The plastics industry has a positive outlook as it continues to rebound from the pandemic. Experts have even indicated that its revenue is poised to expand nearly 5% this year. From sustainable new products to the high demand for single-use plastics, it’s essential to know what the key trends are so that you can hire the right team in advance. Here are some key predictions concerning the global plastics market.
Sustainable Development Goals
Did you know that over 1 billion plastic bottles are sold daily around the world? Unfortunately, less than 10% of plastic waste gets recycled, with a majority of it ending up in landfills, oceans, etc. So, plastic producers continue to feel the pressure to develop innovative products that meet the global demand for greater sustainability. Many producers are investing in the tools and technology to manufacture bioplastics because they are derived from renewable resources. Some ingredients are being used to replace certain petroleum-based plastics: olive pits, sunflower hulls, fish waste, algae, plant sugars, and mushrooms. Some of these ingredients are already being used to make everything from bio-based beer bottles to non-plastic footwear.
Better Polymer Solutions
The race is on to engineer polymers that are stronger than standard types. In addition to providing a more cost-effective solution, they are also lighter and provide enhanced thermal properties. Instead of using expensive metal parts, various industries including automotive, construction, solar, and water are substituting plastic parts that are more resistant to chemical attacks. The food and beverage industry is also driving up the demand for polymers as manufacturers search for more effective packaging solutions to reduce product contamination and maintain quality. The polymers market is expected to grow steadily due to increased demand from the textile, electronics, and consumer goods industries.
High Demand for Single-Use Plastics
Plastic straws and shopping bags are just a few of the single-use items banned in some states and cities across the country. But, the fear of contagions may be pushing a resurgence of single-use plastics as the demand for some disposable items like plastic gloves grows. The popularity of e-commerce is another variable contributing to the high demand for single-use plastic packaging.
Additive Manufacturing Growth
The global additive manufacturing market, which is dominated by plastics, is projected to grow more than 26% annually over the next few years. Product personalization will continue to drive the demand for 3D printing of consumer goods. Both large and small companies continue to invest in additive manufacturing development by purchasing everything from industrial systems to desktop 3D printers.
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