Plastics are an integral part of our modern world. It is a group of synthetic materials made from polymers, which are long chains of molecules. These polymers can be molded into various shapes and sizes, making plastics versatile and adaptable. Plastics can be broadly classified into two categories: thermoplastics and thermosets. Thermoplastics are polymers, which can be melted and recast. They can be molten when heated and hardened upon cooling. Thermoplastic materials are used in many industrial applications due to their recyclability, high impact resistance, and reshaping abilities. Thermosets are polymers that undergo a chemical change when heated, becoming irreversibly hard.
The plastics industry is a sector that involves the production, processing, and distribution of various types of synthetic materials made from polymers. They have a wide range of applications due to their versatility, durability, and low cost of production. This industry is a dynamic and ever-evolving sector that plays a crucial role in various aspects of our daily lives. From packaging materials to automotive components, electronics, and medical devices, plastics are everywhere.
Lightweight, growth of the packaging sector, cost-effectiveness, and industrialization are the factors that are driving and restraining the plastic industry market. ESG (Environmental, social, and governance) is becoming increasingly important in the plastics industry. According to BCC Research’s latest report on mads in the plastics industry, the global market volume for plastics production is estimated to increase from 428.7M metric tons in 2023 to reach 579.2M metric tons by 2028, at a CAGR of 6.2% from 2023 through 2028. This industry is a volatile market.
