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Report forecasts solid growth for global plastics industry, predicts defining trends
With sustainability spurring innovation, the market is estimated to reach $558.71 billion in 2021, up from $533.04 billion in 2020, with a CAGR of 4.8%. May 20, 2021 Canadian Plastics
Despite the impact of COVID-19 in 2020, the global plastics industry is expected to rebound in 2021 due to the resumption of activities in its major end markets in line with progressive containment of the pandemic, a new report forecasts.
In its report, “Industry Convergence to Transform the Global Plastics and Composites Market, Outlook 2021,” business consultancy group Frost & Sullivan predicts that global revenue will rise to an estimated US$558.71 billion this year, up from US$533.04 billion in 2020, a CAGR of 4.8%. Moreover, the ongoing focus on the circular economy is likely to stimulate new regulations and product development in the plastics and composites sector.