The global plastic processing machinery market is expected to gain significant momentum over 2021-2027, as a result of the high awareness about the myriad benefits of plastic processing techniques, such as design flexibility, coupled with the rapid adoption of this machinery in food & beverage and other end-use industries. Food manufacturers have been deploying plastic injection molding and other processes to create complex and identical goods with a low error risk. Shifting preference from metal to plastic packaging to ensure food & beverage safety will further stimulate the industry demand in the upcoming years.
Plastic processing is defined as the process of converting raw plastic material into semi-finished products. Plastic primary processing machinery, also known as plastic molding machinery, is used to mold plastic semi-products and products, including rotational molding and compression molding machines, while the plastic secondary processing machinery is adopted to reprocess and post-process plastic semi-products and products, such as printing and thermoforming machines.
Rising intake of ready-to-eat and baked products as an alternative to regular foods, along with the accelerating use of plastics in the construction sector owing to their versatility, durability, corrosion resistance, and other properties are the prominent trends proliferating the plastic processing machinery market size.
Despite the positive growth environments, the introduction of stringent rules & regulations regarding the usage of plastics in several countries worldwide may create significant barriers for the industry growth. For instance, the central government of India has issued a draft proposal to mandate various requirements for plastic carryout bags and ban single-use plastics nationwide from 2022, which may pose negative impacts on the demand for plastic processing machines over the projected timeframe.
In terms of segmentation by type, the 3D plastic printers segment is set to exhibit a high growth rate through 2027, which is attributable to its capability to offer limitless flexible design opportunities in terms of material, shapes, and colors. Considerable reduction of labor costs through the adoption of 3D printing systems will further boost plastic processing machinery market segmental growth in years ahead.
On the regional front, the North America plastic processing machinery market is anticipated to hold a considerable share over the coming years, owing to the escalating sales of plastic resins and the rapid growth of the consumer electronics industry in countries including the U.S. According to statistics from the ACC (American Chemistry Council) PIPS (Plastics Industry Producers Statistics) Group, the production of resins in North America grew by 1.4% to 123.1 billion pounds in 2020, a hike from 121.5 billion pounds in 2019.
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 across the global market.
Robust Plastic Demand in Healthcare Sector Amid COVID-19 & its Impact on Plastic Processing Machinery Market Trends:
In the wake of the coronavirus pandemic, various industries across the globe have witnessed fundamental changes in their supply chains, consumer behaviors, and routes to market, due to the temporary closure of businesses and other restrictions being imposed to contain the virus. These factors created adverse impacts on many industrial processes, including on the production of plastic processing equipment.
In 2020, however, the sales and production of plastics observed a significant increase in major countries like North America, despite the unprecedented health and economic challenges. Plastic materials have also been gaining widespread adoption for manufacturing of hospital devices as well as personal protective equipment, thus playing a major role in reducing virus spread and in turn, amplifying the plastic processing machinery industry outlook over the foreseeable future.