The high demand for Polyethylene (PE) in the packaging industry has mainly contributed to the growth of the packaging end-use segment
The size of the global market for plastic compounds could reach a value of 98.65 billion dollars by 2028. Additionally, it is projected to expand at a compound annual rate of 5.1% during the forecast period.
The trend analysis report, market share and size of plastic composites by resin (PP, PE), by technology (injection molding, extrusion), by filler (no filler, calcium carbonate filler), by end use, by region and segment forecasts 2021 was prepared by ResearchAndMarkets.com.
The report concluded that the market is driven by packaging applications around the world. Product demand in the packaging industry is driven by high consumption in major economies such as China, India, Germany, the United States and Brazil. Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications.
Polypropylene (PP) composites offer a cost-effective packaging solution and help improve impact resistance, flexibility, clarity, and process efficiency. The high demand for Polyethylene (PE) in the packaging industry has mainly contributed to the growth of the packaging end-use segment.
The global COVID-19 pandemic moderately affected the demand for products in the packaging application in 2020. The demand for packaging for health products, food, groceries and e-commerce transport increased dramatically, while the demand for luxury transport, industrial and some B2B Packaging experienced a decline due to the slowdown and stoppage of industrial operations. For this reason, the restart of the industrial operation is expected to positively influence the demand for industrial packaging and B2B transport in the coming years.
The fiberglass reinforcement infill segment is expected to witness significant growth over the forecast period, as these composites are widely used in construction applications.
In addition, they are used to build domes, fountains, columns, planters, panels, sculptures, facades, roofs, and various other building components. Components made from fiberglass reinforced plastics have a quarter the weight of steel with similar tensile and compressive strengths. Therefore, growth in building and construction activities around the world is likely to drive the segment during the forecast period.
Fiberglass reinforced plastic is also used for boat manufacturing, which requires water resistance to prevent corrosion and improve the life of boats.