The global consumption of plastics is expected to reach 297.5 million tonnes by 2015 according to a new report by Global Industry Analysts(GIA).
The research report titled Plastics: A Global Outlook announced by Global Industry Analysts Inc. provides a collection of statistical anecdotes market briefs and concise summaries of research findings. The demand for plastic and plastic materials is rising with recovering economic conditions and resurgence across most end use markets. However the complete decline of the real estate housing and construction industry crumbling consumer confidence rising unemployment levels reduced household wealth during the time of recession adversely effected the plastic industry.
Plastic industry is slowly gathering its pace with increased use of plastics in different fields like building and infrastructure transport automotive rail defence telecommunication etc. The continuous shift of production bases to low cost Asian countries increasing foreign investments new manufacturing establishments enabled Asia Pacific to be the prime driver in the growth of plastic industry.
Globalization urbanisation demand for durable products and the growing demand from the auto mobile mining chemical construction and agricultural industries helped the markets specifically in India and China. Packaging sector use widely in healthcare and personal care products and packaged foods and beverages market are the major consumers of plastics. Bioplastic demand is on the rise and is expected to grow owing to novel applications in the packaging industry.