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Plastics And Rubber Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·4-min read

Major companies in the plastics and rubber products market include Bridgestone Corporation; Michelin Inc; Good Year Tire & Rubber Company; Continental Tire the Americas and S C Johnson & Son Inc.

New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Plastics And Rubber Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -

The global plastics and rubber products market is expected to grow from $1259.07 billion in 2020 to $1352.96 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1700.68 billion in 2025 at a CAGR of 6%.

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 plastics and rubber products market is segmented into rubber products and plastic products.

Asia Pacific was the largest region in the global plastics and rubber products market, accounting for 40% of the market in 2020. North America was the second largest region accounting for 27% of the global plastics and rubber products market. Africa was the smallest region in the global plastics and rubber products market.

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 expected to be employed in the plastic manufacturing industry by 2020, 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.

Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the plastics and rubber products manufacturing market in 2020 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 is expected to continue to have a negative impact on businesses throughout 2020 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.

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.

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