The global plastic additives market size is projected to reach USD 74.61 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period. Escalating demand for personal protective equipment (PPE) amid the COVID-19 pandemic is expected to propel the growth of this market, states Fortune Business Insights™ in its report, titled “Plastic Additives Market Size, Share Industry Analysis, By Type (Plasticizers, Flame Retardants, Stabilizers, Impact Modifiers, Others), By End-Use (Packaging, Construction, Automotive, Consumer Goods, Others), and Regional Forecast, 2020-2027”. In March 2020, the World Health Organization (WHO) estimated that 89 million medical masks, 76 million disposable gloves, and 1.6 million goggles will be required each month to fight the pandemic. The need for PPE has only grown since March, with coronavirus cases surging in most countries. Plastic additives are playing a critical role in the manufacturing of PPE for frontline healthcare workers as these materials are easy to produce, are resistant to chemicals and toxic substances, and effectively prevent the transmission of the infection between health workers and patients. The soaring demand for this equipment has triggered innovation not only in large companies but also among small, emerging players. For example, in April 2020, the team researchers from India’s IIT Kanpur and industry partners designed the Polyethylene-based Improvised Protective Equipment under Scarcity (PIPES) made from the non-porous polyethylene material. Thus, the coronavirus is likely to create unprecedented opportunities for players in this plastic industry.
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