NEW YORK, Dec. 1, 2015 /PRNewswire/ -- Study coverage
The report presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by machinery type and primary application in six world regions and 23 major countries, with total demand included for an additional seven countries. The study also considers key market environment factors, assesses the industry structure, details company market share and profiles 38 global industry competitors.
World demand to rise 4.3% annually through 2019
The global market for plastics processing equipment is expected to advance 4.2 percent per year through 2019 to $36.1 billion. Demand in many parts of the world will return to a more moderate pace of growth after recovering from 2009 recessionary lows through 2014. Healthy increases in fixed investment spending and plastic resin consumption will benefit machinery suppliers, as will rising plastic utilization in a number of end use industries, most particularly motor vehicles and construction. In addition, the rapid growth of 3D printers as a viable plastics processing technology has expanded the usefulness of this equipment to new applications, such as dental, educational, and medical. This trend is forecast to continue, fueling plastics processing machinery sales in the long term.
Africa/Mideast, Asia/Pacific regions to grow fastest
The Africa/Mideast and Asia/Pacific regions will record the strongest growth in percentage terms through 2019. The Asia/Pacific region will be led by some of the fastest growing national markets in the world, including Vietnam, India, and Indonesia, which have rapidly expanding plastic product industries. The large and influential Chinese market will also record gains above the global average and will represent one-third of the world market in 2019, garnering by far the largest share of demand of any country. The Africa/Mideast region will be led by such fast growing markets as Turkey and Saudi Arabia, as countries in this region attempt to diversify away from resource extraction economies and toward higher value manufactured goods.
Construction to be fastest growing market
Of all the major markets for plastics processing machinery, construction will expand at the fastest pace through 2019 because of a rebound in construction spending in the sizable US and West European markets, which are intensive users of plastic construction goods. Other nations will record strong increases in construction industry spending as well. This will be particularly true for those developing nations upgrading their infrastructures to include more advanced building products, such as polyvinyl chloride (PVC) pipe. This will in turn fuel sales of related machinery, particularly extrusion equipment, which will post the fastest increases of any major product type through 2019.
Automakers, 3D printers among other opportunities
Other smaller volume markets will also record solid gains in the near term. This will be due to two factors. One is the growing utilization of plastics in motor vehicle applications, as automakers seek to cut down on vehicle weight in order to increase fuel economy, which in turn reduces emissions. Additionally, some plastic parts possess superior performance properties, like corrosion resistance, that make them attractive alternatives to their metal counterparts, further boosting plastic usage in vehicles. The second factor is the rapidly expanding use of 3D plastics printers in a wide variety of applications, particularly in motor vehicles and industrial products, where they are primarily utilized by engineers for prototyping.
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