PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575038
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575038
Plastic Processing Machinery Market size was valued at USD 23,710.32 Million in 2023, expanding at a CAGR of 4.70% from 2024 to 2032.
Plastic Processing Machinery refers to a broad range of equipment used in the manufacturing of plastic products. This machinery is designed to shape, mold, and transform raw plastic materials into various finished products or intermediate forms. The machines cater to a wide array of industries, including automotive, packaging, medical, and consumer goods.
Plastic Processing Machinery Market- Market Dynamics
Increasing demand from healthcare, medical devices and increased use of recycled plastics is expected to propel market demand
The increasing consumption of plastic products in various sectors, such as packaging, automotive, electronics, construction, and consumer goods, drives the demand for plastic processing machinery. The demand for plastic medical devices, such as syringes, IV bags, and diagnostic equipment, has surged, particularly following the COVID-19 pandemic. This has created opportunities for specialized machinery that can produce high-quality and sterile plastic products. Lightweight plastic components are increasingly used in the automotive industry to improve fuel efficiency and reduce emissions. This trend has led to a growing need for machinery that can produce high-precision automotive parts, such as bumpers, interior components, and under-the-hood parts.
There is a growing emphasis on using recycled plastics. This has led to an increased demand for machinery capable of processing recycled materials, such as recycling extruders and pelletizing systems. Government regulations encouraging or mandating the use of recycled plastics have further spurred demand. Manufacturers are investing in automated plastic processing machinery to reduce labor costs, increase production speed, and ensure consistent quality. Emerging markets like China, India, and Southeast Asia are witnessing rapid industrialization and urbanization, leading to increased demand for plastic products.
Plastic Processing Machinery Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.70% over the forecast period (2024-2032)
Based on Product Type segmentation, the injection molding machinery segment was predicted to show maximum market share in the year 2023, owing to their high demand from automotive sector.
Based on Application segmentation, consumer goods segment was the leading Application segment in 2023, due to the rising demand for products like TVs, computer, sporting goods, bottles, etc.
Based on End User segmentation, packaging segment was the leading End User segment in 2023, due to the increasing demand for plastic products for packaging in different industries.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, due to the high demand for plastic molds in automotive & construction sector.
Global Plastic Processing Machinery Market is segmented on the basis of Product Type, Application, End User, and Region.
The market is divided into four categories based on Product Type: injection molding machinery, extrusion machinery, blow molding machinery, and others. The injection molding machinery segment dominates the market. Increasing demand for lightweight components and tech advancement in injection molding machines is expected to proliferate segment growth.
The market is divided into three categories based on Application: consumer goods, buildings & construction, and others. The consumer goods segment dominates the market. Growing demand for processed plastic in peripherals like computers, TVs, bottles is estimated to foster market growth.
The market is divided into five categories based on End User: automotive, packaging, electronics, healthcare, and others. The packaging segment dominates the market and is expected to maintain its high dominance during the forecast period. Increasing demand for plastics in packaging applications is fueling market demand.
Plastic Processing Machinery Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific holds the largest share of the global plastic processing machinery market and is the fastest-growing region. Europe has a well-established market, known for its technological innovations and high-quality machinery production. Growing emphasis on sustainable and circular economy initiatives is driving innovation in recycling machinery. North America is a mature market with steady growth, led by technological advancements and automation.
The competitive landscape of the Plastic Processing Machinery market is formulated by the presence of several prominent global and regional players. Key players are integrating Industry 4.0 solutions such as IoT, AI, and machine learning for real-time monitoring, predictive maintenance, and process optimization. Companies like Engel, ARBURG, and Sumitomo Demag are expanding their presence in emerging markets such as Southeast Asia, Latin America, and Africa to capitalize on growing demand. Leading players are heavily investing in research and development to stay ahead in technology and innovation. Focus areas include process automation, material compatibility for new polymers and composites, and reducing operational costs.
In March 2023, Arburg launched the 110-ton Allrounder 470-H hybrid injection molding machine to expand their product line.
In 2022, Nissei Plastic Industrial Co., Ltd. launched new compact hybrid machines targeting the medical and electronics sectors, with enhanced precision.