Plastic Processing Machinery Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2024 – 2032

Plastic Processing Machinery Market Size

Plastic Processing Machinery Market is expected to grow significantly during 2024 and 2032, driven by the rapid evolution of plastic applications across sectors like healthcare, aerospace, electronics, and 3D printing. For instance, as per Gitnux in 2024, the global plastic market is estimated to reach $643.37 billion by 2029, with a projected CAGR of 5.0% from 2022, when it was valued at $457.73 billion. The ever-increasing consumption of plastic is driving the need for machinery tailored to meet the specific requirements of each sector for plastic processing, thereby inducing market demand.
 

Plastic Processing Machinery Market Trends

According to Business News Daily in 2023, over the past five years, global online searches for sustainable goods have increased by 71%. This increased focus on sustainability and environmental concerns is a major trend in plastic processing machinery industry. Traditional plastic processing methods often rely on petroleum-based plastics, which contribute to carbon emissions, pollution, and non-biodegradable waste. In response, manufacturers are turning to alternative materials derived from renewable sources and recyclable polymers, enabling a reduction in reliance on fossil fuels and minimizing the environmental impact of plastic production. Additionally, eco-friendly plastic processing machinery is designed to optimize resource utilization and minimize energy consumption, further contributing to environmental sustainability.
 

Plastic Processing Machinery Market Analysis

Injection molding machines segment is poised to grow substantially till 2032, as they are widely used in the manufacturing of plastic parts and components across various industries due to their versatility, efficiency, and precision. The growing demand for complex and customized plastic products, coupled with advancements in injection molding technology, is driving the segment growth.
 

Packaging application segment is set to generate notable revenues for the market by 2032, attributed to the increasing demand for packaged goods. There is a growing need for efficient and innovative packaging solutions, especially in the food & beverage, healthcare, and consumer goods sectors. Plastic processing machinery plays a vital role in the production of packaging materials such as bottles, containers, pouches, and films, catering to diverse packaging requirements.
 

Asia Pacific plastic processing machinery industry is anticipated to expand at a notable pace through 2032, driven by rapid industrialization, burgeoning manufacturing sector, and growing population. Countries such as China, India, Japan, and South Korea are key contributors to market growth, with significant investments in infrastructure development, manufacturing facilities, and technological advancements in plastic processing machinery. With focus on addressing the environmental challenges while working with plastic, the manufacturers are coming up with innovative solutions, further impelling the regional industry growth.
 

Plastic Processing Machinery Market Share

Key participants in the global plastic processing machinery industry include Haitian International Holdings Ltd., Sumitomo Heavy Industries, Ltd., Milacron (K Tron Investment Co and Batesville Services, Inc.), ARBURG, and Husky Injection Molding Systems (Husky IMS International), among others. Strategic M&A is one of the prominent efforts undertaken by these companies to boost their geographical stance in the global market.
 

Plastic Processing Machinery Industry News

In June 2022, ENGEL, an Austrian injection molding machine manufacturer, expanded into North Africa by establishing a sales and service subsidiary in Morocco. With promising potential in countries like Morocco, Tunisia, and Algeria, ENGEL aims to capitalize on the growing demand for injection molds in the region.

What Information does this report contain?