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.
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.
Full Research Report On Plastics Market Analysis: www.grandviewresearch.com/industry-analysis/global-plastics-market
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.
Browse More Reports Of This Category By 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.
Grand View Research has segmented the plastics market on the basis of product, application and region:
Global Plastics Product Outlook (Volume, Million Tons; Revenue, USD Million, 2012 – 2020)
Polyethylene (PE)
Polypropylene (PP)
PVC
PET
Polystyrene
Engineering Plastics
Global Plastics Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2012 – 2020)
North America
Europe
Asia Pacific
Middle East & Africa
Central and South America
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
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.
For more information: www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:28 2nd Street, Suite 3036 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: www.grandviewresearch.com/industry-analysis/global-plastics-market
