GLOBAL PLASTIC & RUBBER PRODUCT MANUFACTURING INDUSTRY

The global plastics and rubber products market is predicted to increase at a CAGR of 7% in the next years. Rubber and plastic products are used in a variety of industries, including the automobile, medical device, and building and construction industries. Standards aid in the formation of information needed to improve operations and efficiencies in the rubber and plastics business, from understanding raw materials to specialised production methods and equipment. With the widespread use of rubber and plastic products throughout sectors and around the world, standards serve to ensure that businesses are following best practises in their respective fields.

Rubber is the most often used raw material in the automotive end-use industry for a wide range of goods, including tyres, crap tubes, adhesives, hoses, pipes, gaskets, and roll covers. Market growth is likely to be influenced by rising demand for tyre and non-tire automotive parts. It’s also utilised in a variety of other products, including footwear, industrial goods, construction, textiles, and other consumer goods. Water, chemicals, electricity, impact, and low temperatures are all protected by the combination of rubber in footwear. It’s also found in a wide range of consumer goods, including protective covers, mats, and other items. The expanding use of the material in textiles and industrial goods is likely to propel the market forward.

Plastic Items are widely employed in industry, and consumer demand is influenced by the state of the economy. Individual company profitability is determined by product mix and production efficiency. Large corporations benefit from economies of scale when purchasing raw materials and producing commodity items like bottles and plastic film. Specializing allows small businesses to compete effectively. Plastic bags and bottles, plastic film and sheets, plastic pipe and foams, robber hoses, and tyres are all produced by companies in this industry.

PLASTIC & RUBBER INDUSTRY IN INDIA

The industry is expected to grow at a ten percent compound annual growth rate (CAGR). As a result of a significant economic recovery in both the domestic and international markets. New tyre import-related laws planned to take effect in 2020 are expected to boost the rubber industry.

The Indian Plastics Industry market has developed to become one of the country’s most important economic sectors, with over 30,000 companies employing over 4 million people. India is also a major supplier of plastic products around the world. Raw materials, laminates, electronic accessories, medical items, and consumer goods are all manufactured and exported by the sector. More than 150 countries, primarily in Europe, Africa, and Asia, import these plastic products. Plastic materials are also supplied by India’s plastics sector to a variety of other industries, including automotive, consumer packaging, and electronics. The demand for the use of plastics has skyrocketed in various industries during the last few decades. The Indian plastic sector has risen at a rate of 13% per year during the last five years.

As part of India’s expanding involvement in the global economy, the Indian Rubber Industry has grown in strength and importance. India is the world’s largest producer of natural rubber and the third largest consumer, as well as one of the world’s fastest expanding economies. With a consistent annual growth rate of 8% to 9%. A surge in the automobile sector, increased people’s living conditions, and rising overall industrialisation all help to boost growth prospects.

TOP PLAYERS WORLDWIDE

• Bridgestone Firestone Inc
• Goodyear India Ltd.
• Jain Irrigation Systems Ltd.
• Kingfa Science & Technology India Ltd.
• Mayur Uniquoters Ltd.
• Michelin Inc
• MRF Ltd.
• Newell Rubbermaid
• Nilkamal Ltd.
• Pirelli
• Pix Transmissions Ltd.
• Plastiblends India Ltd.
• Responsive Industries Ltd.
• Reynolds Group Holdings
• Rubfila International Ltd.
• S C Johnson & Son Inc
• Safari Industries India Ltd.
• Sonoco Products Co
• Sumitomo Rubber Group
• Supreme Industries Ltd.
• Yokohama Rubber Company Ltd