New York, April 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plastics And Rubber Products Global Market Report 2022" - https://www.reportlinker.com/p06251035/?utm_source=GNW
, The Hankook Tire group, Pirelli & C SpA and Avery dennison.
The global plastics 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%. The market is expected to grow to $1,923.6 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.
The plastics and rubber products market consists of sales of plastics and rubber products by entities (organizations, sole traders and partnerships) that produce goods by processing plastic and rubber raw materials.Plastics and rubber products are included in the same market as they have similar technical properties, though they are categorized based on the sole use of either rubber or plastic as raw material in the production of the product.
Businesses in the industry produce plastic bags and bottles, plastic film and sheets, plastic and rubber pipes, plastic foams, rubber hoses and tires.
The main types of plastics and rubber products are rubber products and plastic products.Plastics are a broad category of synthetic or semi-synthetic compounds made primarily of polymers.
Plastics can be shaped, stretched, or compressed into solid objects of diverse shapes due to their fluidity. The different sectors include automotive and transportation, electrical and electronics, medical, construction and others.
Asia Pacific was the largest region in the plastics and rubber products market in 2021.North America was the second largest region in the plastics and rubber products market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
New Developments In Packaging - The plastics and rubber products manufacturing industry is affected by the growth of the packaging industry.There are a number of new developments in the packaging industry that 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 and more promotional packs and brand extensions are being developed to ensure customer loyalty. These developments in packaging will increase the consumption of plastics and rubber and are driving the market.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the plastics and rubber products manufacturing market in 2021 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2021 and into 2021.
However, it is expected that the plastics and rubber products manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Manufacturers in the plastic and rubber products industry are investing in automation technologies to reduce production costs, improve productivity and enhance product quality.The use of sensors and wireless technology aids in gathering valuable data that is used to improve efficiencies and reduce errors.
This is resulting in streamlined manufacturing processes, better product quality at lower costs.According to ABB, an industrial robot manufacturer, some of their customers reported an increase of 15-30% in productivity after installing robotic automation systems.
Around 180,000 machines are employed in the plastic manufacturing industry in 2021, an increase of 67,000 machines over the course of 4 years. Major companies providing industrial robotics include FANUC Corporation, Yaskawa Electric Corporation, ABB Group, KUKA AG, and Kawasaki Heavy Industries, Ltd.
The countries covered in the plastics and rubber products market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06251035/?utm_source=GNW
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