The global plastic processing equipment market is fragmented in nature and few key global players hold a large market share. Asia Pacific is the most mature plastic processing equipment market. This market in Asia Pacific is expected to exhibit the fastest growth rate during the forecast period, due to the strong presence of the plastic processing industry in the region. Additionally, rising demand for plastic material-based products in all industries, along with adoption of injection molding and extrusion machinery, has resulted in the growth of the Asia Pacific plastic processing equipment market.
Global companies such as Milacron, Lung Chang Machinery Enterprise Co. Ltd., and American Screw & Barrel, Inc. hold significant share of the global plastic processing equipment market. These companies are already major players in Asia Pacific, and expanding their presence across the globe. Windsor Feedscrews Inc. and Canadian Feed Screws Mfg. Ltd. are other corporations holding key share of the global plastic processing equipment market. Increasing usage of plastic-based products in industries such as packaging and consumer goods is driving the demand for plastic processing equipment. Global plastic processing equipment companies are developing innovative designs to target users across the globe to enter unexplored markets and gain further opportunities.
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Plastics are used in maximum number of applications. Production is forecast to more than double by 2050, increasing to 756 million tons from 308 million tons produced in 2018. The demand for plastics is increasing gradually, leading to high requirement for machines that can process raw materials at high speed, accuracy, and with low material wastage. This is one of the key driving factors for the growth of the plastic processing equipment market.
Plastic processing equipment is utilized in different industries such as automotive, construction, technical molding, household, aerospace, electrical, caps & closures, packaging, and consumer goods.
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