UK Plastics Marketis estimated to exceed $11.3 million in 2027, growing at a CAGR of 6.0% during the forecast period (2018-2025). UK is one of the major market players operating in the European plastic market. The country is significantly working in the field of material and additive manufacturing, food and beverages, pharmaceutical, and cosmetics among others. Most of the market players operating in the country are small to medium-sized companies. A wide range of reprocessing technologies and equipment are being examined due to cohesive government regulations. As per the International Trade Association, around 7.0% of manufacturing activities in the country account for the plastic industry each year. More than 6,200 firms are engaged in the plastic industry in the country. But, a significant drop in the automotive, electrical & electronics, and building & construction sector has been witnessed due to lockdown across the region with different timelines, job loss, and economic downturn.
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Growing Demand for Plastics Market
Cohesive government regulations are also acting in the country. In April 2018, a new initiative, named Plastics Pact was launched in the country to reduce single-use plastic packaging by 2025. It was launched by the Waste and Resources Action Programme (WRAP) and the Ellen MacArthur Foundation. The collaboration aims to improve the plastic supply chain and its waste usage. Due to this, government and non-government organizations work to sustainably use plastic and to restrict plastic waste in the ocean. In the initial phase, around 42 companies have joined the initiative and more companies joined later. It majorly includes food beverage companies, manufacturers, and retailers, including Tesco, Coca-Cola, and Novamont. These companies contribute to around 80% of the plastic packaging of products sold in the country.
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The government is also actively working to reduce plastic waste and increase recycling activities. In March 2020, the government of UK announced a tax of $260 (£200) per ton on virgin plastic in the 2020 budget. The tax will be applied from April 2022 to the plastic packaging which does not contain at least 30% recycled plastic. The tax will be applied from April 2022 to both plastics, which are manufactured in UK or imported from any other country. The tax rate and limit of 30% recycled plastic will continuously remain in review by the government and may change to fulfill the aim of promoting recycled plastic.
Scope of the UK Plastics Market
Market Coverage
- The market number available for 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Type and Application
- Competitive Landscape- Arkema Group, BASF SE, Evonik Industries AG, INEOS AG, Koninklijke DSM N.V.
Recent Strategic Initiatives in the UK Plastics Market
- In November 2019, Arkema inaugurated a new Global Center of Excellence for 3D Printing within its Cerdato Research & Development Center in Serquigny, Normandy (France). Arkema and the Normandy Region intend this new center of excellence dedicated to additive manufacturing based on high-performance polymers, to be of benefit to companies and training organizations in the region, as part of a collaborative initiative striving for swift adoption of these new production methods.
- In August 2019, Toray Advanced Composites and BASF signed a production and supply agreement engaged in the manufacturing of continuous fiber-reinforced thermoplastic (CFRT) tapes for the automotive and industrial markets. Toray Advanced Composites will produce high-quality and affordable CFRT tapes using Ultramid engineering thermoplastics developed and produced by BASF. The fiber manufacturer will reinforce BASF’s Ultramid PA6 (Polyamide) resins with either glass fiber or with carbon fiber.
UK Plastics Market- Segmentation
By Type
- Thermosets
- Thermoplastics
By Application
- Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Household, Leisure & Sports
- Agriculture
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
