Global plastic product and packaging industry to grow in next 5 years

Industry research firm IBISWorld has added a report on the Global Plastic Product & Packaging Manufacturing industry to its growing industry report collection. Over the past five years, consumers of plastic products and producers of plastic have increased their consumption. “This trend has caused plastic products to increasingly substitute materials such as wood, paper, metals and glass in many applications,” says IBISWorld industry analyst Sean Windle. Plastic is often more price-competitive, while also offering better performance characteristics. As a recyclable material, plastic also has environmental benefits, such as waste reduction and energy savings. This trend has boded well for global plastic product manufacturers, with revenue expected to grow 3.5 percent in 2012 to $779.8 billion, marking an annualized growth rate of 0.5 percent over the past five years.