In 2021, the plastic market had a global value of $593 billion U.S. dollars. Plastic growth is expected to rise by 3.7% between 2022 to 2030. This growth stems from increased plastic use in construction, packaging, electrical and electronics, and automotive industries. Current E.P.A. regulations to decrease vehicle weight leading to improved fuel efficiency and reduced carbon emissions are a leading factor for the increase in plastic consumption as an alternative for metals.
With plastic usage on the rise, it is vital to know where to place your trust when it comes to your plastic manufacturing. You don’t want to be left in the lurch and playing catch up. In this article, we will discuss six countries that are popular locations for plastic manufacturing, and what makes each region unique.
In 2019, the Vietnam plastic industry produced 8.89 million tons of products. The plastics industry contributed an estimated $17.5 billion U.S. dollars to the Vietnamese national economy, representing 6.7% of their G.D.P.
Mexico is always a great country to consider due to its proximity to the United States. The plastic industry in Mexico has more than 4,100 companies throughout Mexico. They are currently the 11th largest manufacturer of plastic products globally.
Brazil produced 7.3 million metric tons of plastic in 2020. Experts expect the Brazilian plastic market to grow with a compound annual growth rate (CAGR) of 1.47% between 2021-2026. Brazil consolidated their resin industry into one large national company.
South Korea is also an excellent plastic manufacturing country for moving your product. In 2017, South Korea produced 1.70 million metric tons of plastic resin and saw an increase to 1.77 million tons one year later. A majority of these are found in your electronics and the automotive industry.
Germany is the second-largest plastic manufacturing company, only behind China. Their global production share of plastics is around 8%. In 2015, the country exported nearly 12% of the world’s plastic goods and accumulated more than $7.8 billion in exported goods.
While mainly known for food exports, Italy makes up 4% of the world’s plastics exports, with a plastics industry worth about $2.6 billion, and it is a country slowly on the rise. Italy is number 2 in plastic manufacturing within Europe, behind only Germany.
Time and Time Again
Manufacturing plastic products and components in any foreign county has its advantages. It also obviously has risks. You need the correct county, factory, and company to manage your offshore supply chain. If you have the personnel, experience, and expertise to do it yourself, congratulations. If you do not, best to let a professional offshore manufacturing organization do what it does best, and you concentrate on what your company does best.
ITI Manufacturing has the experience and expertise to ensure your products and components are manufactured to your specifications while keeping you informed, at a minimum, weekly as to the status of your project. ITI Manufacturing is also the driver of resolving all issues that present themselves. We intentionally and relentlessly acknowledge and resolve all issues to our customer’s satisfaction, not on our satisfaction, not the factory’s satisfaction, but our customer’s satisfaction. This focus has been our practice since 1974.