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Plastic Processing Machinery Global Market Analysis, Trends, Growth, Research And Forecast 2033
Plastic Processing Machinery Global Market Analysis
According to The Business Research Company's, The plastic processing machinery market size has grown strongly in recent years. It will grow from $37 billion in 2023 to $39.02 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased demand for plastic products, globalization and supply chain integration, regulatory standards and compliance, cost efficiency and productivity, environmental concerns.
The plastic processing machinery market size is expected to see strong growth in the next few years. It will grow to $48.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to industry 40 integration, growing emphasis on circular economy, customization and flexibility, rising investments in research and development, e-commerce and packaging trends, shift towards bioplastics. Major trends in the forecast period include technological advancements, sustainable practices, global supply chain disruptions, circular economy initiatives, customization and flexibility.
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Market Drivers and Trends:
The growth in demand for plastic products is expected to propel the growth of the plastic processing machinery market going forward. Plastic products refer to finished items made from various organic compounds produced by the polymerization of plastic materials. Plastic processing machinery is used to manufacture a wide range of plastic products, such as medical equipment, housewares, plastic containers, automotive parts, packaging materials, and consumer goods. For instance, in November 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the global export of plastic goods accounted for around $1.2 trillion in 2021. The growth in the volume of plastic goods trade was around $369 million in 2021. Therefore, the growth in demand for plastic products is driving the growth of the plastic processing machinery market.
Technological advancements are a key trend gaining popularity in the plastic processing machinery market. Companies operating in the plastic processing machinery market are adopting new technologies to sustain their position in the market. For instance, in August 2022, LS Mtron, a South Korea-based heavy machinery manufacturer, launched a smart AI-based injection molding system. This technology has two technical features- an AI molding assistant and smart weight control. The AI molding assistant helps to reduce the stabilizing time in the initial molding steps and smart weight control enables the detection of any change in the weight of products.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Husky Injection Molding Systems Ltd.; Milacron LLC; Engel Austria GmbH; Haitian International Holdings Limited; Sumitomo Heavy Industries Ltd.; Arburg GmbH & Co KG; Toshiba Machine Co Ltd.; Nissei Plastic Industrial Co Ltd.; Niigata Machine Techno Company Ltd.; COSMO MACHINERY Co LTD.; Wilmington Machinery Incorporated; KraussMaffei Corporation; Ningbo Haida Plastic Machinery Co Ltd.; Shibaura Machine Co Ltd.; JSW Plastics Machinery Inc.; Chen Hsong Holdings Limited; Wittmann Battenfeld GmbH; Negri Bossi SpA; Mitsubishi Heavy Industries Plastic Technology Co Ltd.; Cosmos Machinery Enterprises Limited; Fu Chun Shin Machinery Manufacture Co Ltd.; Woojin Plaimm Co Ltd.; Toyo Machinery & Metal Co Ltd.; Chen De Plastics Machinery Co Ltd.; L.K. Machinery International Limited; Sidel S.A.S.; Krones AG; Hi-Rel Plastics & Molding Inc.; Molded Devices Inc.; Valencia Plastics Inc.; Maryland Plastics Inc.; Accent Plastics Inc.; Accudyn Products Inc.; Accurate Molded Plastics Inc.; Acorn-Gencon Plastics Inc.; Adkev Inc.; Advanced Engineering & Molding Technology Inc.; Advanced Special Tools Inc.; Agape Plastics Inc.; Aline Components Inc.; All Form Silicone & Plastic Molding Inc.; All-Plastics LLC; All-State Plastics Inc.; Alliance Precision Plastics Inc.
Plastic Processing Machinery Market 2024 Key Insights:
• The plastic processing machinery market will grow to $48.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Rising Demand For Plastic Products To Drive Market Growth
• Ai-Based Systems In Plastic Processing Machinery Market
• North America was the largest region in the plastic processing machinery market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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