July 18, 2023 13:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES Plastic Film Rewinding Machine
Wilmington, Delaware, United States, July 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for plastic processing equipment was worth US$ 1.4 billion in 2021. Between 2022 and 2031, it is expected to grow at a CAGR of 4%. Global plastic processing equipment sales are predicted to reach US$ 2.1 billion by the year 2031.
Injection molding machines and other equipment are expected to be in high demand as developing nations upgrade their plastics processing plants. Technological advancements are also helping, lowering equipment costs and making them more affordable in pricey markets.
Automobiles, packaging, and construction are among the industries that are expanding globally. Since plastic is lightweight, cost-effective, and versatile, it has become increasingly popular in these industries. Growing end-use industries increase demand for plastic processing equipment, which propels the market upward.
Asia-Pacific and Latin American developing countries are experiencing rapid urbanization and industrialization. The demand for plastic processing equipment in these regions is boosted by an increase in plastic product consumption.
Due to government regulations, manufacturers are encouraged to adopt highly efficient plastic processing equipment that enables recycling and waste management. The government also provides incentives and subsidies for the adoption of environmentally friendly equipment, further propelling the market.
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Key Findings of the Market Report
Global Plastic Processing Equipment: Growth Drivers
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Global Plastic Processing Equipment: Regional Landscape
Global Plastic Processing Equipment Market: Key Players
This report includes an evaluation of business models, key product offerings, innovations, and strategies of plastic processing equipment providers. Research and development expenditures are significant for most firms, predominantly to develop innovative products. Among the key strategies major players adopt are product portfolio diversification and mergers and acquisitions.
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Global Plastic Processing Equipment Market: Segmentation
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