[ad_1]
Santa Clara, California, May 18 2021 /PRNewswire/-Frost & Sullivan’s recent analysis, Industry integration will change the global plastics and composites market, “Outlook 2021”Reveals eight forecasts for the global plastics and composite materials market. Despite the impact of COVID-19 in 2020, the industry’s main end markets have resumed activity due to the gradual containment of the pandemic, so the industry is expected to rebound in 2021.It is estimated that the global revenue of this market will reach $558.71 billion In 2021, from US$530.04 billion By 2020, the compound annual growth rate will be 4.8%. The continued focus on the circular economy may stimulate new regulations and product development in the plastics and composites industry.
For more information about this analysis, please visit: http://frost.ly/5ob
“Recycling, reuse and reuse of plastics and composite materials is becoming a key way for product development and value-added.” Aditya Krishnan, Chemistry, Materials and Nutrition Analyst at Frost & Sullivan. “The relevance of energy efficiency and carbon neutrality goals will also promote the design and development of new products that will be used in multiple end-use areas, such as: Automotive, electronics and consumer goods. Due to the versatility and longevity of plastics and composites, they are expected to play an important role. “
Krishnan added: ” TransferBecause manufacturers want to pass in critical areas (for example, Asia Pacific, Latin Americawith middle East. “
The eight main forecasts shaping the global plastics and composites market are:
- Sustainability will become the main theme of new product development: The global drive to improve sustainability will drive the innovation strategy of global organizations as end users of plastics and composites.
- Disposable plastics will continue to face high demand: Due to e-commerce and concerns about the spread of the pandemic, the increase in the number of home deliveries will continue to drive the consumption of single-use plastics.
- Supply chain disruption is paving the way for local-to-local production and operations: The COVID-19 pandemic is expected to continue to cause disruptions in the global plastic supply chain and a surge in demand for locally produced goods (local exchange for local production or transfer).
- Change the workplace and create new opportunities for plastics and composite materials: The digitization of jobs and the impact of the COVID-19 pandemic has accelerated the trend of working from home, which is expected to slow down the process of urbanization and eventually trigger the trend of de-urbanization, including modular offices.
- The continued growth of additive manufacturing has driven the development of new products: The rapid growth of personalization is expected to promote additive manufacturing, especially for 3D printing of consumer products.
- The revival of public activities will generate demand for commodity plastics: The expected increase in public events such as trade shows and concerts will increase the demand for products and other plastics in related applications (such as temporary booths and seating arrangements) of individuals participating in the event.
- Evolving regulatory trends to improve energy efficiency will create new opportunities: It is expected that the demand for energy-saving solutions in construction, construction and transportation and the impact of the European Green New Deal (GND) will drive the plastics and composites market.
- The surge in demand for improved food safety and traceability will open up new avenues for development: Due to the future pandemic situation, people’s demand for food safety and traceability is increasing, which is expected to create new opportunities, such as digital cold storage.
Industry convergence will change the global plastics and composites market, “Outlook 2021” Is the newest member of Frost&Sullivan’s Chemistry, materials and nutrition The Frost & Sullivan Leadership Committee can provide relevant research and analysis results. The committee can help organizations identify growth opportunities for continued growth, so as to succeed in the unpredictable future.
About Frost & Sullivan
For sixty years, Frost & Sullivan has played a pivotal role in helping investors, business leaders and governments respond to economic changes, identifying disruptive technologies, megatrends, new business models, and companies that take action , So as to continue to grow and drive future opportunities for success. Contact us: start a discussion.
Industry convergence will change the global plastics and composites market, “Outlook 2021”
MFF5
contact:
Melissa Tan
Corporate Communication
Phone: +65 6890 0926
E: melissa.tan@frost.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/frost–sullivan-highlights-top-8-predictions-to-define-the-global-plastics-and-composites-market-301293220.html
SOURCE Frost and Sullivan
[ad_2]
Source link
