Plastics Processing Machinery Market Expected to Reach USD 40.7 Billion, CAGR of 4.4% from 2022 to 2031.
Plastics Processing Machinery Market Size, Share, Competitive Landscape and Trend Analysis Report
WILMINGTON, DE, UNITED STATES, November 5, 2024 /EINPresswire.com/ — The plastic processing machinery market has grown significantly over the past decade, driven by increasing construction activities, rising vehicle demand, and expansion in the packaging industry. According to a report by Allied Market Research, titled “Plastics Processing Machinery Market,” the market was valued at $26.2 billion in 2021 and is expected to reach $40.7 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.
The market is segmented by type, material, end-user industry, and region. By type, the market includes extruder machines, injection molding machines, blow molding machines, vacuum forming machines, and others. Among these, injection molding machines held the highest market share in 2021 due to their high productivity, efficiency, and lower operating costs despite a higher initial investment.
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In terms of material, the market is divided into polyolefin, polyethylene terephthalate (PET), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), and others. The polyolefin segment led the market in 2021 due to its versatility, strength, and suitability for food, beverage, and pharmaceutical applications. PET is expected to be the fastest-growing segment, driven by increased demand for packaging solutions.
By end-user industry, the market is segmented into packaging, automotive, construction, consumer goods, and others. The consumer goods segment is anticipated to grow significantly due to rising disposable incomes and demand for products like electronics and toys. The growth of the automotive industry, increased demand for packaging solutions, and the benefits of plastic materials over alternatives are key drivers of the market. Plastics are extensively used in automotive manufacturing, where a single car may contain up to 10,000 plastic parts, including materials like polypropylene and PVC. After packaging and construction, the automotive industry is among the largest consumers of plastic. However, high setup costs and environmental concerns related to plastic waste present challenges to market growth.
Regionally, Asia-Pacific dominated the market in 2021, with the LAMEA region expected to experience the highest CAGR due to strong growth potential in manufacturing. Technological advancements are also expected to drive market expansion. For example, Husky Technologies, a major player in the industry, launched its HyPET®HPP5e Recycled Melt to Preform™ (RMTP) system in May 2022, integrating a preform injection molding system with a melt decontamination unit for direct conversion of washed flakes to preforms.
The COVID-19 pandemic impacted the market as manufacturing operations were halted in key regions, including India, China, and the U.S., leading to supply chain disruptions. However, with vaccinations and the reduction of COVID-19 severity, the market is recovering, although emerging COVID-19 cases may still present short-term setbacks.
Full Report With TOC: https://www.alliedmarketresearch.com/plastics-processing-machinery-market
Key Findings of the Study
Injection molding machines led the market by revenue in 2021.
The polyolefin segment held the largest market share by material in 2021.
The packaging segment dominated the market by end-user industry in 2021.
LAMEA is anticipated to experience the highest growth rate in the coming years.
Major players, including ARBURG GmbH & Co. KG, Husky Technologies, and Sumitomo Heavy Industries, Ltd., are profiled with thorough analysis of their competitive strategies.
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David Correa
Allied Market Research
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