INDUSTRIAL PLASTIC MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Stringent environmental regulations are posing major challenges for the growth of global industrial plastic market. Many countries across the world have introduced strict laws to curb plastic pollution and promote sustainability. For example, the European Union has banned various single-use plastic items since 2021 under the Single-Use Plastic Directive. Items like plastic plates, cutlery, straws, cotton buds and stirrers can no longer be sold in the EU market. This has disrupted the supply chain of numerous plastic manufacturers.

Market Opportunities: Advances in plastic technology

Advancements in plastic technology offer promising opportunities to drive growth in the global industrial plastic market. Plastics have emerged as versatile materials across industries due to continuous innovations that enhance strength, durability and functionality of plastic products. 3D printing technology is enabling mass customization and on-demand manufacturing using advanced plastics. This brings cost efficiencies for low-volume customized parts and simplifies supply chains globally. Countries are increasingly adopting 3D printing for critical applications in healthcare, aerospace and infrastructure development.