Bernice J. Hicks New York, January 21, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Plastics And Rubber Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https: //www.reportlinker. com / p06009747 /? utm_source = GNW
The global plastic 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 companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 1,700.68 billion in 2025 at a CAGR of 6%.
The plastic and rubber products market comprises the sales of plastic and rubber products by entities (organizations, sole proprietorships and partnerships) that produce goods by processing raw materials into plastic and rubber. Plastics and rubber products are included in the same market because they have similar technical properties, although they are classified according to the exclusive use of rubber or plastic as a raw material in the production of the product. Companies in the industry produce plastic bags and bottles, plastic films and sheets, plastic and rubber pipes, plastic foams, rubber pipes and tires. The plastic and rubber products market is segmented into rubber products and plastic products.
Asia-Pacific was the largest region in the global plastic 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 plastic products market and rubber. Africa was the smallest region in the world market for plastic and rubber products.
Manufacturers in the plastic and rubber products industry are investing in automation technologies to reduce production costs, improve productivity, and improve product quality. The use of sensors and wireless technologies facilitates the collection of valuable data which is used to improve efficiency and reduce errors. This translates into streamlined manufacturing processes, better product quality at lower costs. According to ABB, an industrial robot manufacturer, some of their customers have reported a 15-30% increase in productivity after installing robotic automation systems. Around 180,000 machines are expected to be used in the plastics manufacturing industry by 2020, an increase of 67,000 machines in 4 years. The main companies providing industrial robotics are FANUC Corporation, Yaskawa Electric Corporation, ABB Group, KUKA AG and Kawasaki Heavy Industries, Ltd.
Coronavirus pandemic – The coronavirus disease (COVID-19) outbreak has acted as a massive restriction in the plastic and rubber products manufacturing market in 2020 as supply chains have been disrupted due to trade and consumption restrictions declined due to lockdowns imposed by governments around the world. COVID 19 is an infectious disease with flu-like symptoms, including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China and has spread around the world, including in Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in the shutdown of manufacturing activities and a decline in economic activity, with countries entering a state of “containment” and the epidemic is expected to continue to have an impact. negative on business throughout 2020 and through 2021 However, the plastic and rubber products manufacturing market is expected to recover from the shock during the forecast period as it is expected to recover from the shock during the forecast period. This is a ‘black swan’ event and not related to persistent or fundamental weaknesses in the market or the global economy.
New Developments in Packaging – The plastic 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 which will drive the demand for plastics. Convenient features, such as reclosable packaging, easy-to-open upright pouches, and smaller packaging for single servings, are being introduced and more promotional packaging and branded extensions are being developed to build customer loyalty. These developments in packaging will increase the consumption of plastics and rubber and boost the market.
Read the full report: https://www.reportlinker.com/p06009747/?utm_source=GNW
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