The global plastics market was worth USD 492.32 billion in the year of 2016 and is anticipated to reach approximately USD 1050.00 billion by 2025 while registering itself at a compound annual growth rate (CAGR) of 8.78% over the forecast period. Plastic is substance comprising of any of an extensive range of semi-synthetic or synthetic organic and malleable compounds that can be shaped into any solid objects.
Plastics are characteristically natural polymers of large molecular mass, although they frequently include other materials. They are generally artificial, most frequently deduced from petrochemicals, but several are prepared from recyclable materials like polylactic acid from cellulosics or corn from cotton linters. Because of their favorable properties like versatility, the simplicity of production, invulnerability to water and comparatively small cost, plastics are employed in a vast and intensifying variety of products, from spaceships to paper clips. They have previously replaced many conventional materials, like stone, wood, horn and bone, paper, leather, metal, ceramic, and glass, in many of their earlier applications.
The global plastics market is anticipated to grow at a prominent rate with lucrative compound annual growth rate during the forecast period. Approaching technologies that recover, reprocess and reuse plastics are expected to be the key driving factor supporting the growth of global plastics market. Major plastics manufacturers are investing into cooperative ventures and sharing possessions with biotechnology organizations so as to manufacture bio-based plastics. Plastics are progressively substituting metal from automotive and construction industries owing to their versatile and desired properties such as durability, designing flexibility, high strength-to-weight ratios, and low densities.
McHenry County is home to a slew of companies that make up various parts of plastics industry supply chains. This includes 7 Plastic Resin & Synthetic Fiber Manufacturers, as well as 57 Plastic & Rubber Product Manufacturers.
“The EDC has taken a leadership role in transportation, education and workforce development issues as well. They help businesses receive loans and grants to expand and locate in McHenry County. Any success the EDC has is also a success for ComEd. If anyone has any questions regarding economic development, they are welcome to call me.”