Market Research Future (MRFR) has published a cooked research report on the “Plastic Processing Machinery Market” that contains information from 2023 to 2032. The Plastic Processing Machinery Market is estimated to register a CAGR of 4.48% during the forecast period of 2023 to 2032 and projected to grow at USD 62.60 Billion by 2032.
MRFR recognizes the following companies as the key players in the Market- Brown Machine Group (US), Haitian International Holdings Limited (China), Milacron (US), ENGEL AUSTRIA GmbH (Austria), Husky Injection Molding Systems Ltd (Canada), Lyle Industries (US), ARBURG GmbH (Germany), Cannon S.p.A. (Italy), Cosmos Machinery Enterprises Limited (Hong Kong), Sumitomo Heavy Industries (Japan).
Market Analysis
The plastic processing machinery market will grow at a 4.48% CAGR by 2032 and market is projected to grow from USD 44.09 Billion in 2023 to USD 62.60 Billion by 2032, states the latest Market Research Future (MRFR) report.
Drivers
Growing Adoption in Medical Industry to Boost Market Growth
The growing adoption of plastic processing machinery in the medical industry will boost market growth over the forecast period. Plastics are used for producing prosthetic tools & artificial limbs.
Opportunities
Growing Demand in Packaging Industry to offer Robust Opportunities
The growing need for plastic packaging from different industries like electronics, consumer goods, food and beverages, and also industrial is increasing for the perks provided by plastic packaging because it reacts with lesser products as well as helps in keeping items safe. Besides, the material utilized can be made odorless, assists in protecting items from environmental conditions, as well as products can be sealed for leakage proofing. These benefits will boost market growth over the forecast period.
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Market Segmentation
The global plastic processing machinery market is bifurcated based on product type, end use, and plastic type.
- By product type, the rotational molding machinery will lead the market over the forecast period.
- By end use, the packaging industry will dominate the market over the forecast period.
- By plastic type, the polypropylene segment will spearhead the market over the forecast period.
Restraints and Challenges
Ban on Single-Use Plastics to act as Market Restraint
The ban on single-use plastics may act as market restraint over the forecast period.
Key Players
Eminent industry players profiled in the global plastic processing machinery market report include
- Brown Machine Group (US)
- Haitian International Holdings Limited (China)
- Milacron (US)
- ENGEL AUSTRIA GmbH (Austria)
- Husky Injection Molding Systems Ltd (Canada)
- Lyle Industries (US)
- ARBURG GmbH (Germany)
- Cannon S.p.A. (Italy)
- Cosmos Machinery Enterprises Limited (Hong Kong)
- Sumitomo Heavy Industries (Japan)
COVID-19 Analysis
The plastic processing machinery market has been impacted by the COVID-19 pandemic. Plastic materials have been gaining widespread adoption to manufacture hospital devices and also personal protective equipment, thus playing a key role to reduce the spread of the virus and also amplify the plastic processing machinery industry outlook in the foreseeable future.
Regional Analysis
North America to Sway Plastic Processing Machinery Market
North America will sway the plastic processing machinery market over the forecast period. Growing need from the packaging industry, construction industry, and automotive, growing consumer awareness about health safety issues, increased use of recycled materials, rising need for plastic products across daily household items, and food and beverage, escalating sales of plastic resins, and the booming consumer electronics industry in the US are adding to the global plastic processing machinery market growth in the region.
APAC to Have Admirable Growth in Plastic Processing Machinery Market
The APAC region will have admirable growth in the plastic processing machinery market over the forecast period. Substantial increase in plastic items, China being the top exporter and importer of plastic products, increasing demand in India and China, and expansion of the packaging industry that needs several plastic components as chief parts of the associated packaging mechanisms are adding to the global plastic processing machinery market growth in the region.
Plastic Processing Machinery Industry Developments
August 2021:
T. Sumitomo Heavy Industries, Ltd launched a double-shot injection molding machine named "SE400HS-CI". This machine is designed to improve productivity, work efficiency, and capability. The introduction of this machine not only enhances the company's product portfolio but also suggests a focus on advanced technology and meeting the evolving needs of the market.
July 2022:
SACMI group inaugurated a new regional headquarters in Mumbai, India, specifically dedicated to its Rigid Packaging Business. This move signifies the company's commitment to expanding its presence and operations in the Indian market, particularly in the field of rigid packaging. Regional headquarters often serve as hubs for coordinating business activities, customer support, and market development.
Additionally, in January 2021, Haitian Vietnam Ltd., a subsidiary of the Haitian group in Vietnam, opened a new facility in Ho Chi Minh City. This facility spans 1000 sq.m. and features multifunctional space modules for various purposes including product display, meeting areas, after-sales training, spare parts storage, and offices. This expansion aims to provide enhanced services to customers in the region, showcasing products, providing training, and improving customer support.
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