Plastics industry participants face increased competition and regulatory pressure — these forces lead to increased customer expectations and operating costs.
Plastics Industry growth has been fueled by the expanded use of plastic in high-growth industries (such as construction, automotive, aerospace and electronics)
Plastic being derived mainly from oil and natural gas. The price and availability of plastic is influenced by these commodity prices. Manufacturers may have to pass on the price fluctuations resulting from the volatility in the underlying commodities.
Product lifecycle has decreased from years to months, affecting the entire supply chain of plastic goods. Once a customer has made a choice, quick turnarounds are critical for plastic companies to stay competitive.