New York, Nov. 24, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Plastic Processing Machinery Market – Growth, Trends, Forecasts (2020 – 2025)” – https://www.reportlinker.com/p05989468/?utm_source=GNW
With the growing trend of diversification of product usage and variability in functional requirements, plastic molding processing technology is booming day by day.
– Compared to other materials, such as metal, stone, and wood, plastic has the advantages of low cost and strong plasticity. Thus it is widely used in the economy and daily life. The plastic products and industry occupies an extremely important position in the world; the production of plastic products has developed rapidly all over the world for many years. According to PlasticsEurope (PEMRG) data, the global production of plastics in 2018 stood at 359 million metric tons and seeing steady growth.
– Owing to the sheer growth in demand for plastic products, the industry is seeing significant growth in demand for plastic processing equipment. Amongst all the techniques, plastic injection molding is one of the most commonly-used plastic formation techniques with numerous industrial applications, the market demand for the technology is continually expanding and evolving. Custom made plastic injection molding parts offer the perfect solution for numerous industries that are striving to produce a great volume of high-quality and cost-efficient parts.
– The growing need for upgrades combined with the modernization of plastics processing plants in developing nations is expected to spur the replacement demand for injection molding machinery and other equipment demand. The growth is also augmented by the technological developments which are driving down the equipment cost and increasing affordability of equipment in price-sensitive markets.
Key Market Trends
Increasing Demand for Plastics from the Packaging Industry
– The global demand for plastic packaging from industries such as food & beverages, consumer goods, electronics, and even industrial is on the rise, owing to the benefits offered by plastic packaging as it reacts with less number of products and helps keep items safe, also the materials used can be made odourless, helps in protection of item from environmental conditions, and product can be even sealed for leakage proofing; such benefits are driving the demand for plastic packaging in the market.
– North America is one of the major market for plastic packaging as a prominent share of the retail sector is organised and highly regulated which regulate safe keeping of items in various segments, owing to this the demand is significantly higher. For instance, according to the data by the US Census Bureau, the industry revenue of plastic packaging material and unlaminated films in the US in 2024 is expected to reach USD 38 Billion.
– The lightweight property of the plastic is driving the growth of the plastic packaging in Europe. Glass is much heavier compared to plastic, which means more trips would be required while transporting. This translates to a more significant environmental impact. Glass is also much heavier for the end consumer, whereas plastic is lightweight and much easier to carry.
– As per the International Bottled Water Association (IBWA), they consumed 13.8 billion gallons of bottled water in 2018. Also, according to a new national survey conducted online by The Harris Poll on behalf of the IBWA, more than nine in 10 Americans expect bottled water to be available wherever other drinks are sold.
Asia-Pacific is Expected to Hold the Largest Share
– China, being an emerging economy in the Asia-Pacific region, is witnessing an exponential rise in the number of manufacturing activities, which would require high-performance components that consume plastic in various end-user industries.
– Within the types of plastic processing machinery, injection molding machinery is expected to hold a significant share in China. Some of the prominent players operating in this segment of the market include Haitian International Holdings Limited, The Chen Hsong Group, L.K. Technology Holdings Limited, Cosmos Machinery Enterprises Limited, and FU CHUN SHIN Machinery Manufacture Co. Ltd, among others.
– Also, the production data of bottled drinking water is indicative of the fact that the injection molding machinery market in China is poised to grow over the forecast period. According to DCC China, the production of bottled drinking water, by volume, is expected to reach a total annual consumption of 49 million metric ton by the end of 2020.