Plastic Processing Machinery Market Growth, Developments and Forecast to 2027
The global plastic processing machinery market size is estimated to grow USD 42.5 billion by 2027 from USD 31.4 billion in 2020, at a CAGR of 5.2% during the forecast period. Plastic molding processing technology has been widely used in manufacturing various products, such as connectors, displays, mobile phones, 3C electronic products, auto parts, plastic optical lenses, biomedical application products, general daily necessities, etc. With the growing diversification of product usage and variability in functional requirements, plastic molding processing technology is booming day by day.
Compared to other materials, such as wood, stone, and metal, plastic has the advantages of low cost and strong plasticity. Therefore it is widely used in the economy and daily life. Plastic products and industry occupy an extremely important position globally; plastic products have developed rapidly worldwide for many years. According to PlasticsEurope data, the global production of plastics in 2018 stood at 359 million metric tons and saw steady growth.
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Owing to the development in demand for plastic products, the industry is growing demand for plastic processing equipment. Among all the techniques, plastic injection molding is the most commonly-used plastic formation technique with numerous industrial applications. The market demand for the technology is continually expanding. Custom-made plastic injection molding parts offer the perfect solution for numerous industries striving to produce a great volume of high-quality and cost-efficient parts.
Global Plastic Processing Machinery Market Dynamics
Drivers: The packaging Industry have Increased the Demand for Plastics
The global demand for plastic packaging from industries such as consumer goods, electronics, food & beverages, and even industrial is increasing, owing to the benefits provided by plastic packagings, such as the ability to react with fewer products and keep items safe; also, the materials used can be made odorless, which aids in item protection from environmental conditions, and the product can be sealed for leakage proofing. Other benefits are driving the demand for plastic packaging.
Plastics are valued for their lightness. Even though plastics are used for packaging over 50% of all European goods, they only account for 17% of total packing weight, according to Custom-Pak. According to research conducted by Custom-Pak on the effects of substituting plastic with alternatives (such as paper and paperboard, glass, steel, aluminium, textile, rubber, and cork), the substitutes are 4.5 times heavier on average. The alternatives demand significantly higher material production to produce the same packaging style.
Restraints: Stricter Government Regulations Toward Minimal Usage of Plastics
Plastic pollution has become a global problem. Several types of research have stated the adverse effects of plastic on the environment. As a result, Europe enacted restrictions to curb the use of plastics. The public’s knowledge of the negative consequences of plastic use has risen dramatically during the last decade. Many government-sponsored public awareness campaigns and initiatives have raised public understanding. Thus, plastic packaging consumption witnessed a significant impact in the past few years.
Consumers are now using other packaging materials that offer environmentally-friendly properties. Because of its eco-friendliness and great recyclability, aluminum and glass are being consumed at high rates in the region. As a result, customers are progressively turning away from plastic.
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Scope of the Report
The study categorizes the plastic processing machinery market based on type and application at the regional and global levels.
By Type Outlook (Revenue, USD Million, 2017–2027)
- Injection Molding Machinery
- Blow Molding Machinery
- Extrusion Machinery
- Thermoforming Machinery
- 3D Plastic Printers
- Other Types
By End-Users Outlook (Revenue, USD Million, 2017–2027)
- Packaging
- Consumer Products
- Construction
- Automotive
- Other End-user Industries
By Region Outlook (Revenue, USD Million, 2017–2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
By type, the injection molding machinery segment is projected to account for the largest market share
Based on type, the global plastic processing machinery market is divided into injection molding machinery, extrusion machinery, thermoforming machinery, blow molding machinery, 3d plastic printers, and other types. In 2020, injection molding machinery was accounted for the largest market share, with 56.0% of the market share. Injection molding machinery is widely used to produce plastic parts in large volumes. Plastic polymers being the most commonly used raw material by injection molding machines, it is used to produce various multi-dimensional and complex products with plastics. The increasing consumption of plastic bottles of bottling companies is anticipated to propel the companies to enhance their production capabilities to meet the growing demand. Manufacturers in the value chain have been introducing cutting-edge technology products to stay competitive in the market studied. For instance, in July 2019, Yizumi-HPM Corp., a manufacturer of high-quality injection molding machines within a range of 65 to 4400 metric tons, announced the development of three new series of injection molding machinery and the launch of Yizumi-HPM full line of linear robots.
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global plastic processing machinery market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 5.6% in the global plastic processing machinery market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia–Pacific. The region’s growth is due to the economic growth in emerging countries such as China, Indonesia, Malaysia, and India.
Middle East & Africa is the second-fastest-growing region with a CAGR of 5.2% during the forecast period, 2021-2027. To meet the water demand, governments and enterprises in the region have invested heavily in desalination and other projects to provide clean water. For instance, Agthia Group, a leading food and beverage company in the United Arab Emirates signed an agreement to purchase 100% of the shares in the water business of Delta Marketing Company, based in Saudi Arabia, producing the Al Ain brand water. With such investment initiatives, the region is expected to drive the demand for plastic bottles in the region.
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Key Market Players
Arburg GmbH + Co KG, Sumitomo Heavy Industries, The Japan Steel Works Ltd, Husky Injection Molding Systems Ltd, Milacron LLC (Hillenbrand Inc.), Gurucharan Industries, Graham Engineering Corporation, Engel Austria GmbH, Haitian International Holdings Limited, Brown Machine Group, KraussMaffei Group (ChemChina), and Kautex Maschinenbau GmbH are some of the major companies in the global market of plastic processing machinery.
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