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The natural rubber market is growing continuously since the last year. Although, it saw a decline in 2020 due to COVID-19, the US-China trade war, and other macroeconomic factors. However, it is again gaining momentum. Emerging producers of natural rubber, such as Cambodia, and Ivory Coast among others, are expected to showcase competition in the future.
Similarly, increasing automotive manufacturing and a rise in plastic consumption in automotive products fabrication due to regulatory policies related to fuel efficiency are expected to drive the growth of this market over the next few years.
The growing global population, coupled with the rapid industrialization and urbanization in emerging economies, are the main reasons for the increase in the production of plastic products to cater to rising infrastructure needs. As per research, the global market size for plastic was valued at $579.7 billion in 2020 and is projected to expand at a CAGR of 3.4% from 2021 to 2028. Major consumers of the plastic industry include automotive, construction, and electrical & electronics.
The rubber industry was witnessing massive growth due to its expansion in technological advancements in the industry before coronavirus came to put brakes on it. Industrial rubbers are a few of the versatile materials used in almost different fields of modern industries, such as rubber powder, rubber filler, rubber extrusion profile, and rubber discs. As per research, the global demand for rubber products is projected to witness modest growth of 4.6% between 2017 and 2022 and is expected to touch $33.82 billion by 2022 in terms of value.
Plastic sheets and film have gained significant popularity in various applications across industries. Active lifestyle, rising sustainability, and demographic changes trend has been igniting innovation & development of plastics. Therefore, marketing opportunities in important sectors, including food & beverages and consumer goods, are massive here. As per research, the global market size for plastic sheets and films is expected to reach $157.5 billion by 2025.
The global market for industrial hoses is driven by rising demand for growing trends related to infrastructure activities. The growing demand in the automobile sector and the growing modernization of farming procedures are expected to offer enormous growth possibilities for overall industry growth. Hoses manufactured of polyurethane fabric are expected to maintain a massive share in the global industrial hose market. As per research, the global industrial hose market is projected to grow from $14.1 billion in 2020 to $19.7 billion by 2026, growing at a CAGR of 6% between 2021 and 2026.
As per research, the global plastic market is projected to grow from $439.28 billion in 2021 to $616.82 billion in 2028, at a CAGR of 5.0% in the forecast period, 2021-2028. Major industries driving the growth of this industry include consumer goods, food & beverage, electrical and electronics, and automotive.
All the projections and estimations here are conducted using a conservative approach due to the uncertain effects of the global pandemic. Governments are unsure as to how much the economy will grow because of clouds of concerns related to COVID-19 variants. However, companies dealing in the rubber & plastics industry would see a major surge in their revenue once the export and trade restrictions ease out.
