Thriving in the Fast‑Evolving Polymers Market: Strategies for Supplier Success
The polymers market is rapidly evolving. Since the 1960s, global production of plastics increased twentyfold. According to a study by Grand View Research, the global plastics market is expected to reach USD 654.38 billion by 2020.
Continuous innovation and new technologies allowed polymer producers to develop exciting new products that surpass the benefits of traditional materials such as glass, metals, paper, wood, leather and ceramics. Low cost, availability of raw materials, flexibility of use and easy manufacturing made plastics the material of choice in many new industries.
Growing demand in a changing market
Global plastics demand was 233.75 million tons in 2013 and is expected to reach 334.83 million tons by 2020, growing at a CAGR of 5.3% from 2014 to 2020, according to the same study. Key driving factors for global plastic demand is the massive growth of end-use industries such as plastic packaging, construction and automotive.
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