Plastic Market Research Report

  The global molded pulp packaging market size was estimated at   USD 5.45 billion in 2023   and is expected to grow at a CAGR of 7.4% from 2024 to 2030. Factors attributing to market growth include increasing demand for sustainable & eco-friendly packaging solutions and increasing demand from end-use industries such as food packaging, healthcare, food service, electronics, and others. Manufacturers are striving for maintain healthy competitive environment across market space by implementing various strategies. For instance, in July 2023, Tekni-Plex, Inc. announced opening of their facility in Ohio, for manufacturing of specialty molded pulp products, especially fiber-based egg cartons.   Food packaging and foodservice industries together dominated North American molded pulp packaging market. This dominance can be correlated to huge demand for packaged food and on-the-go food serving. Commercial food service establishment accounted for over USD 813.4 billion of total food marketing

  The global  plastic market  size is anticipated to reach   USD 645.1 billion by 2030 , according to a new study by Grand View Research, Inc., growing at a CAGR of 4.2% from 2024 to 2030. Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency are expected to drive the market over the forecast period. Plastics facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials, such as metals or rubber. Since the last decade, there has been a substantial demand for the product as a replacement for metals and ferrous alloys across various industries, such as consumer goods, automotive, and industrial machinery.   The growth of the market criticality lies in various factors, such as the ever-increasing requirement of end-users in terms of product specification and versatility