PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424984
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424984
Plastic Extrusion Machine Market size was valued at USD 5,421 Million in 2022, expanding at a CAGR of 4.5% from 2023 to 2030.
In plastic extrusion, a thermoplastic material is uniformly melted and then pushed out of the shaping die by pressure. This is a continuous, high volume manufacturing process. There are various kinds of plastic extruders available.
Plastic Extrusion Machine Market- Market Dynamics
Increasing demand for plastics in construction & automotive sector to propel market demand
Over the forecast period, rising investment in the construction sector and expanding consumer demand for plastic items are expected to fuel market expansion. Plastic extrusion machines have been more popular in several industries in recent years because of their high production quality, efficiency, ease of use, and greater flexibility. The need for plastic extrusion equipment is expected to rise internationally as energy conservation gains popularity. Over the course of the projection period, growing urban settlements, rising immigration, and continuing fast-paced modern lifestyles will all have a favorable effect on home appliance demand.
Furthermore, more funding for electrifying the country's road transportation network will open up new business prospects for extruder producers. For example, the U.S. Department of Energy (DOE) awarded ENTEK a USD 200 million grant in October 2022 to build a new lithium separator plant in the United States. The investment was intended to increase ENTEK's current production capacity to supply material for 1.4 million electric vehicles annually. The United States' expanding electric vehicle (EV) market is anticipated to drive up demand for plastic extruded parts, which will drive up demand for plastic extruders in the coming years.
Plastic Extrusion Machine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030)
Based on Type segmentation single screw type segment was predicted to show maximum market share in the year 2022, as they offer low noise emission.
Based on Material segmentation, PP segment was the leading segment in 2022, due to high demand for PP plastics due to its rigid characteristics.
Based on End-User segmentation, construction segment was the leading segment in 2022, mainly due to rising construction of buildings.
On the basis of region, Asia Pacific was the leading revenue generator in 2022, owing to development across countries like China, India, Australia, etc.
The Global Plastic Extrusion Machine Market is segmented on the basis of Type, Material, End-User, and Region.
The market is divided into three categories based on Type: single-screw, twin screw, and others. The single-screw segment dominates the market. The single screw type machines offer more reliability in smaller operation which is expected to boost these Type demand.
The market is divided into four categories based on Material: PP, PVC, PE, and others. The PP segment dominates the market and is likely to maintain its dominance during the forecast period. The PE segment is expected to grow at the fastest rate over the forecast period.
The market is divided into six categories based on End-User: construction, automotive, packaging, medical, electronics, and others. The construction segment dominates the market and is likely to maintain its dominance during the forecast period. The rise in the investment in construction industry is boosting the market growth.
Plastic Extrusion Machine Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period due to a number of factors, including the growing use of packaging due to technological advancements, a robust economy in the Asia Pacific region, increased demand for high-end machinery in the food and beverage industry, and boosting industrial production and building activities.
The plastic extrusion machine market is moderately fragmented in nature. To increase market penetration and meet shifting technical demands from end-use industries like construction, consumer goods, automotive, packaging, medical, electronics, and others, the plastic extrusion machine market is utilizing a variety of strategies, such as acquisitions, mergers, joint ventures, new product development, and geographic expansion.
In July 2022, Graham Engineering acquired Kennedy Tool & Die, the company having operations in Birdsboro and will offer key contributions to Graham Engineering maintenance business.