The global plastics market is expanding due to increasing consumption in the construction, consumables, automotive, electronics, and medical device industries. This industry is adapting to a variety of needs from the current market including the expanding use of plastic in high growth industries, increased focus from consumers on biodegradable plastic, and how the fluctuation cost of oil and natural gas affects future production costs.
The global market for rubber is split between natural and synthetic rubber products. Catheters, medical gloves, tires and 50,000 other projects are made from the more than 15 million tons of natural rubber produced globally each year. However, according to the International Tripartite Rubber Council, there will be a global shortage of 1 million tons of natural rubber this year, due to blight and diseases killing rubber trees in growing regions across the planet.
The rising demand for synthetic rubber is the major driving factor for market growth. The health hazards involve in producing synthetic rubber and increased environmental regulations are the factors which are concerns of the synthetic rubber manufacturers.
As the plastics and rubber industries adapt to the future, producers and vendors must look for ways to gain a competitive advantage, while reducing costs and making their processes eco-friendlier.
To remain competitive, plastics and rubber manufacturers must increase productivity and improve quality to meet customer’s specifications while reducing unit costs. Investing in digital transformation allows businesses to gain better control of processes to ensure clearer analytical insights to improve decision making processes for production. To achieve these goals, manufacturers must obtain end-to-end visibility of their processes.