Plastic Processing Auxiliary Equipment Global Market Report 2024

The plastic processing auxiliary equipment market 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 expansion observed in the historical period can be attributed to several factors the growth of the plastic manufacturing industry, the globalization of plastic production, compliance with regulatory standards and safety measures, the burgeoning packaging industry, and the proliferation of recycling initiatives.

The plastic processing auxiliary equipment market 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%. Anticipated growth in the upcoming period is expected to be driven by several key factors an increased emphasis on energy efficiency, advancements in material processing technologies, the expanded utilization of 3D printing in plastics, a heightened demand for sustainable practices, ongoing research and development in materials science, and the focus on establishing resilient global supply chains.

The escalating demand for plastic processing auxiliary equipment stands poised to propel the market's growth trajectory in the foreseeable future. This category encompasses machinery crucial for manufacturing and processing plastic products, playing a pivotal role in enhancing product quality, bolstering strength, and supporting various production processes such as extrusion, injection molding, and machine molding. Notably, the Plastics Industry Association's Committee's Equipment Statistics report in March 2023 highlighted a 22.3% surge in plastics machinery shipments in North America during the fourth quarter of 2022, amounting to $432.7 million. This uptick, marking a 4.4% increase compared to 2021, witnessed notable rises in single-screw extruder shipments by 34.6%, followed by a 25.0% increase in injection molding, and an 8.9% uptick in twin-screw extruder shipments. The burgeoning demand for plastic processing equipment continues to drive the growth of the plastic processing auxiliary equipment market.

The burgeoning demand within the automotive industry is anticipated to significantly influence the plastic processing auxiliary equipment market's growth trajectory. With a focus on designing, developing, and manufacturing motor vehicles, the automotive sector heavily relies on plastic processing auxiliary equipment to optimize manufacturing processes, ensure material quality, and facilitate efficient production of plastic components used in vehicles. Notably, as per the Board of Governors of the Federal Reserve System's data in August 2023, total vehicle production in the United States surged to 11.77 million units in July 2023 from 10.91 million units in June 2023. This substantial upswing in automotive demand significantly contributes to the growth of the plastic processing auxiliary equipment market.

Advanced technologies represent a prominent trend reshaping the landscape of the plastic processing auxiliary equipment market. Leading companies within this domain are actively rolling out sophisticated technological products incorporating artificial intelligence (AI) to fortify their market positions. For instance, LS Mtron Co Ltd.'s October 2022 launch of AI Molding Assistant and Smart Weight Control introduces AI-based smart injection systems. The AI Molding Assistant leverages AI technology to emulate the expertise of skilled molding specialists, significantly reducing the time required to stabilize the initial molding setup process. Simultaneously, Smart Weight Control detects product weight fluctuations, enabling real-time adjustments in processing conditions to ensure precise specifications are met.

Market leaders within the plastic processing auxiliary equipment sector are strategically forming partnerships to bolster their market presence and profitability. These alliances involve collaborative agreements between entities in the plastic processing industry. An exemplar is the collaboration between The Flowserve Corporation and Clariter in February 2023. Flowserve, a provider of industrial and environmental machinery, partnered with Clariter, a clean-tech company based in Europe, aiming to develop eco-friendly lubrication formulations for pumps and valves, utilizing recycled plastic waste. This strategic partnership highlights a concerted effort towards sustainability within the plastic processing equipment sphere.

In December 2021, the Piovan Group, an established Italian-based manufacturer specializing in auxiliary equipment, successfully completed the acquisition of IPEG Inc. for a sum of $125 million. This strategic move positions Piovan Group to expand its manufacturing capabilities by integrating chiller production within the United States, while also gaining access to a robust client portfolio in North America. IPEG Inc., renowned as a US-based manufacturer of auxiliary equipment and a significant player in plastic recycling, aligns with Piovan Group's strategic objectives following this acquisition.

Major companies operating in the plastic processing auxiliary equipment market report are 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.

Asia-Pacific was the largest region in the plastic processing auxiliary equipment market in 2023. The regions covered in the plastic processing auxiliary equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plastic processing auxiliary equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of plastic processing auxiliary equipment include conveying equipment, extrusion equipment, blending equipment, drying equipment, heat transfer equipment, plastic processing robots, size reduction equipment, material storage equipment, among others. Conveying systems automate the movement of materials across spaces. Various molding techniques such as injection, blow, extrusion, compression, and others find application in sectors such as food production, pharmaceuticals, automotive manufacturing, and more.

The plastic processing auxiliary equipment market research report provides plastic processing auxiliary equipment market statistics, including plastic processing auxiliary equipment industry global market size, regional shares, competitors with a plastic processing auxiliary equipment market share, detailed plastic processing auxiliary equipment market segments, market trends and opportunities, and any further data you may need to thrive in the plastic processing auxiliary equipment industry. This plastic processing auxiliary equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plastic processing auxiliary equipment market includes revenues earned by entities by providing machinery including loaders, receivers, chillers, and hoppers among others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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