Plastic Processing Machinery Market Size, Share & Trends Analysis Report By Product (Injection Molding Machinery, Blow Molding Machinery, Extrusion Machinery), By Region, And Segment Forecasts, 2023 - 2030

Plastic Processing Machinery Market Size, Share & Trends Analysis Report By Product (Injection Molding Machinery, Blow Molding Machinery, Extrusion Machinery), By Region, And Segment Forecasts, 2023 - 2030

Plastic Processing Machinery Market Growth & Trends

The global plastic processing machinery market size is anticipated to reach USD 32.91 billion by 2030, registering a CAGR of 4.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth is driven by the growing plastic manufacturing industry, rising product customization needs, and advancements in technology improving efficiency and output. As industries seek to enhance production capabilities and meet diverse consumer demands, the demand for innovative plastic processing machinery continues to rise.

Environmental concerns and regulations promoting sustainable practices have led to a demand for machinery that facilitates recycling and the use of eco-friendly materials in plastic processing. Technological trends such as automation, IoT integration, and artificial intelligence are also influencing the market, optimizing production processes, and reducing operational costs. As industries prioritize efficiency, precision, and sustainability, the market is likely to experience further growth and evolution.

Rapid growth in the consumption of plastic parts in the automotive industry, owing to their lightweight and cost, is expected to drive the growth of the plastic processing machinery industry over the forecast period. In addition, innovations in the manufacturing of injection molding machines that can make complex products at high speed and in large quantities are expected to augment the market growth.

The injection molding machine is suitable for producing a wide variety of exterior automotive components such as mudguards, door panels, wheel arches, grilles, trunk trims, front and rear covers, and outside car door trims. Automotive injection molding is an important manufacturing process in the automotive industry, where safety, consistency, and quality are critical. According to the Center for Automotive Research, the automobile sector is one of the most important industries in the U.S. It has contributed around 3.5% of the total GDP as of 2022.

Various automobile parts, such as outer body panels, bumpers, spoilers, dashboards, and electrical housings, are made using injection molding machines. Many automotive interior parts are manufactured using injection molding machines. Instrumentation components, interior surfaces, glove boxes, dashboard faceplates, air vents, and other items are included. Rapid growth in demand for automotive components has boosted global automobile production, resulting in a high demand for injection molded parts in the automotive industry, thereby driving market expansion.

According to the American Institute for Packaging and the Environment, the packaging sector is a dynamic part of the American economy, accounting for around USD 537.91 billion in total economic production and roughly 2.50% of the GDP as of 2022. Plastic processing machinery is used in the packaging industry for the production of containers, bottle caps, crates used in the transportation of beverage bottles, and fiber optics spool covers. Similarly, these machines are also used for manufacturing parts in the automotive industry, such as dashboards, buttons fitted on the dashboard, cup holders, and automatic window buttons. These aforementioned factors are anticipated to propel the market growth over the forecast period.

Manufacturers are seeking product launches, mergers & acquisitions, and expansions to produce new products. For instance, Arburg launched the hybrid Allrounder 470 H, which delivers high performance as it saves energy, conserves resources, and is production-efficient, user-friendly, and reliable. The blend of electric clamping & hydraulic injection units drastically reduces operating costs and carbon footprint.

Plastic Processing Machinery Market Report Highlights

• Based on product, the injection molding machine segment led the market and accounted for a 50.7% revenue share in 2022. Technological improvements, short production cycles, and increased productivity are key aspects of new-age injection molding machines. Technological breakthroughs in injection molding machines, including their ability to shape different raw materials into desired shapes, have led to the replacement of traditional molding machines with new injection molding machines. As a result, the global demand for automated and energy-efficient injection molding machines is continuously increasing. This, in turn, fuels the growth of the injection molding market
• Extrusion injection molding machine product segment is expected to witness a CAGR of 4.4% over the forecast period. Extrusion machinery has several applications in the production of various consumer goods such as televisions, computers, lighting, refrigerators, music players, ladders, toys, furniture, bottles, sporting goods, pet accessories, and containers. In the past few years, most of the traditional materials such as glass, wood, and metal have been replaced by high-quality plastics, thereby augmenting the demand for extrusion machinery. The above-mentioned factors are projected to drive the demand for extrusion machinery over the forecast period
• The Asia Pacific region is expected to witness a CAGR of 5.1% over the forecast period. The market growth is driven by rising healthcare demand, rapid industrialization in emerging economies such as China, India, and Thailand, and increasing demand for plastic molds in electric vehicles. In addition, the rapid growth of automotive and packaging industries in Asia Pacific is expected to boost the demand over the forecast period

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