Global machinery demand growing 6 percent annually

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CLEVELAND (Jan. 16, 12:50 p.m. ET) — Global demand for plastics processing machinery is projected to rise 6 percent annually through 2015, according to a new market study.

Demand will reach to $28.9 billion by 2015, thanks to an acceleration in plastic product manufacturing, as well as by a favorable fixed investment environment worldwide, according to “World Plastics Processing Machinery” from Cleveland’s Freedonia Group Inc.

North American demand will grow from about $2.64 billion in 2010 to $3.43 billion in 2015, for an average annual growth rate of 5.4 percent.

In contrast, between 2005 and 2010 demand in North America shrunk, from $3.15 billion.

China will account for more than 40 percent of all additional global demand through 2015, according to the report.

Among major product types, extrusion equipment will post the strongest gains through 2015, benefiting from growth in construction spending. Injection molding equipment will remain the largest segment, accounting for 40 percent of demand in 2015.

The 392-page report costs $5,900.