The global plastic processing machinery market size was US$ 32.1 billion in 2021. The global plastic processing machinery market is forecast to grow to US$ 49.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Plastic processing machinery is used to manufacture a variety of products, including mobile phones, connectors, plastic optical lenses, displays, auto parts, 3C electronic products, biomedical application products, etc. The wide applications of the machinery will primarily drive the plastic processing machinery market forward.
The benefits of plastic over other materials, such as metal, stone, wood, and stone, will prompt market growth. For instance, plastic is cost-friendly and easy to mould into any shape. Furthermore, it is lightweight, which is convenient for the end-users. Thus, all of these advantages will accelerate the growth of the global plastic processing machinery market.
The rapidly growing packaging industry will benefit the plastic packaging industry. The packaging industry is witnessing a surging demand for efficient packaging from industries such as electronics, consumer goods, food & beverages, etc. Thus, it will escalate the growth of the plastics processing machinery market. On the contrary, strict government regulations limiting the use of plastic may impede the plastic processing machinery market growth.
Growing disposable income, combined with the rising demand for consumer electronics, packed food and beverages, and construction, will boost the growth of the plastics processing machinery market during the study period.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for consumer electronics, automotive, and construction declined abruptly. Various industry players witnessed a drastic drop in terms of revenue. Thus, it affected the plastic processing machinery market. However, the packaging industry drove the plastic processing machinery market forward even during the pandemic. The demand for packed food products and healthcare products surged during the COVID-19 pandemic, which positively affected the plastic processing machinery market.
Regional Analysis
On the basis of Region, the Asia-Pacific plastic processing machinery market is forecast to emerge as the largest market. The region has one of the prominent electronics industries in China and Japan. Furthermore, demand for packed food items is also projected to increase due to changing lifestyles. As a result, it will boost the growth of the plastics processing machinery market.
Competitors in the Market
Market Segmentation
The global plastic processing machinery market segmentation focuses on Type, End-Users, and Region.
By Type Outlook
By End-Users Outlook
By Regional Outlook
