Despite the lingering effects of the coronavirus pandemic, the global plastics market is projected to post an annual growth rate of at least 3% from 2021 to 2028, according to a report by Grand View Research (www.grandviewresearch.com). Increasing plastic consumption in the construction, automotive, and electrical & electronics industries is projected to support market growth over the forecast period, according to the report. However, packaging retains its position as the sector with the biggest revenue share of more than 35%.
Asia Pacific (including China) retains its dominant position in the global market with over 40% market share of the revenues. The region’s robust manufacturing sector continues to spike demand for plastics especially for use in such sectors as automotive, construction, packaging, and electrical and electronics industries.
The plastics industry is transitioning towards heightened awareness and commitment to achieve a circular economy and alleviate the climate change impact. In this scenario, the need for more innovative production technologies and environment-friendly materials will be a priority in the agenda of industry players. Along with digitalisation and increased automation, significant improvement in the production processes is anticipated.
The Outlook 2022 Special Report provides the insights of industry experts specifically chosen to share their views on the directions that the plastics industry will take in 2022 and the factors that will impact the industry. It also provides a glimpse of the products that will figure prominently in the market in 2022.
Plastics industry in new-now-next normal
MR. VEERA KWANLOETCHIT
President
Plastics Institute of Thailand
Tel: +66-391 5340-43
Website: http://www.itc.or.th;
www.thaiplastics.org
This story is from the December 2021 edition of International Plastics News for Asia.
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This story is from the December 2021 edition of International Plastics News for Asia.
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