According to a new report published by Allied Market Research, titled, “Plastic Extrusion Machines Market by Machine Type, Solution, Process Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global plastic extrusion machines market size was valued at $6.3 billion in 2019, and is projected to reach $7.9 billion by 2027, registering a CAGR of 4.5% from 2020 to 2027. In value terms, the single-screw segment accounted for over two-fifths of the market share in 2019 and is expected to witness significant growth during the forecast period.
Using plastic extrusion machine, highly precise mass production of extruded plastic components is possible. Plastic extrusion machine serves as an energy efficient and ideal solution for producing large volume of continuous profile plastic products. The global plastic extrusion machine market growth is driven by surge in demand for extruded plastic products globally. In addition, the market for plastic extrusion machine is chiefly propelled by the rising demand for extruded parts from various end-use industries such as the automotive, packaging, construction, and others. Currently, leading companies in the plastic extrusion machine market, which have widespread existence worldwide, lead the market with their extensive distribution network in couple with their high-tech product portfolio, which is a key compelling factor for the global plastic extrusion machine market development.
Further, key players are focused on introducing innovative, energy-efficient, reliable, and advanced plastic extrusion machine in the market; for example, Theysohn Extrusionstechnik GmbH deals in plastic extruders equipped with the newest technology in parallel twin-screw extrusion. With the improved gearbox design of Theysohn, high energy savings have been achieved.
The various features of plastic extrusion machine such as robustness, easy to operate, higher manufacturing rates & rapid production, and high quality, fuel the growth of the global plastic extrusion machine market. In addition, there has been an exponential rise in the packaging industry in economies such as China and India, which further drive the demand for high-performance extruded plastic packaging films, thereby driving the growth of the plastic extrusion machinery industry. For instance, packaging industry in India is expected to grow with a CAGR of 26.7% from 2021 to 2026.
Further, these machines can yield efficient packaging with high accuracy for brittle and complex components such as consumer goods and electronics and automotive components. Hence, the escalating adoption of these products is expected to add to the development of the industry.
However, high initial cost of the equipment is expected to hamper the growth of the industry. Furthermore, technological advancement in the plastic extrusion machines is anticipated to provide lucrative opportunities for growth of the global plastic extrusion machine market.
During lockdown, due to coronavirus situation, manufacturers in the global injection molding machines market to stop their business production due to lock down organized in countries such as U.S., China, Brazil, and others. This stop in business activities directly impacted on the sales of plastic extrusion machines industry. For instance, Windsor Machines registered a decrease in net sales of 20.4% from March 2019 to March 2020. In addition, the sales of Hillenbrand Inc. registered a decrease in sales by 5% from September 2019 to September 2020.
Moreover, the shipments of plastic extrusion machinery and injection molding machinery in North America registered a growth of 15.8% followed by 4.5% increase in the Second quarter 2019. In quarter 3 of 2019, shipments of machinery increase by 4.6%.
The global plastic extrusion machine market is segmented based on machine type, solution, process type, application, and region. Based on machine type, the market is divided into twin-screw and single screw.
The twin-screw segment is anticipated to dominate the global plastic extrusion machine market throughout the study period in terms of value. Based on solution, the market is bifurcated into new sales and aftermarket. The new sales segment is anticipated to dominate the global plastic extrusion machine market throughout the study period. Based on process type, the market is divided into blown film extrusion, sheet/film extrusion, tubing extrusion, and others. In terms of revenue, the blown film extrusion segment is estimated to hold a major global plastic extrusion machine market share throughout the study period.
Based on application, the market is divided into building & construction, medical, transportation, consumer goods, and others. The building & construction segment is anticipated to dominate the global plastic extrusion machine market.
Based on region, the global plastic extrusion machine market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to dominate the market throughout the forecast period.
Key players in this market adopted product launch, partnership, and expansion as their key strategies to meet the change in consumer demands. Furthermore, they launched energy-effective injection molding machines of different sizes to strengthen their market position. The key players profiled in this report include ARBURG, ENGEL, Haitian International, Husky Injection Molding Systems, KraussMaffei Group, Milacron Holdings Corp., Nissei Plastic Industrial Co., Ltd., Sumitomo Heavy Industries, The Japan Steel Works, Ube Industries, Ltd., Shibaura Machine Co Ltd., Nigon Machines Ltd., and BMB s.p.A.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging plastic extrusion machines market trends and dynamics.
- Based on process type, the blown film extrusion segment was the largest revenue generating segment in 2019.
- On the basis of machine type, twin screw extrusion machine segment generated the highest revenue, in 2019.
- The aftermarket segment is projected to grow at a significant CAGR during the forecast period.
- Based on application, the building & construction segment was the largest revenue-generating segment in 2019.
- Region-wise, Asia-Pacific region is anticipated to dominate the global plastic extrusion machine market throughout the study period.
- The report provides an extensive analysis of the plastic extrusion machines market trends and emerging opportunities of the market.
- The global plastic extrusion machines market forecast analysis from 2020 to 2027 is included in the report.