REDDING, Calif. , Feb. 28, 2023 /PRNewswire/ -- According to a new market research report titled, 'Plastic Processing Auxiliary Equipment Market by Type (Batch Blenders, Extrusion Controllers, Chillers, Granulators, Robots), Molding Technique (Injection, Blow), Sector (Automotive, Food & Beverage, Packaging, Construction)—Global Forecast to 2030,' the plastic processing auxiliary equipment market is expected to reach $9 billion by 2030, at a CAGR of 3.5% from 2023 to 2030.
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In the plastics processing industries, auxiliary equipment is peripheral equipment used to improve and optimize the plastic process efficiency and ease of operation. Auxiliary equipment are used for various processes such as extrusion, injection molding, drying, heat transfer, size reduction, and blending. It is an integral part of plastic processing as the quality of the product depends on the automation and rationalization of plastic process auxiliary equipment. Plastic products are widely used in various industries such as automotive, construction, packaging, healthcare, and food industry, among others.
The increasing demand for plastics in healthcare, automotive, consumer goods, and packaging industries is the main parameter supporting the market's growth. The high consumption of packaged foods is increasing the requirement for plastics, boosting the demand for plastic processing auxiliary equipment.
The growth of this market is driven by the high demand for plastics across industries and economic growth and improving living standards. In addition, the proliferation of advanced plastic recycling techniques is expected to create growth opportunities for the players operating in this market.
The Impact of COVID-19 on the Plastic Processing Auxiliary Equipment Market
The COVID-19 pandemic emerged from Wuhan, China , in the last quarter of 2019 and was declared a global pandemic by the WHO as the SARS-CoV-2 virus spread across numerous countries, adversely impacting the global economy. The outbreak of the COVID-19 pandemic had significant impacts on various sectors. Many industries struggled due to disrupted supply chains, workforce scarcity, and employee safety challenges.
The COVID-19 pandemic had a mixed impact on various industries. The use of plastics significantly increased in the healthcare sector due to the high adoption of face masks and other personal protective equipment. The healthcare and e-commerce industries increased the utilization of plastics for personal protective equipment and packaging, respectively, whereas the use of plastics in the automotive and construction industries declined due to operational challenges and diminished demand for the final products. Overall, the COVID-19 pandemic negatively impacted the plastic processing auxiliary equipment market due to low demand for plastic among end-use industries.
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Proliferation of Advanced Plastic Recycling Techniques is Expected to Provide Growth Opportunities During the Forecast Period
The plastics industry is focusing on research and innovation to explore alternative materials and bioplastics, which will help reduce plastic waste and pollution. Recycling is a major new end market opportunity (NEMO). Advanced plastics recycling, or chemical recycling, refers to various technologies that convert post-use plastics into their original building blocks, specialty polymers, and feedstocks for new plastics, chemical products, waxes, and other non-fuel products. Advanced recycling methods complement the mechanical recycling used by most companies. Mechanical recycling is the most effective method, providing high-quality, relatively clean sorted waste.
However, structural limitations, such as limited pools of appropriate feedstock and changes in material properties, limit the plastics' end-market applications. However, advanced recycling can expand the types of recyclable plastics and produce plastics that have tailored molecular weight distributions and comonomers suited for high-value applications, such as flexible packaging for food. However, the recycling capacities are limited, as many of these technologies are still developing and scaling. Developing advanced recycling techniques is expected to drive the demand for plastic processing equipment, including auxiliary equipment, creating growth opportunities for the players in this market.
Based on type, the plastic processing auxiliary equipment market is segmented into blending equipment, extrusion equipment, conveying equipment, drying equipment, heat transfer equipment, material storage equipment, size reduction equipment, and other equipment. In 2023, the conveying equipment segment is expected to account for the largest share of the global plastic processing auxiliary equipment market. The conveying system offers various benefits to companies, such as automatic material transfer, labor savings, reduced spillage/wastage, consistent material feeding, and a modular system. However, plastic processors highly use blenders as it requires lower-cost materials and consumes regrind more efficiently, due to which there is a growing demand for blending equipment. As a result, the blending equipment segment is expected to register the highest CAGR during the forecast period.
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Based on molding technique, the global plastic processing auxiliary equipment market is segmented into injection technique, blow technique, extrusion technique, compression technique, and other molding techniques. In 2023, the injection technique segment is expected to account for the largest share of the global plastic processing auxiliary equipment market. Injection molding offers a wide range of material selections, minimal scrap losses, low labor costs, and minimal requirements for post-molding finishing operations. These factors are increasing the use of injection molding by plastic processors. However, the blow technique segment is expected to register the highest CAGR during the forecast period.
Based on sector, the global plastic processing auxiliary equipment market is broadly segmented into automotive, food & beverage, pharmaceuticals, plastic packaging, opticals, electricals, white goods, construction, healthcare and other industries. Plastic packaging allows companies to protect, preserve, store, and transport products over long distances as they move from several hands. In 2023, the plastic packaging segment is expected to account for the largest share of the global plastic processing auxiliary equipment market. However, the construction segment is expected to register the highest CAGR during the forecast period.
Based on geography, the global plastic processing auxiliary equipment market is segmented into six regions: North America , Europe , Asia-Pacific , Latin America , the Middle East , and Africa , with a further analysis of major countries in these regions. In 2023, Asia-Pacific is expected to account for the largest share of the global plastic processing auxiliary equipment market. The largest share of Asia-Pacific The growth of sectors such as automotive, healthcare, construction, food & beverage is driving the demand for plastic products used in these sectors.
The key players operating in the plastic processing auxiliary equipment market are Piovan Group (Italy ), Bry-Air (Asia ) Pvt. Ltd. (India ), Shibaura Machine Co., Ltd. (Japan ), Woywod Kunststoffmaschinen GmbH & Co. Vertriebs-KG (Germany ), Moretto S.p.A. (Italy ), WITTMANN Technology GmbH (WITTMANN Group) (Austria ), Werner Koch Maschinentechnik GmbH (Germany ), Absolute Haitian Corporation (U.S.), AIC Acquisition Company, LLC (U.S.), Milacron LLC (U.S.), Reynold India Private Limited (India ), Guanxin Plastic Machinery Co., LTD (China ), Vector Injection Ltd. (Canada ), Maillefer (Finland ), Rosendahl Nextrom GmbH (Austria ), MATSUI MFG. CO., LTD. (Japan ), Kawata Mfg. Co., Ltd., and motan holding GmbH (Germany ).
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Plastic Processing Auxiliary Equipment Market, by Type
Plastic Processing Auxiliary Equipment Market, by Molding Technique
Plastic Processing Auxiliary Equipment Market, by Sector
Plastic Processing Auxiliary Equipment Market, by Geography
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