The Polymer Product and Rubber Product Manufacturing value in Australia stood at $4.88 billion in 2023, reflecting a year-on-year decrease of 5.93%. Over the past decade, the industry has displayed a cyclical trend with fluctuations, including a significant spike in 2022 with a 17.18% increase. However, the average annual variation over the last five years suggests a modest positive trend with a 1.15% CAGR.
Looking forward, forecasts from 2024 onwards indicate slight declines, exhibiting a forecasted average annual decrease of 0.19% over the next five years, projecting a 0.94% overall decline by 2028.
Future trends to watch include technological advancements in polymer and rubber manufacturing processes, shifts in global supply chains, and environmental sustainability pressures which could impact production costs and market demand.
