The global plastics market size is projected to reach USD 579.19 billion by 2028, exhibiting a CAGR of 4.2% during the forecast period. Skyrocketing demand for personal protective equipment (PPE) such as facemasks and gloves amid the COVID-19 will emerge as a major growth accelerator for this market, PPE products are mostly made from plastic as the material is easy to use for mass manufacturing. Source:
https://www.fortunebusinessinsights.com/plastics-market-102176
The coronavirus pandemic has led to an unprecedented spike in demand for PPE from the healthcare industry as frontline workers are constantly exposed to COVID patients and need adequate protection.
According to the World Health Organization (WHO), approximately 89 million medical masks and 76 million disposable gloves are required every month to battle the virus. In March 2020, the WHO, citing these estimations, urged companies to increase their manufacturing capacity by 40%. The pandemic, therefore, is generating lucrative opportunities for this industry.
As per the report, the global market value stood at USD 450.88 billion in 2019. The main highlights of the report include:
- Comprehensive overview of the industry trends and outlook;
- In-depth examination of the impact of the COVID-19 outbreak on the market;
- Tangible research into the market drivers, restraints, and segments; and
- Detailed study of the competitive landscape and regional prospects of the market.
