WILMINGTON, DE / ACCESSWIRE / December 6, 2022 / Transparency Market Research Inc. - In 2021, the global plastic processing equipment market was valued at over US$ 1.4 Bn. The market is projected to grow at a CAGR of 4% during the forecast period, from 2022 to 2031. It is predicted to surpass market value of US$ 2.1 Bn by 2031. The use of plastic processing machinery, including extrusion and injection molding, as well as the huge demand for goods made from plastic materials across all sectors are expected to drive market growth of the global plastic processing equipment business.
Market research on plastic processing equipment industry attributes the growth of the sector to the rising use of plastic-based products in businesses including packaging and consumer goods. Global manufacturers of plastic processing equipment are creating cutting-edge designs for customers all over the world to break into untapped regions and expand their business potential.
Asia Pacific is the leading plastic processing equipment market globally. Since the plastic processing sector is well-established in Asia Pacific, the market in the region is anticipated to develop at the highest pace during the forecast period. The market in Asia Pacific has expanded due to steadily rising demand for products made of plastic materials across all sectors. Besides, increase in adoption of injection molding and extrusion equipment is also anticipated to drive demand in the market.
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Key Findings
- Plastics are used in a wide range of applications. By 2050, plastic production is expected to more than double, increasing from 308 million tons in 2018 to 756 million tons by 2050. Demand for plastics is rising continuously, which is likely to elevate demand for equipment that can treat raw materials rapidly, precisely, and with minimal material waste. This is one of the major factors propelling the market for plastic processing equipment.
- Usage of feed screw barrels is being driven by increasing adoption of extrusion and injection molding in the global plastics industry. Extensive adoption has resulted in increasing quantity of extruded and injection molded plastic goods. Extrusion and injection molding are projected to become more widely used in the global plastics industry since they offer several benefits over other plastic tooling techniques.
Global Plastic Processing Equipment Market: Growth Drivers
- The usage of screws is anticipated to rise in the next few years. This can be ascribed to their increasing use in extrusion and injection moulding techniques. However, consumers are increasingly demanding plastic processing equipment parts. Demand for items such as screws is likely to be driven by replacement of parts and components during equipment repair and maintenance. These parts include tips, barrels, and screws.
- Majority of businesses are investing heavily on extensive research and development activities to develop novel products. The main expansion strategies adopted by major businesses include diversifying their product portfolios and engaging in acquisitions and mergers.
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Regional Landscape
- More than 40% of the world's plastic production comes from Asia, which is regarded as the global epicenter of the plastic processing industry. It is here that the plastic processing equipment industry is expanding at the highest rate. India, China, as well as other developing nations are listed as the major producers of products utilizing plastic. In addition, key regional firms in the plastic processing sector are also adopting bioplastic and environment-friendly sustainable technologies. These factors are expected to propel the plastic processing equipment market in Asia Pacific during the forecast timeframe.
Global Plastic Processing Equipment Market: Key Players
Some of the key players profiled in the report are:
- Lung Chang Machinery Enterprise Co. Ltd.
- American Screw & Barrel, Inc.
- Windsor Feedscrews Inc.
- BOCO PARDUBICE machines, s.r.o.
- Concor Tool and Machine Inc.
- Concor Tool and Machine Inc.
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Global Plastic Processing Equipment Market: Segmentation
Product
- Screw
- Twin Screw Barrel
- Nozzle System
- End Caps
- Others
Material
- Bimetallic
- Nitride
- Carbide
- Steel
- Chrome
- Others
Industry
- Automotive
- Packaging
- Electronics
- Healthcare
- Consumer Goods
- Others
Application
- Extrusion
- Injection Molding
Sales Channel
- OEM
- After Market
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