The global plastics market size is expected to reach around US$ 710 Bn by 2027 and is anticipated to grow at a CAGR of around 6.2% in terms of revenue during the forecast period 2020 to 2027.
Plastics include a large variety of plastic and semi-synthetic materials used for a broader range of applications. Plastics are hundreds of products from the same world, built to fulfill the most effective specifications of each particular product
The report provides analysis of global Plastics market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Growing plastic consumption in the automobile, manufacturing, and electrical and electronics industries is expected to fuel demand over the forecast period. The plastics are light, flexible and ideal for a wide range of consumer and industrial applications. Plastics aim to make energy efficient and minimize CO2 emissions during their life cycle because of their particular properties, which helps them to increase their resource performance. Therefore, the growing adoption of bioplastics is the market's main phenomenon. Similar to non-degradable plastics, the bioplastics are readily degradable and less toxic. Strict regulations and policy on the degradability of plastics engineering products can hamper the global plastics market's expansion.
Asia Pacific held significant market share in 2019 and projected to govern the market amid the projected time span. The plastic industry is growing fast in China, India, Thailand, Indonesia, and the Philippines, and the Asia-Pacific region is witnessing substantial growth. However, the market for plastics is increasing as a result of urbanization, including the use of advanced manufacturing materials for the manufacture of plastics. The plastics producers have gained interest in the application of the new plastics developments, including bioplastics. In addition, the demand for plastics shares a synergistic link with the region's car production, notably in China's developing economies, as automotive production has significantly increased in recent years. This will also raise competition in vehicle external applications for advanced plastic goods such as ABS, ASA and others.
The market research study on “Plastics Market (Plastics Market By Type: Polypropylene, Polycarbonate, Low-density Polyethylene, Acrylonitrile Butadiene Styrene and Styrene-acrylonitrile, Polyvinyl Chloride, Polystyrene, Polyamide, Others; Plastics Market By Application: Consumer Goods, Construction, Agriculture, Packaging, Automotive, Electrical & Electronics, Furniture & Bedding, Medical Devices, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Plastics market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Plastics market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Plastics market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Plastics market is segmented as below:
Plastics Market By Type
Plastics Market By Application
Plastics Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such BASF SE, Evonik Industries AG, DowDuPont Inc., Arkema SA, Saudi Basic Industries Corporation (SABIC), Celanese Corporation, Lyondellbasell Industries N.V., Lotte Chemical Titan Holding Sdn Bhd, and Others.
Due to many competitors on the market, economic competition between suppliers is strong. Despite the greater proportion of small and medium-sized plastic production firms, the consumer industry is extremely divided.
2018, SABIC has launched STADECK a new heavy duty platform for manufacturing and building sectors. This panel is lightweight and includes fiberglass reinforced resin thermoplastics and provides considerable advantages in different building and design techniques where lightweight gears are necessary.