The Plastic Processing Machinery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plastic Processing Machinery Global Market Report 2024, The plastic processing machinery market size has grown strongly in recent years. It will grow from $37 billion in 2023 to $39.02 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased demand for plastic products, globalization and supply chain integration, regulatory standards and compliance, cost efficiency and productivity, environmental concerns.
The plastic processing machinery market size is expected to see strong growth in the next few years. It will grow to $48.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to industry 40 integration, growing emphasis on circular economy, customization and flexibility, rising investments in research and development, e-commerce and packaging trends, shift towards bioplastics. Major trends in the forecast period include technological advancements, sustainable practices, global supply chain disruptions, circular economy initiatives, customization and flexibility.
The growth in demand for plastic products is expected to propel the growth of the plastic processing machinery market going forward. Plastic products refer to finished items made from various organic compounds produced by the polymerization of plastic materials. Plastic processing machinery is used to manufacture a wide range of plastic products, such as medical equipment, housewares, plastic containers, automotive parts, packaging materials, and consumer goods. For instance, in November 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the global export of plastic goods accounted for around $1.2 trillion in 2021. The growth in the volume of plastic goods trade was around $369 million in 2021. Therefore, the growth in demand for plastic products is driving the growth of the plastic processing machinery market.
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The plastic processing machinery market covered in this report is segmented –
1) By Type: Injection Molding Machinery, Blow Molding Machinery, Extrusion Machinery, Thermoforming Machinery, 3D Plastic Printers, Other Types,
2) By Plastic Type: Polypropylene (PP), Polyethylene (PE), Polyurethane (PUR), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polystyrene (PS)
3) By End User Industries: Packaging, Consumer Products, Construction, Automotive, Other End User Industries
Technological advancements are a key trend gaining popularity in the plastic processing machinery market. Companies operating in the plastic processing machinery market are adopting new technologies to sustain their position in the market. For instance, in August 2022, LS Mtron, a South Korea-based heavy machinery manufacturer, launched a smart AI-based injection molding system. This technology has two technical features- an AI molding assistant and smart weight control. The AI molding assistant helps to reduce the stabilizing time in the initial molding steps and smart weight control enables the detection of any change in the weight of products.
The plastic processing machinery market report table of contents includes:
1. Executive Summary
2.Plastic Processing Machinery Market Characteristics
3. Plastic Processing Machinery Market Trends And Strategies
4. Plastic Processing Machinery Market analysis
5. Plastic Processing Machinery Market Size And Growth
6. Plastic Processing Machinery Segmentation
7. Plastic Processing Machinery Regional And Country Analysis
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27.Plastic Processing Machinery Competitive Landscape And Company Profiles
28.Plastic Processing Machinery Key Mergers And Acquisitions
29. Plastic Processing Machinery Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Husky Injection Molding Systems Ltd.
- Milacron LLC
- Engel Austria GmbH
- Haitian International Holdings Limited
- Sumitomo Heavy Industries Ltd.
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