The global market for plastic material handling equipment is primarily driven by the growing emphasis on automation of production processes. Automation of production processes in the manufacturing industry, against a backdrop of growing pressure to optimize energy, raw materials, and resource consumption are key factors fueling the market growth. The other favorable factors include technological innovations and increasing investments in plant upgrades in the industrial products manufacturing segments.
Furthermore, the demand from the e-commerce sector and the manufacturing industry, particularly the warehouses is expected to remain the largest growing end-user segment of plastic material handling equipment. This may be accredited to the use of plastic material handling equipment for storage and transportation purposes. Moreover, the use of such products aid in the movement of various industrial products, and tracing of products. Therefore, they play a significant role in augmenting the overall operational efficiency, streamlining the supply chain, and handling warehouse operations through optimum utilization.
Let’s take a look at some of the key trends in the global plastic material handling equipment market:
- Increase in energy efficiency: There is a growing trend for electrically powered forklifts. This is mainly because it helps in reducing the downtime. Moreover, several other factors need to be considered in determining the overall reduction of costs associated with energy saving.
- Compact platforms: Considering the current market scenario there is a higher demand for forklifts that balance increased lifting capacity with less bulky equipment design. This has increased the demand for compactness of the equipment.
- Increased demand for fleet management: To gain additional information on the equipment and their functioning, leading companies now looking to incorporate forklifts into their fleet management programs.
These trends along with the technological innovations are all pointing towards equipment that will help in increasing productivity multifold on the shop floor and in warehouses. At the same time, it also enhances the safety of people the working with it in an environmentally-friendly manner. Moreover, the global plastic material handling equipment industry will also see a lot of exciting new developments in the near future and is expected to help its customers maximize their ROI.
The Business Challenge
The client- A renowned plastic material handling equipment manufacturer catering to the needs of various sub-segments within the manufacturing industry
Objective- To gain a holistic view of the plastic material handling equipment market space along with its key stakeholders.
The client, a renowned plastic material handling equipment manufacturer, wanted to develop a single customer view to improve their customer segmentation strategies based on customer value. The client wanted to leverage the use of Infiniti’s market intelligence solution to react quickly to unseen disruptions to gain a competitive advantage in the material handling equipment market space. The plastic material handling equipment manufacturer was also looking at developing an intelligence-driven supply chain strategy that would further increase their supply chain’s efficiency and effectiveness.
Results- Devised useful market intelligence-based strategies to obtain early and near real-time warning on the likely disruptions in the market space. This, in turn, helped them gain a competitive advantage over their competitors.
Want more information about our market Intelligence solution for the plastic material handling equipment industry?
The market intelligence experts at Infiniti carried out extensive research comprising of interviews and discussions with leading stakeholders across the plastic material handling equipment market space to help the client improve business efficiency. The experts at Infiniti further compiled information from a wide array of secondary sources such as paid industry databases, company presentations, and industry forums to help the client understand the competitive scenario.
The Solution and the Business Impact
Leveraging Infiniti’s market intelligence solution helped the client in gaining real-time insights into the market trends and factors that were curtailing their business growth. This engagement also assisted the client in obtaining real-time warning on market disruptions. Also, by improving their reaction times, the client was in a better position to ensure the consistency and reliability of their operations. Moreover, our market intelligence solution also helped the client to react quickly by determining the unforeseen disruptions and market opportunities.
The predicted growth in specific sectors such as automotive and the material handling equipment sector will continue to post good returns in the coming years. Also, the rise in adoption of automation in the manufacturing space will provide a fillip to the plastic material handling equipment market size. The use of automated systems scale up the operational requirements and drive the business results by reducing errors, increasing pick rates, surging throughput and decreasing labour costs.
Market intelligence offers detailed insights on the current market trends, suppliers, relevant events, and other market opportunities. Moreover, market intelligence helps businesses make better decisions, act faster than the competition, and react quickly to the changing customer needs. Therefore, it is quite evident that leveraging market intelligence helps firms in identifying market opportunities and act quickly to gain a better advantage in the sophisticated market space.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the plastic material handling equipment market.