Major companies in the paper, plastics, rubber, wood and textile market include IKEA; NIKE; Bridgestone; Christian Dior SE and H&M.
The global paper, plastics, rubber, wood and textile market is expected to grow from $5782.49 billion in 2020 to $6365 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%. 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 $8049.66 billion in 2025 at a CAGR of 6%.
The paper, plastics, rubber, wood and textile market consists of sales of paper, plastics, rubber, wood and textile products by entities (organizations, sole traders and partnerships) that produce paper, rubber, plastic, wood and textile products. The paper, plastics, rubber, wood and textile market is segmented into apparel and leather products; furniture; general manufactured goods; paper products; plastics and rubber products; printing and related support activities; textile and wood products.
Asia Pacific was the largest region in the global paper, plastics, rubber, wood and textile market, accounting for 40% of the market in 2020. North America was the second largest region accounting for 23% of the global paper, plastics, rubber, wood and textile market. Africa was the smallest region in the global paper, plastics, rubber, wood and textile market.
Manufacturers in the plastic products industry are investing in automation technologies to reduce production costs, improve productivity and enhance product quality. The use of sensors and wireless technology aids in gathering valuable data that is used to improve efficiencies and reduce errors. This is resulting in streamlined manufacturing processes, better product quality at lower costs. According to ABB, an industrial robot manufacturer, some of their customers reported an increase of 15-30% in productivity after installing robotic automation systems. Around 180,000 machines are expected to be employed in the plastic manufacturing industry by 2020, an increase of 67,000 machines over the course of 4 years. Major companies providing industrial robotics include FANUC Corporation, Yaskawa Electric Corporation, ABB Group, KUKA AG, and Kawasaki Heavy Industries, Ltd.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the paper, plastics, rubber, wood and textile manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the paper, plastics, rubber, wood and textile manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.?
Rapid Technological Development - Technology is expected to be a continued driver of market growth during this period. Industries that involve technology, such as this one, benefited from this trend during this period. For example, technologies such as "Green Tires," where 20-30% of a vehicle’s fuel consumption is related to tire performance, took off during this period. Green Tires offer wet grip, durability and low rolling resistance, reducing fuel consumption by 5-7% .Thus, technological advances which enabled improved performance, reduced fuel consumption contributed to the market growth.
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