According to a report by Market Research Future (MRFR), the global plastics market is anticipated to exhibit a CAGR of 4.3% and to reach valuation of USD 791.2 Billion by the end of 2025. This growth is primarily attributable to the expanding usage of material across several household and industrial purposes. Additionally, continues expansion of the industries such as building & construction, electrical & electronics, automotive & transportation, packaging, and consumer appliances across developed and developing regions is estimated to fuel the global plastics market during the forecast period.
In addition to this, the recycling of fossil fuel-based plastics is witnessing surge in demand for the plastics majorly for packaging applications. Emergence of the bio-based plastics is further spurring adoption of the plastics from various end use industries, which is estimated to drive the growth of the global plastics market. Further, increasing need for reducing weight among automobiles in order to enhancing the efficiency of the vehicles are estimated to fuel the growth of the global plastics market. This trend of using plastic as an alternative to the heavy materials including ceramics, glass, and metals are projected to propel market growth during the forecast period.
However, increasing awareness about environment safety and land pollution due to plastic waste are resulting to implication of several regulations over its use, which is likely to restrain market growth during the coming years. Nonetheless, emergence of recyclable plastic is estimated to offer ray of hope of growth opportunities in the coming years.
Some of the major companies in the global plastics market include BASF SE, DowDuPont, SABIC, Evonik Group, Arkema Group, Sumitomo Chemicals, Eastman Chemical Company, Celanese Corporation, Chevron Phillips Chemical Co. LLC, ExxonMobil, Lotte Chemical Corporation, Formosa Plastics, Covestro AG, Mitsui Plastics, TORAY Industries, and Teijin Plastics.
The plastics market is segmented on the basis of type, applications, and region.
Based on the type, the market segmented into polyethylene (PE) and polyether ether ketone. Of these, the polyethylene (PE) segment held share of the overall share almost 30% in the of the market. However, polyether ether ketone segment is estimated to expand at an eye-catching CAGR during the forecast period.
Based on application, the market is segmented into packaging, automotive & transportation, and building & construction. Of these, the packaging segment dominated the global market and is estimated to remain dominant during the coming years. This growth is attributable to the surge in demand for the recyclable plastic from the end use industries including cosmetics, consumer goods, food & beverages, and personal care. However, automotive & transportation segment is estimated to expand at a fastest CAGR during the forecast period from 2017 to 2025.
Read more details at: https://www.marketresearchfuture.com/reports/plastics-market-8347
Regionally, the plastics market is segmented intotheNorthAmerica, Asia Pacific, Europe, and Middle East & Africa. Of these, North America is estimated to remain dominant in the global plastics market in the coming period owing to the well-established automotive industry coupled with increasing reliance over the renewable energy sources. Additionally, the ever-expanding industries such as construction and energy production in the region are estimated to benefit the market in coming years. In addition to this, the European plastics market is estimated to hold second leading share in the global plastics market.
However, the Asia Pacific region held around 50% share in 2018 and is estimated to remain dominant over the forecast period owing to increasing industrialization in the region. The industries such as automotive, consumer appliances, electrical & electronics, and construction are expanding in the region with fastest growth rate especially in the countries such as India, China, and Japan. Additionally, increasing penetration plastic especially across the southeast Asian countries are estimated to benefit the market growth.
In 2019, Reckitt Benckiser (RB) and Veolia announced a new joint venture to drive the shift toward a circular plastics economy. Through this partnership the Veolia is taking steps to make 100% of its plastic packaging recyclable.
In 2019, the Chemistry Industry Association of Canada (CIAC) and the Canadian Plastics Industry Association (CPIA) have announced that they are joining hands for creating a new plastics division within the CIAC. Such support from the government and governmental bodies is likely to increase penetration of recyclable plastic and finding efficient method for reusing and recycling the plastics, which is driving growth of the global plastics market.