The report on Plastic and Rubber Products, prepared by reportlinker.com, helps us to have a complete overview of a fundamental sector for the entire industrial section.
The global plastic and rubber products market is expected to grow from $1,229.98 billion in 2021 to $1,357.49 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. A figure that is expected to reach $1,923.6 billion in 2026, at a compound annual growth rate of 9.1%.
General details
This sector of the market consists of sales of plastic and rubber products by entities that produce goods by processing plastic and rubber raw materials.
Plastic and rubber products are included in a single sector because they have similar technical properties. Companies in the industry mainly manufacture plastic bags and bottles, plastic film and sheets, plastic and rubber pipes, plastic foams, rubber hoses and tires.
Sectors and trends
Plastic and rubber products are used in many sectors: automotive and transportation, electrical and electronics, medical, construction and packaging. In particular, growth and developments in the latter field will drive the demand for plastic materials.
Convenience features, such as resealable packs, easy-to-open stand-up pouches and smaller pack sizes for single-servings are being introduced. Also, more promotional packs and brand extensions are being developed to ensure customer loyalty.
The consequences of Covid-19
In this context, it is important to point out the weight and influence of the Coronavirus. COVID-19 has acted as a massive restraint on the plastic and rubber products manufacturing market in 2021, as supply chains were disrupted due to trade restrictions and consumption.
The scope of automation
To recover from this situation, manufacturers in the sector are investing in automation technologies to reduce production costs, improve productivity and enhance product quality. Especially, the use of sensors and wireless technology aids in gathering valuable data to improve efficiency and reduce errors.
Around 180,000 machines are employed in the plastic and rubber manufacturing industry in 2021, an increase of 67,000 machines over the course of 4 years.
Source: finance.yahoo.com
