Plastics have emerged out as an essential manufacturing and packaging material in last few years. Growing demand for processed plastics in the varied segments have lead to increasing sale of their machinery and equipment.
The United States market has witnessed a growth in the sale of working plastic machinery and equipment in recent years. The sale figure has increased from 2.16$ billion in 2012 to 2.59$ billion in 2016. The CAGR for the period (201-2016) was 4.6%
The requirement of plastic machinery and equipment is primarily driven by the packaging industry in the US. High consumption of packaged foods and emerging applications in the medical industry fuel the plastics processing machinery market.
In 2015 sale figure decreased to 2.3$ billion from 2.47$ billion in 2014 due to strict government regulations for usage of plastics & disposal. Growing concern for environmental sustainability along with growing consumer awareness has also pressurized the industry for the right selection of material and processing machinery to meet the requirements.