Plastics have witnessed an increasing product application scope in various industries like automotive, industrial packaging, construction, electrical & electronics and others, due to its unique qualities, such as durability, chemical & water resistance. Further, increasing investment in industrialization, rising urbanization and easy availability of plastic along with customization have led to the adoption of Plastics across the forecast period. For Instance: In Feb 2020, DSM expanded the capacity of its high-performance materials compounding plant in Evansville, IN., to meet increased regional demand for materials such as Akulon polyamide (PA) 6 and 66, Arnite PET/PBT, Arnitel thermoplastic copolyester (TPC), EcoPaXX PA 410, ForTii PA 4T/PPA and Stanyl PA 46. As per the World Bank data of 2019, China is the largest exporter of plastics, due to the abundant availability of raw materials and the low cost of production in China, thus increasing the market globally. However, environmental degradation due to non-biodegradable plastics impedes the growth of the market over the forecast period of 2020-2027. Also, the advent of bio-based plastic drives the market growth, for instance, Kolon Industries, partnered with SK Global Chemical to produce an eco-friendly biodegradable plastic product called PBAT for the production of recycled products using waste plastic as raw materials. With the favorable government initiatives for the recyclability of conventional materials, the adoption & demand for Plastics is likely to increase.
Global Plastics Market is valued approximately at USD 560.64 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.4% over the forecast period 2020-2027.
The regional analysis of the global Plastics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the easy availability, export of products around the world, developed automotive and well-established manufacturing base. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, urbanization and due to the low cost of raw materials & labor many companies setting up their manufacturing base in Asia would create lucrative growth prospects for the Plastics market across the Asia-Pacific region.
Major market players included in this report are BASF SE, SABIC, Dow Inc., DuPont de Nemours, Inc., Evonik Industries, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC
The detailed segments and sub-segment of the market are explained below:
By Type: Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Others,
By Application: Injection Molding, Blow Molding, Roto Molding, Others
By End-Use: Packaging, Construction, Electrical & Electronics, Others
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Plastics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Review our report at http://www.bizwitresearch.com/reports/global-plastics-market-to-reach-usd-732-57-billion-by-2027/
To review more reports on Upcoming topics, visit us at http://www.bizwitresearch.com
Data drives better decisions
Bizwit Research & Consulting LLP