR of 4%. Global plastic processing equipment sales are predicted to reach US$ 2.1 billion by the year 2031.
Injection molding machines and other equipment are expected to be in high demand as developing nations upgrade their plastics processing plants. Technological advancements are also helping, lowering equipment costs and making them more affordable in pricey markets.
Automobiles, packaging, and construction are among the industries that are expanding globally. Since plastic is lightweight, cost-effective, and versatile, it has become increasingly popular in these industries. Growing end-use industries increase demand for plastic processing equipment, which propels the market upward.
Asia-Pacific and Latin American developing countries are experiencing rapid urbanization and industrialization. The demand for plastic processing equipment in these regions is boosted by an increase in plastic product consumption.
Due to government regulations, manufacturers are encouraged to adopt highly efficient plastic processing equipment that enables recycling and waste management. The government also provides incentives and subsidies for the adoption of environmentally friendly equipment, further propelling the market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.4 Bn | |
| Estimated Value | US$ 2.1 Bn | |
| Growth Rate - CAGR | 4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 263 Pages | |
| Market Segmentation | By Product, Twin Screw, Material, Industry, Application, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | American Screw & Barrel, Inc., BOCO PARDUBICE machines, s.r.o., Canadian Feed Screws Mfg. Ltd., Concor Tool and Machine Inc., Lung Chang Machinery Enterprise Co. Ltd., Milacron, Nordson Corporation, Raj Engineering Works, Windsor Feedscrews Inc., W-J Incorporated | |
Key Findings of the Market Report
- An increase of two-fold in plastics production by 2050 is expected to boost the market for plastic processing equipment.
- With extrusion and injection molding more common, screws are expected to be in high demand.
- Demand for plastic processing equipment is growing in the packaging and automotive industries.
- Regulatory initiatives are being implemented worldwide to promote recycling and reduce plastic waste.
- The demand for plastic processing equipment is expected to increase in the OEM market over the next few years.
Global Plastic Processing Equipment: Growth Drivers
- Plastic products are in increasing demand in diverse industries, including packaging, automotive, construction, electronics, and healthcare. Manufacturing these products efficiently depends on plastic processing equipment, which is driving the market's growth.
- Technological advances lead to the development of more efficient and automated machines are developed for the plastic processing equipment industry. Investing in upgraded equipment and developing new processes increases production, precision, and speed of plastic processing, which drives market growth.
- Sustainability is becoming increasingly important, leading to increased demand for sustainable and eco-friendly plastic processing equipment.
- Technologies and equipment are being adopted by manufacturers to promote energy efficiency, reduce waste, and make plastic materials recyclable and reusable.
- The prominent factors affecting the plastic processing machinery market size include the increasing consumption of a wide range of products such as ready-to-eat and baked foods. Various properties, such as resistance to corrosion, durability, and versatility, make plastic an ideal material for use in construction and industrial applications.
- The advancement of plastic processing technology leads to outdated equipment that is less efficient and less effective. Modern, high-performance equipment is being replaced by many manufacturers in an effort to increase production capabilities, reduce downtime, and enhance overall efficiency. As a result of this replacement trend, the market continues to grow.
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Global Plastic Processing Equipment: Regional Landscape
- The plastic processing industry in Asia contributes more than 40% of the world's plastic output, making it a hub of the global plastic industry.
- Japanese government has committed substantial funds to develop EV infrastructure in an effort to reduce the country's carbon footprint.
- With the advent of electric vehicles (EVs) and electric charging stations, plastic processing equipment demand in China is expected to rise.
- Manufacturing units for plastics processing machinery have been established in China due to the rapid industrialization of the country.
- Based on bottled water production data, the United States is expected to boost its injection molding machinery market in the coming years.
Global Plastic Processing Equipment Market: Key Players
This report includes an evaluation of business models, key product offerings, innovations, and strategies of plastic processing equipment providers. Research and development expenditures are significant for most firms, predominantly to develop innovative products. Among the key strategies major players adopt are product portfolio diversification and mergers and acquisitions.
- In July 2023, the German company Alba Group is investing almost €55 million ($60 million) in an PET recycling plant along the capital's Kendal Industrial Park (KIP). By creating markets, they aim to increase Indonesian collection rates. Working closely with local collectors, they believe this project will have a positive social impact, creating 150 new jobs in the area.
- In July 2023, FANUC UK will present a live demonstration of their automated manufacturing cells at Interplas 2023. Every 10 seconds, compostable cutlery sets are manufactured and packaged into a biodegradable presentation sleeve, allowing visitors to watch the process in real-time.
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Global Plastic Processing Equipment Market: Segmentation
- Product
- Screw
- Single Screw
- Below 19 mm
- 20 mm-25 mm
- 26 mm-40 mm
- 41 mm-60 mm
- 61 mm-75 mm
- 76 mm-90 mm
- 91 mm-110 mm
- 111 mm-135 mm
- Above 135 mm
- Twin Screw
- Below 35 mm
- 36mm-50 mm
- 51mm-70mm
- 71mm-100mm
- 101mm-125mm
- 126mm-150mm
- 151 mm-175 mm
- 176mm-200 mm
- Above 200 mm
- Barrel
- Nozzle System
- End Caps
- Others (Screw Tips, Feeder, etc.)
- Screw
- Material
- Bimetallic
- Nitride
- Carbide
- Steel
- Chrome
- Others (Beryllium-Copper Alloy, Aluminum, etc.)
- Industry
- Automotive
- Packaging
- Electronics
- Healthcare
- Consumer Goods
- Others (Furniture, Processing Industry, etc.)
- Application
- Extrusion
- Injection Molding
- Sales Channel
- OEM
- After Market
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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