Market Trends of Plastic Processing Machinery Industry
This section covers the major market trends shaping the Plastic Processing Machinery Market according to our research experts:
Increasing Demand for Plastics from the Packaging Industry
Plastic packaging is being used more and more in industries like food and drinks, consumer goods, electronics, and even industry. This is because plastic packaging has many benefits, such as how it reacts with fewer products and helps keep items safe, how the materials used can be made odorless, how it helps protect items from the environment, and how the product can be sealed to prevent leaks.
- North America is one of the major markets for plastic packaging, as a prominent share of the retail sector is organized and highly regulated, which regulates the safekeeping of items in various segments; owing to this, the demand is significantly higher. For example, the US Census Bureau says that plastic packaging materials and unlaminated films are expected to bring in USD 38 billion in sales in the US in 2024.
- The lightweight property of plastic is driving the growth of plastic packaging in Europe. Glass is much heavier compared to plastic, which means more trips would be required while transporting. This translates to a more significant environmental impact. Glass is also much heavier for the end consumer, whereas plastic is lightweight and much easier to carry.
As per the International Bottled Water Association (IBWA), the United States will consume 15.6 billion gallons of bottled water in 2021, a 4.5% increase over 2020. Also, a new national online poll done by The Harris Poll on behalf of the IBWA found that more than nine out of ten Americans expect to be able to buy bottled water wherever other drinks are sold.
Asia-Pacific is Expected to Hold the Largest Share
China is an emerging economy in the Asia-Pacific region, and the number of manufacturing activities there is growing at an exponential rate. This is because high-performance plastic components are needed in many end-user industries.
- Within the types of plastic processing machinery, injection molding machinery is expected to hold a significant share in China. Haitian International Holdings Limited, The Chen Hsong Group, L.K. Technology Holdings Limited, Cosmos Machinery Enterprises Limited, and Fu Chin Shin Machinery Manufacture Co. Ltd., among others, are well-known companies in this market segment.
- Also, the production data for bottled drinking water is indicative of the fact that the injection molding machinery market in China is poised to grow over the forecast period. Like in China, injection molding machines are likely to have a big share of the market for plastic processing machines in the country.
- Some of the prominent players operating in this segment of the market include Arburg GmbH, Engel Machinery India Pvt Ltd, Haitian Huayuan Machinery (India) Pvt Ltd, and Husky Injection Molding Systems Pvt Ltd, among others. According to the India Brand Equity Foundation (IBEF), the plastics industry hosts more than 2,000 exporters and comprises more than 30,000 processing units. About 85-90% of these units are small and medium-sized enterprises.
- The government of Japan plans to reduce its carbon footprint by using EVs, which has resulted in substantial investments toward EV infrastructure development. Japan saw a rise in the number of EV charging stations to keep up with the growing number of EVs. This is because the government started giving subsidies to people who bought EVs.
