Chinese Plastics processing machinery demand may grow over 5% annually through 2021
SHANGHAI (Scrap Register): Plastics processing machinery demand in China is projected to advance 5.1% per year to $10.8 billion in 2021, according to the latest study.
Growth is being driven by the country’s rising middle class and its demand for more premium plastic goods, which is forcing plastics processors to purchase higher-end machines.
3D plastics printers will see the fastest gains of any product type, but will account for only 4% of total demand in 2021.
Unlike the US and Western Europe, where most traditional plastics processing activity has long been offshored, China remains the global center for large-scale mass production of commodity goods. This will limit interest in the supply chain and customization advantages that 3D printing offers developed world manufacturers.
The consumer/institutional market will see the fastest growth of any market, increasing 5.6% per year through 2021. China’s middle class will again drive gains for this market, with construction seeing less demand due to a slowdown in infrastructure development.