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EghtesadOnline: The lifting of trade sanctions in Iran will drive growth in the country’s plastics industry, according to research firm Applied Market Information, a UK-based provider of information, market intelligence and conferences for the global plastics industry.

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 expansion way back in 2015. However, with large automation and packaging markets, a youthful population of more than 80 million and improving GDP growth, business opportunities for plastics processing are said to be substantial, Plasticsinpackaging.com reported. Rigid packaging accounts for just under a fifth of polymer demand. Consumer packaging has increased capacity in response to a growing trend toward organized retailing and supermarket shopping while 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 over 3 million tons as well as the second largest market for engineering thermoplastics, both of which are expected to expand following the lifting of economic sanctions, according to Financial Tribune.

Iran sanctions Iran Plastics Industry