Plastic Processing Machinery Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

In the coming years, the plastics processing machinery market will continue to grow, and the market is expected to reach a size of US $ 44 billion in 2024, and to reach US $ 62.5 billion by 2032. This growth will be achieved by a CAGR of 3.91% during the forecast period. The market growth is mainly driven by several factors, such as the increasing demand for plastics in the packaging, automobile and consumer goods industries, and the development of plastics processing technology to improve efficiency and reduce waste. The automation and smart manufacturing solutions will be further enhanced. The trend towards the development of energy-saving and sustainable machinery, which is in line with the current trend of sustainable development, will also be a major driving force for the development of the industry. The main players in the market, such as Engel Austria, Arburg and Husky, have launched new products and formed strategic alliances to enhance their market positions and meet the changing needs of customers. This will help the market grow in the future.

Regional Market Size

Regional Deep Dive

The plastics processing machinery market is growing at a fast pace in various regions, driven by the increasing demand for plastics products in the automobile, packaging, and consumer goods industries. In each region, the market is characterized by its own economic and regulatory environment and technological developments. The market is characterized by a shift towards sustainable production, with an increasing focus on recycling and bio-plastics, which is reshaping the machinery and production processes.

Europe

• The European Green Deal has made a great deal of influence on the plastics industry and has led to the development of machines that facilitate the use of recycled materials.
• Also, there is a growing investment in the development of bioplastics, a trend that is reflected in the emergence of the European Bioplastics Association, which develops the processing machinery for these new materials, thereby expanding the market.

Asia Pacific

• In Asia-Pacific, the industrialization and urbanization are proceeding rapidly, especially in China and India. The demand for plastics machinery is high in the packaging and automobile industries, where companies like Chen Hsong and Haitian International are in the lead.
• The “Make in India” and “Made in China 2025” projects, which are meant to encourage the development of local industry and innovation, are conducive to the growth of the plastics processing machinery market.

Latin America

• Latin America is gradually adopting a more sustainable attitude towards the environment. In Brazil, for example, laws are being passed to encourage the use of recycled plastics. This is influencing the demand for machinery that can deal with such materials and forcing companies like Romi and Plásticos de Colombia to adapt their products accordingly.
• Afflicted by the prevailing conditions of economy, manufacturers in the region are compelled to seek more economical methods of production. The demand for used and refurbished machinery is increasing, which is changing the competitive conditions and bringing about innovation in the service sector.

North America

• Among the North American market, automation and smart manufacturing are advancing rapidly. For example, Husky Injection Molding Systems and Milacron Holdings Corp. have introduced IoT and AI into their products to optimize efficiency and reduce waste.
• The regulatory changes in the United States, especially in the area of plastic waste management and the new regulations for plastics processing, are causing the industry to develop and adapt its machinery to these new standards, thus creating a demand for the most advanced processing systems.

Middle East And Africa

• The Middle East and Africa are influenced by the oil and gas industry. The petrochemical industry in countries such as Saudi Arabia has a great influence on the demand for plastics processing machinery. The leading company is SABIC.
• The region is also seeing a rise in local manufacturing capabilities, supported by government programs aimed at diversifying economies away from oil dependency, which is expected to enhance the demand for advanced plastic processing technologies.

Did You Know?

“Did you know that approximately 300 million tons of plastic are produced globally each year, and a significant portion of this is processed using advanced machinery that is increasingly being designed for sustainability?” — PlasticsEurope

Segmental Market Size

The plastics industry plays a crucial role in the production of plastics. It is a branch of industry which is undergoing a steady increase at present, due to the increased demand for light, durable materials in various industries, such as the automobile, the packaging, and the consumer goods industries. There are also other reasons for the increase in the use of plastics: the growth of e-commerce, which requires efficient packaging solutions, and the growing demand for a sustainable manufacturing process, which is regulated by the edicts of the authorities. The current stage of development of advanced plastics processing is a stage of implementation, which in Europe and North America is spearheaded by companies such as Engel and Arburg. These companies are introducing new injection and extrusion techniques to improve the efficiency of production. In this branch of industry, the most important applications are in the manufacture of automobile components, medical devices, and consumer goods packaging. There are two main trends in the industry which are influencing the growth of the plastics industry: the demand for sustainable materials, and the integration of Industry 4.0, including the Internet of Things and automation. With the focus of industry on reducing waste and energy consumption, the development of new materials such as 3D printing and bioplastics is influencing the development of the plastics industry.

Future Outlook

During the period 2024 to 2032, the plastics processing equipment market is expected to grow at a CAGR of 3.91%. This growth will be driven by the increasing demand for plastics in various industries, such as the automobile, packaging and consumer goods industries. Also, the growing focus on sustainability will lead to a shift towards equipment that facilitates the use of bio-based and recycled plastics, thus increasing the efficiency and the environmental footprint of plastics processing. Also, the increasing implementation of Industry 4.0 principles, such as automation and the Internet of Things (IoT), will lead to further growth. These developments will not only increase the efficiency of production but also enable real-time monitoring and preventive maintenance, thus reducing downtime and maintenance costs. Moreover, government initiatives to promote sustainable manufacturing will further boost investment in advanced plastics processing equipment. By 2032, it is expected that around 30% of new equipment will be smart equipment, which will lead to a reshaping of the competitive landscape and the long-term growth of the market.