PET Sheet Extrusion Equipment Market Size, Share, Growth and Industry Analysis by Type (Twin Screw Extruder, And, Single Screw Extruder), By Application (Food and Beverage, Medicine and Pharmaceutical, Consumer Goods, Electrical and Electronics, And, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

PET Sheet Extrusion Equipment Market REPORT OVERVIEW

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The global PET sheet extrusion equipment market size was USD 536.9 million in 2022 and market is projected to touch USD 784.6 million by 2031, CAGR of 4.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

PET sheet extrusion equipment is essential in the manufacturing of PET sheets used in various industries. These equipments utilize advanced technologies to melt, shape, and cool PET resins into flat sheets. They include extruders, dies, cooling systems, and downstream equipment. PET sheet extrusion equipment enables the production of high-quality sheets with precise thickness and dimensions, suitable for applications like packaging, automotive, and consumer goods.

The equipment's efficiency, reliability, and ability to produce recyclable PET sheets align with the industry's growing demand for sustainable and eco-friendly materials. These factors have helped in the rapid development of PET sheet extrusion equipment market share.  

COVID-19 Impact: Reduction in Demand for Non-essential Goods During Pandemic Decreased Market Share

The outbreak of pandemic of COVID-19 changed the dimensions of many industries. The implementation of lockdowns and restrictions has disrupted global supply chains, leading to delays in the delivery of equipment components and raw materials. Manufacturing facilities faced temporary closures or reduced capacities, resulting in production slowdowns.

Additionally, the decrease in demand for non-essential goods during the pandemic has affected the overall demand for PET sheets and subsequently impacted the purchase of extrusion equipment. However, the increased emphasis on hygiene and the demand for packaging materials for essential goods have partially offset the negative effects, driving a gradual recovery in the PET sheet extrusion equipment market.

LATEST TRENDS

"Incorporation of Automation and Digitalization to Fuel Market Growth"

The PET sheet extrusion equipment market is witnessing several notable trends. One significant trend is the development of advanced extrusion technologies that enable higher production speeds and improved sheet quality. Manufacturers are incorporating automation and digitalization features to enhance process control and efficiency. Sustainable practices are gaining traction, with the introduction of eco-friendly materials and energy-efficient equipment designs. Additionally, there is a growing demand for multi-layer and barrier sheet extrusion equipment to meet the requirements of specialized packaging applications. Furthermore, the integration of intelligent monitoring systems and predictive maintenance capabilities is becoming more prevalent, allowing for proactive equipment maintenance and minimizing downtime. All of these are considered to be the latest trends in the market.

PET Sheet Extrusion Equipment Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Twin screw extruder, and, single screw extruder. The twin screw extruder segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Food and beverage, medicine and pharmaceutical, consumer goods, electrical and electronics, and, others. The food and beverage segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Rising Demand for Sustainable Packaging to Amplify Market Growth"

Several driving factors contribute to the growth and demand for PET sheet extrusion equipment. Firstly, the increasing demand for sustainable packaging solutions, driven by environmental concerns, regulations, and consumer preferences, fuels the need for PET sheets and the corresponding extrusion equipment. Secondly, the growth of industries such as food and beverage, automotive, and consumer goods, which heavily rely on PET sheets for packaging and components, drives the demand for extrusion equipment.

Technological advancements in extrusion processes, including higher production speeds, improved energy efficiency, and enhanced product quality, also play a crucial role. Additionally, investments in research and development, coupled with favorable government initiatives and incentives, further stimulate the market for PET sheet extrusion equipment.

"Need for Cost-effective Solutions to Improve Market Growth"

In addition to sustainability, industry growth, and technological advancements, there are other driving factors influencing the demand for PET sheet extrusion equipment. Market competition and the need for cost-effective solutions drive manufacturers to invest in efficient extrusion equipment to optimize production processes and reduce operational expenses. Customization capabilities of the equipment, allowing for tailored sheet specifications and designs, are also sought after by industries requiring unique packaging solutions.

Furthermore, the increasing adoption of PET sheets in emerging economies, coupled with rising disposable incomes and changing consumer lifestyles, contributes to the growing demand for PET sheet extrusion equipment. Moreover, the expanding e-commerce sector and the demand for protective packaging materials bolster the market for PET sheet extrusion equipment market growth.

RESTRAINING FACTOR

"Volatility in Price of Raw Materials to Bring Down Market Share"

While the PET sheet extrusion equipment market continues to grow, several restraining factors can impact its progress. Firstly, the volatility in raw material prices, particularly the cost of PET resins, can pose challenges to manufacturers and affect the overall profitability of the industry. Secondly, stringent regulations and standards regarding packaging materials and recycling can create compliance burdens and increase costs for manufacturers.

 Additionally, the initial investment required for high-quality extrusion equipment can be a barrier for small and medium-sized enterprises. Moreover, the availability of alternative packaging materials, such as paper or bio-based materials, may divert some demand away from PET sheets and extrusion equipment. All of these factors can restrain the market development.

PET Sheet Extrusion Equipment Market Regional Insights

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"Asia Pacific to Dominate Market Share in Upcoming Years "

Asia-Pacific emerges as the leading region in the PET sheet extrusion equipment market. The region's booming packaging industry, coupled with the increasing demand for sustainable packaging solutions, drives the adoption of PET sheet extrusion equipment. Countries such as China, India, and Japan are witnessing substantial growth in the manufacturing and consumption of PET sheets for various applications, including food and beverage packaging, automotive components, and consumer goods.

Additionally, the region benefits from favorable government regulations promoting sustainable practices and the use of recyclable materials. The presence of established players, technological advancements, and cost-effective manufacturing capabilities further contribute to the region's leadership in the PET sheet extrusion equipment market. These factors are making Asia Pacific the leading region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Erema (Austria)
• AMUT Group (Italy)
• Welex (U.S.)
• CHAMPION Plastic Machinery (Taiwan)
• KUHNE Group (Germany)
• SML (Austria)
• Jwell Machinery (China)
• Meaf Machines (Netherlands)
• Bandera (Italy)
• Gneuss (Germany)
• Breyer GmbH (Germany)
• Sunwell (Taiwan)
• Leader Extrusion Machinery (Taiwan)
• USEON (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the top industry players has also been mentioned in the report in order to provide a better understanding of the competition that is prevailing in the market.