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The plastic industry is being aided by the extensive use of the product in the electronics and healthcare industries. As plastics do not conduct electricity, they have various applications in the electronics industry, which is propelling the industry growth. They are widely used to insulate electric wiring, switches, light fittings, and handles and in various electrical appliances, such as electric razors, hairdryers, and food mixtures, consequently invigorating the market growth. Moreover, plastics are widely used in the healthcare industry owing to their excellent barrier properties. They have diverse applications and are used in various equipment, such as sterile syringes, gloves, adhesive band strips, intravenous blood bags, and IV tubes, among others, which is aiding the growth of the plastic industry. Additionally, with the increasing research and innovations, plastics are also used as orthopaedic devices and prosthesis to align, support, or correct deformities, hence augmenting the market growth.
The leading companies are focussing on creating a sustainable environment by recycling plastic waste. Eastman Chemical Company (NYSE: EMN), one of the leading players, announced the development of world scale plastic to a plastic modular recycling facility in Kingsport in January 2021. The facility will convert polyester waste into durable products and address the global waste crisis and climate change. The company has invested nearly $250 million in the facility to convert nearly 100,000 metric tons of plastic wastes to produce premium and high-quality speciality plastic made of recycled products. Moreover, the company has committed to recycle more than 250 million pounds of plastic wastes annually by 2025. Such developments not only promote the sustainable use of plastics but also further aids the market growth for plastics.
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The major players in the global market for plastic are BASF SE, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Lyondellbasell Industries Holdings B.V., and Eastman Chemical Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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