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 Trends

The global plastic processing machinery market size was estimated at USD 23.22 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030. The growing importance of lightweight materials in the automotive sector is expected to expand the usage of plastic materials in component manufacturing, thus driving market growth. The automotive application segment holds a significant share of the market. Plastic processing machines are used to produce a range of vehicle components, such as their exterior body panels, spoilers, bumpers, dashboards, and electrical housings.

Plastic processing machinery enables the creation of plastic packaging for several applications and in various forms. It can be utilized to manufacture food and beverage containers, creatively designed body care packaging, as well as packaging for household chemicals. The rapidly growing consumption of packaging products in the personal care, healthcare, cosmetics, and consumer goods sectors is expected to elevate the packaging industry during the forecast period.

The plastic processing machinery includes injection molding, extrusion, blow molding, and compression molding machines. Injection molding is widely used in plastic processing; it provides the major advantage of producing identical products in large volumes. New injection molding processes, including gas-assisted injection molding, foam injection molding, co-injection molding, and multiple component injection molding, are creating high demand for injection molding machines for producing plastic products.

As per the National Institute of Standards and Technology (NIST), the manufacturing sector in the U.S. contributed a 10.8% share to its GDP in the year 2020. As per the U.S. Bureau of Labor Statistics, the manufacturing sector of the U.S. was expected to grow at an annual rate of 1.9% between 2014 and 2024. The growth of the manufacturing sector in the country is expected to fuel the demand for extrusion machinery used in the consumer goods, automotive, and packaging industries during the forecast period.

According to the U.S. Census Bureau, the construction industry of the country experienced strong growth in 2021, with the total sectoral spending reaching USD 1.625 trillion in November 2021, a 9.3% growth over the total spending recorded in November 2020. Moreover, a total expenditure of USD 805.30 billion was recorded for residential construction activities in the country in November 2021, which was 16.1% higher than this expenditure registered in the U.S. in November 2020.

The residential construction sector in the country is projected to grow at a significant rate over the forecast period, with single-family dwellings being the key contributor to this growth. Growing construction activities in the residential and non-residential sectors are projected to drive the demand for extruded products used in window frames, curtain walls, door frames, roofing & exterior cladding, canopies, space frame systems, and arches in the U.S. The increasing demand for extruded products from the construction industry is projected to have a positive impact on the growth of the U.S. extrusion machinery market over the forecast period.

According to the International Energy Agency, in 2021, the U.S. battery electric vehicle stock reached 1.3 million units, which is an increase of 18.2% compared to 2020. Increased investment in the electrification of the U.S. road transportation system will further create new opportunities for extruder manufacturers. For instance, in October 2022, ENTEK received a USD 200 million grant from the U.S. Department of Energy (DOE) for the construction of a new lithium separator plant, in the U.S. The investment will improve ENTEK’s current production capacity to supply material for 1.4 million electric vehicles annually. The growing EV industry in the U.S. is expected to increase the demand for plastic and aluminum extruded components and in turn, is likely to increase the demand for extruders in the country.

Product Insights

The injection molding machine segment held the largest revenue share of 50.7% in the market in 2022. The increasing automotive production and growing demand for lightweight components are poised to propel market growth. Technological advancements in injection molding machines such as Electrical Discharge Machining (EDM) and high-speed Computer Numerical Control (CNC) processes, have led to reduction in lead times, thus augmenting the penetration of injection molding machines in the automotive sector.

An injection molding machine is deployed for manufacturing consumer goods, including personal hygiene products, travel accessories, houseware, toys, furniture, cosmetics, and convenience goods. In recent years, majority of the conventional materials such as wood, glass, and metal have been replaced by high-quality plastics, thus augmenting the demand for plastic injection molding machines.

The extrusion product segment is expected to witness a CAGR of 4.4% over the forecast period. It is a high-volume manufacturing technology to produce semi-finished or finished products for numerous industries including building & construction, automotive, packaging, and consumer goods. In the extrusion process material is melted and then pushed through a die wherein material undergoes deformation by the application of a force causing that material to flow through a specialized shape die to produce objects of fixed cross-sectional profile.

Plastic materials are extensively used in the extrusion process owing to their ability to be formed into complex shapes and their relative ease compared to metals or ceramics. Factors such as lightness in weight, high tensile strength, corrosion resistance, chemical resistance, and high-temperature endurance, have led to the surged usage of engineering-grade plastics for producing pipe, fencing, window frames, plastic films, wire insulation, and deck railing.

Extrusion machinery has several applications during the production of consumer goods such as computers, televisions, lighting, music players, refrigerators, ladders, furniture, toys, bottles, pet accessories, sporting goods, and containers. In recent years, most of the traditional materials such as glass, wood, and metal have been replaced by high-quality plastics, thereby augmenting the demand for plastic extrusion machinery.

The demand for blow-molded plastics across the U.S. is majorly generated by the expanding automotive industry, on account of the popularity of electric vehicles and the rise in the number of construction activities. For instance, the U.S. witnessed a growth in electric car sales from 1.0 million in 2022 to 1.6 million in 2023. The rising demand for electric vehicles is expected to significantly boost the demand for blow-molded plastic products, thereby driving market growth.

Regional Insights

Asia Pacific accounted for the highest revenue share of 39.3% in the market in 2022. The regional market is driven by growing healthcare demand, rapid industrialization in emerging nations such as India, China, and Thailand, and growing 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.

As per Eurostat, the construction sector accounted for 5.6% in 2021 and reached 3.6% in 2022. This growth is attributed to the residential and non-residential market growing at 3.4% and 3.7% respectively, followed by an expected annual growth of between 0.6% and 2.1% until 2024. Thus, due to the rising requirement from the construction industry, the demand for plastic processing machinery is anticipated to rise.

The growth in the electronics industry in North America has increased the demand for machined parts. An injection molding machine is used for manufacturing electronic components such as computers, mouse, televisions, electronic connectors, and laser printers. Increasing demand for injection-molded components in the electronics industry is expected to augment the injection molding machine market in North America. These aforementioned factors are anticipated to propel the demand over the forecast period.

The Central & South America region is expected to witness a CAGR of 4.5% over the forecast period. The region has emerged as a hub for automotive manufacturing due to significant activities such as investments and internal development projects being realized in Brazil, which produces the majority of automobiles in Brazil, while stimulating manufacturing of regional automotive operations. The automotive sector in Central & South America is extremely prone to the volatile social and political policies of the region. As such, countries, including Venezuela in the region, are witnessing a halt in their economic growth that has severely hampered the growth of the automotive industry in these countries.

Key Companies & Market Share Insights

Key manufacturers use a range of strategies, including geographic expansions, product launches, and mergers and acquisitions, to broaden their market penetration and adapt to shifting technical demands. For instance, Arburg introduced the 110-ton Allrounder 470 H hybrid injection molding machine in March 2023. This machine delivers energy savings in addition to dependability and user-friendliness.

Plastic Processing Machinery Market Report Scope

Global Plastic Processing Machinery Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global plastic processing machinery market report based on product, and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Injection Molding Machinery

    • Automotive

    • Consumer Goods

    • Packaging

    • Electronics

    • Others

  • Extrusion Machinery

    • Construction

    • Consumer Goods

    • Automotive

    • Packaging

    • Others

  • Blow Molding Machinery

    • Packaging

    • Automotive

    • Electronics

    • Medical

    • Others

  • Others

    • Packaging

    • Automotive

    • Building & Construction

    • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • U.K.

  • Asia Pacific

    • China

    • Japan

    • Australia

    • India

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa