Plastic Industry
The plastic industry has been a significant contributor to building several nations’ economies. Rising demand for plastics in various applications including construction, automotive, and electrical and electronics industries is fueling the market growth. Moreover, the expansion of the construction industry across emerging economies such as Brazil, China, India, and Mexico is also addressing a substantial demand for plastics, which is also augmenting the growth of the market. Further, increased foreign investment in these economies is also driving the global plastic market.
Plastic industry excels amid the coronavirus outbreak
COVID-19 outbreak is rampaging across the globe and causing a serious crisis in many countries. According to the Worldometers, global coronavirus cases reached over 1.4 million with death toll around 83,000 as of 8th April 2020. With nearly 400,500 infected persons, the US is majorly affected due to the virus spread. The US followed by Spain and Italy with cases around 146,690 and 135,586 respectively as of 8th April 2020. With no vaccine in place, the governments of several nations have taken precautionary measures to lower the spread of the virus. The spread of COVID-19 has forced the governments to lock down streets, cities, and states of the country. With the essential businesses such as retail grocery stores still open amid the lockdown, disposable plastic bags are making a comeback.
As the COVID-19 pandemic continues to challenge the governments, companies, and individuals, it is reinforcing the vital role played by plastics and polymers in keeping people safe and healthy. Single-use plastics are less likely to spread germs than frequently reused fabric carriers. Therefore, governments and regulatory bodies, including in the US states of New York and Maine, are lifting the ban on the use of single-use plastics such as retail shopping bags. Until now, plastics were being considered as a scourge of the earth; however, with the advent of coronavirus, the need to lower the spread of the virus and to both serve patients and protect healthcare professionals and others has served to underscore the very properties that help to make plastics so vital to society.
Moreover, other bodies are also considering lifting the ban on the use of polystyrene food containers as they are much effective as a packaging solution for take-out and home-delivery food from restaurants. Demand for other certain types of plastic-intensive is also expanding these days in various applications such as respirators and ventilators as well as personal protective equipment (PPE) for healthcare workers such as masks, gowns, and goggles. Additionally, other standard medical products also continue to help the cause from polycarbonate syringes and IV components, to PVC medical tubing and blood bags. Plastic packaging plays a vital role in protecting food and keeping it fresh for a sufficient time which reduces contamination and waste. Also, blister packs, pouches, bottles, and other types of plastic-based packages enable the efficient distribution and dosing of vital pharmaceutical products.
OMR Global Recently Published Report on:https://www.omrglobal.com/industry-reports/plastic-industry-market
The Report Covers
- Comprehensive research methodology of the Global Plastic Industry Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Global Plastic Industry Market.
- Insights about market determinants that are stimulating the Global Plastic Industry Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Market Segmentation
Product
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Polystyrene
- Others (Polyamide, ABS, PBT)
- Application
- Packaging
- Construction
- Electricals & Electronics
- Automotive
- Medical Device
- Others (Consumer Goods)
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