And that’s good news for the plastics industry across the board, as companies gear up on new capital equipment to meet rising demand for plastic injection molded parts and components in 2014.
The new report, filed by a special branch of the Society of the Plastics Industry (SPI), provides new data from Q3 2013 that shows an increase of 20% in new shipments of equipment including plastic injection molding, extrusion, blow molding and thermoforming equipment. The figures are also up 20% from the same Quarter of 2012. Year to year, the shipments saw an increase of 12%.
Exciting developments for plastics manufacturing companies in nearly every market, as companies begin to increase investments in new equipment that will help them remain competitive in an increasingly competitive area of manufacturing.
The new report also included a survey of plastics manufacturers, with 87% of respondents reporting an expectation of steady increases in the demand for plastic products and components throughout 2014, particularly for plastics manufacturers in Mexico and North America.
Much of this growth is expected to come from new developments in Automotive manufacturing, medical device development and packaging markets.
At KASO Plastics, investments in new technologies and equipment are a way of life. We began as early as Q1 2013 to prepare for a busy 2014 with investment in a new Arburg injection molding machine that will help us keep up with growing demand while simultaneously increasing our production efficiency and improving the accuracy of our final products.
Get more information on any of KASO’s injection molding capabilities! Contact us today to learn more.