San Francisco, 19 December 2018: The Report Plastics Market Analysis By Product (PE, PP, PVC, PET, Polystyrene, Engineering
Thermoplastics), By Application (Film & Sheet, Injection Molding, Textiles,
Packaging, Transportation, Construction) And Segment Forecasts To 2020
According to a report by Grand
View Research, Inc., the global plastics market is projected to expand at a CAGR
of 8.1% over the forecast period. Abundance of raw materials required to
manufacture various forms of plastics is the key factor augmenting the growth
of this market. Moreover, easy and economical manufacturing process can drive
the market further. Shifting preference for plastics over conventional
materials, such as paper, wood, leather, ceramic, and glass, is also fueling
the market growth. Rising demand for durable and sustainable products in different
end-user sectors can further augment market expansion.
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| Plastics Market |
Rising adoption of advanced
technologies that can recycle plastic products will stimulate market development
during the forecast period. On the other hand, increasing concerns regarding the
disposal of plastic products may hamper the market growth. Fluctuating prices of
raw materials can also obstruct market expansion. However, shifting focus
towards the development of bio-based plastics is estimated to create lucrative growth
opportunities for companies in the industry. The global plastics market can be
segregated on the basis of product and region. Based on product, the market can
be categorized into Polyvinyl Chloride (PVC), Polypropylene (PP), Polyethylene
(PE), Polyethylene Terephthalate PET, polystyrene, and engineering plastics.
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These plastics differ from
each other in terms of molecular arrangement and monomers used in their
production. These plastics are used to manufacture a variety of end-products
right from paper clips to space ship parts. They are widely used in various
end-user sectors including injection molding, construction, pipes, automotive
parts manufacturing, and textiles. In 2013, PE segment led the market and
accounted for 34.9% of the global share. Increasing use of PE in various sectors,
such as food and beverage packaging, injection molding, film or sheet, and
pipes, is augmenting the segment growth.
The PET segment is estimated to
expand at the fastest CAGR of 8.5% over the forecast period. Increasing use of
PET in the packaging of carbonated soft drinks can propel the segment growth. These
films and sheets can be used in food and pharmaceuticals packaging sectors. It
is also used in the building and construction sector; thus, growing number of
construction activities across the globe owing to rising population and
urbanization can boost the product demand. Moreover, development and replacement
of old pipes can further propel PET demand. Regional segmentation includes
Europe, North America, Asia Pacific, Central and South America, and Middle East
& Africa.
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Grand View Research at: www.grandviewresearch.com/industry/plastics-polymers-and-resins
In 2013, Asia Pacific led the
market and accounted for 44.6% of the global share. Rapidly expanding end-use
sector in emerging countries like India and China can also boost the demand for
plastics in APAC. Regulatory support like financial support and tax benefits in
countries, such as India and China, is likely to boost the Foreign Direct Investment
(FDI); thereby, propelling the market growth in APAC. Availability of cheap labor
in APAC will also contribute toward the growth of the regional market. North
America is one of the matured markets and is exacted to register a relative
slower CAGR than other regions.
Rising demand for eco-friendly
plastics materials like bio-based plastics can augment the region’s growth. Europe
is also likely to expand at a slow CAGR as it’s a matured market. High demand for
high-performance plastics can stimulate the regional growth. Central and South
America is estimated to expand at the fastest CAGR of 6.3% during the estimated
period. Rapidly expanding construction and automobile sectors in Argentina and
Brazil can influence the market growth in the region. Some of the leading
companies in the global plastics market are Dow Chemical Company, Formosa
Plastics Group, Bayer Material Science, Celanese Corporation, and Eastman
Chemical Company.
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Press Release of Plastics market@ www.grandviewresearch.com/press-release/global-plastics-market-analysis
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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