Plastic In Packaging – The lifting of trade sanctions in Iran could drive growth in the country’s plastics industry, claims research firm Applied Market Information.
Certain economic sanctions imposed on the country were lifted in January 2016, opening the doors to trade and opportunity. The findings also state that many companies were laying the groundwork for their expansions back in 2015. However, with large automation and rigid packaging markets, a youthful population of more than 80 million and improving GDP growth, the business opportunities for plastics processing are said to remain substantial.
Rigid packaging accounts for just under a fifth of polymer demand. Consumer packaging has increased capacity in response to a growing trend towards organised retailing and supermarket shopping whilst industrial packaging is expected to grow in response to improving logistics to serve the retailing industry and the growth in polymer manufacturing.
The research firm also reports that Iran has the second highest polymer demand in the region, at just over three million tonnes as well as the second largest market for engineering thermoplastics. Both of which are expected to expand following the lifting of economic sanctions.