Plastic Processing Equipment Market to Cross US$ 68 Billion at a Steady CAGR of 4.9% by 2033

The plastic processing equipment market in the United States is expected to exhibit significant growth in the coming years, owing to factors such as a thriving manufacturing sector, technological advancements, and rising demand for creative plastic products.

Rockville, July 25, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Plastic Processing Equipment Market is expected to reach a value of US$ 68 billion by 2033, increasing at a CAGR of 4.9% from 2023 to 2033.

The process of transforming raw plastic material into semi-finished items is known as plastic processing. Plastic primary processing machinery, formerly known as plastic molding machinery, is employed to mold plastic semi-products and products, such as rotational molding and compression molding machines, whereas plastic secondary processing machinery, such as printing and thermoforming machines, is used to reprocess and post-process plastic semi-products and products.

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Rising awareness about the various advantages of plastic processing techniques, such as design flexibility, coupled with the growing use of this equipment in food & beverages and other end-use sectors, is driving market expansion. Plastic injection molding and other techniques have been used by food makers to build complicated and similar commodities with a minimal error risk. The shift from metal to plastic wrap to assure food and beverage safety is expected to boost product demand in the coming years.

Key Takeaways from Market Study

The global market for plastic processing equipment is valued at US$ 44.09 billion in 2023.

Worldwide demand for plastic processing machinery is expected to advance at a CAGR of 4.9% through 2033.

By the end of 2033, the global market is anticipated to reach US$ 68 billion.

The polyethylene terephthalate (PET) segment is projected to capture 13.5% share of the market in 2023.

“Increasing demand for plastic products in various industries such as packaging, automotive, electronics, and construction fueling the need for efficient and advanced equipment to meet production demand, which is expected to drive the sales of efficient plastic processing equipment,” says a Fact.MR analyst.

Market Competition

The plastic processing equipment market is very competitive due to the presence of major companies like Brown Machine Group and Haitian International Holdings Limited. Through ongoing product innovation, these businesses have gained a competitive edge. Through innovation and mergers and acquisitions, they have been able to establish a significant market presence and advance technology.

To improve their product portfolios, key players are using product launches, business expansion, and acquisitions as growth strategies.

SACMI Group launched its new office in Mumbai, India, devoted to its rigid packaging business in July 2022.

In January 2021, Haitian Vietnam Ltd., a subsidiary of the Haitian Group in Vietnam, opened a new store in Ho Chi Minh City. The new 1,000-square-meter building contains adaptable space modules for product display and meeting areas, as well as aftersales instructions, spare parts storage, and offices.

Key Companies Profiled

ARBURG GmbH Co. KG.

SACMI Group

Sumitomo Heavy Industries, Ltd.

Husky Technologies

Haitan International Holdings Ltd.

Toshiba Machine Co. Ltd.

Cosmos Machinery

Arburg GmbH

Japan Steel Works Ltd

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Key Segments of Plastic Processing Equipment Industry Research

By Type:

Injection Molding

Blow Molding

Compression Molding

Extrusion Molding

Rotation Molding

By End Use:

Packaging

Construction

Automotive

Electronics & Electricals

Agriculture

Consumer Goods

By Plastic Type:

Polypropylene

Polyethylene

Polyurethane

Polyvinyl Chloride

Polystyrene

Polyethylene Terephthalate

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global plastic processing equipment market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on type (injection molding, blow molding, compression molding, extrusion molding, rotation molding), end use (packaging, construction, automotive, electronics & electricals, agriculture, consumer goods), and plastic type (polypropylene, polyethylene, polyurethane, polyvinyl chloride, polystyrene, polyethylene terephthalate), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

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