There is also an increased demand for plastics around the world, especially across sectors like construction, automotive and electronics. The global plastic market was valued at $579.7 billion in 2020, according to Grand View Research, and is expected to grow by a compound annual growth rate of 3.4% to reach $750 billion by 2028.
This will strongly benefit companies like Italy’s Sirmax Group, a global leader in thermoplastic compounds and the largest nonintegrated polypropylene compound producer in Europe, fifth in the world. Sirmax operates in the compounding segment which is worth $60B and expected to grow to $100 billion in 2028.