The market expects to see a compound annual growth rate (CAGR) of 3% through 2023, when it could be worth $41.1bn.
Major players in the market include Husky Injection Molding Systems, ARBURG, Milacron, Sumitomo Heavy Industries, Toshiba Machine and Haitian International Holdings.
Packaging applications dominate the market by size, with a 2018 value of $14.8bn, followed by construction and infrastructure at $7.4bn and automotive at $5.9bn.
By product type, market growth will be led by extrusion moulding, which will have a CAGR through 2023 of 3.2%, followed by injection moulding at 3% and blow moulding at 2.9%.
Regional growth will be led by the Asia-Pacific, which will have a CAGR through 2023 of 3.2%, followed by North America at 3% and Europe at 2.9%.
“There is an increasing demand for plastic processing machinery resulting from the ever-increasing demand for plastics, especially in the processed food and beverages industries,” notes report author Aneesh Kumar.
“Increasingly stringent requirements for packaging is also driving overall growth in plastics machinery applications. Plastics have become a vital commodity in manufacturing and packaging processes in the past few years.”
Challenges the market is facing are centered around the industry’s impact on the environment and rules developed to mitigate those impacts, the report adds. Plastics are a major environmental concern due to their toxic material composition, which can lead to pollution and effects on the food chain. These impacts could result in lower plastic production in coming years. Meanwhile, stringent environmental regulations are being devised to address these impacts. Major cities are banning drinking straws, for instance, while some countries are banning plastic bottles, plastic bags, and products containing microbeads. These regulations will negatively impact the global demand for plastic products.
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