The plastics and rubber products market consists of sales of plastics and rubber products by entities (organizations, sole traders and partnerships) that produce goods by processing plastic and rubber raw materials.Plastics and rubber products are included in the same market as they have similar technical properties, though they are categorized based on the sole use of either rubber or plastic as raw material in the production of the product.Businesses in the industry produce plastic bags and bottles, plastic film and sheets, plastic and rubber pipes, plastic foams, rubber hoses and tires.The plastics and rubber products market is segmented into rubber products and plastic products.
The global plastics and rubber products market is expected to grow from $1259.7 billion in 2020 to $1352.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.The market is expected to reach $1700.8 billion in 2025 at a CAGR of 6%.
