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Plastic Processing Auxiliary Equipment Market Report 2024 - Plastic Processing Equipment Market Size, Growth, And Insights
Plastic Processing Auxiliary Equipment Market
According to The Business Research Company's, The plastic processing auxiliary equipment market size has grown steadily in recent years. It will grow from $7.06 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increased plastic manufacturing industry, globalization of plastic production, regulatory compliance and safety, packaging industry growth, recycling initiatives.
The plastic processing auxiliary equipment market size is expected to see steady growth in the next few years. It will grow to $8.54 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to focus on energy efficiency, advanced material processing, expansion of 3d printing in plastics, demand for sustainable practices, r&d in materials science, global supply chain resilience. Major trends in the forecast period include remote maintenance and diagnostics, compact and modular designs, customization for diverse applications, automation and robotics, industry 4.0 integration.
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Market Drivers and Trends:
The growing demand for plastic processing auxiliary equipment is expected to propel the growth of the plastic processing auxiliary equipment market going forward. Plastic equipment refers to machinery used for manufacturing and processing plastic products. Plastic processing auxiliary equipment is essential in various production lines to improve product quality, increase strength, and support extrusion, injection molding, or machine molding processes. For instance, in March 2023, the Plastics Industry Association's (PLASTICS) Committee's Equipment Statistics (CES) report, a US-based committee, revealed that in the fourth quarter of 2022, the shipments of plastics machinery in North America rose by 22.3%, amounting to $432.7 million. This was an overall increase of 4.4% compared to 2021. The most significant increase was in the value of single-screw extruders, which rose by 34.6%, followed by injection molding shipments which increased by 25.0%. Twin-screw extruder shipments increased by 8.9%. Therefore, the growing demand for plastic processing equipment is driving the growth of the plastic processing auxiliary equipment market going forward.
Advanced technologies are a key trend gaining popularity in the plastic processing auxiliary equipment market. Companies operating in the plastic processing auxiliary equipment market are launching advanced technological products based on artificial intelligence to sustain their position in the market. For instance, in October 2022, LS Mtron Co Ltd., a South Korea-based heavy machinery and electronic components manufacturer company launched AI Molding Assistant and Smart Weight Control, which are artificial intelligence (AI)-based smart injection systems. The AI Molding Assistant uses AI technology to learn and imitate the behavior of skilled molding specialists, reducing the time required to stabilize the initial molding setup process. Smart Weight Control detects product weight changes and adjusts processing conditions in real-time to ensure correct specifications are met.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Piovan Group; Shibaura Machine Co. Ltd.;Wittmann Technology GmbH; Woywod Kunststoffmaschinen GmbH & Co. Vertriebs-KG; Kawata Mfg Co. Ltd.; Bry-Air Pvt. Ltd.; Reynold India Pvt. Ltd.; Maillefer SA; Moretto SpA; Matsui America Inc.; Novatec Inc.; Werner Koch Maschinentechnik GmbH; Absolute Haitian Corporation; Guanxin Plastic Machinery Co. Ltd.; Vector Injection Ltd.; Plastic Systems Srl; Motan Group; Pinnacle Systems Inc.; ACS Group; Conair Group; PMS Plastics cc; Maguire Products Inc.; Comet Plastic Equipment LLC; Plastrac Inc.; Gammaflux L.P.; Coperion GmbH; Labotek A/S; Sterling Auxiliaries Pvt. Ltd.; Universal Dynamics Inc.; Davis Standard LLC
Plastic Processing Auxiliary Equipment Market 2024 Key Insights:
• The plastic processing auxiliary equipment market size will grow to $8.54 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
• The Surge In Demand Driving Plastic Processing Auxiliary Equipment Market
• AI Takes The Lead In Plastic Processing Auxiliary Equipment
• Asia-Pacific was the largest region in the plastic processing auxiliary equipment 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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