Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Plastics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 03, 2021 (GLOBE NEWSWIRE) -- The Global Plastics Market is expected to grow at a CAGR of around 4.3% from 2020 to 2027 and reach the market value of over US$ 580.0 Bn by 2027.
Asia Pacific controls the majority of the global plastics market. A well-established electrical and electronics manufacturing base in Taiwan, China, and South Korea is expected to provide additional impetus to the market. India has a strong chemical manufacturing industry, which contributes to the country's plastic production. Rapid urbanization, improving economic conditions, and increased infrastructure activities are driving market growth in Asia Pacific.
Market Dynamics
Increasing plastic consumption in the construction, automotive, and electrical and electronics industries is expected to drive market growth during the forecast period. Regulations requiring the reduction of gross vehicle weight in order to improve fuel efficiency and, eventually, reduce carbon emissions are driving the use of plastic as a substitute for metals such as aluminum and steel in the manufacture of automotive components. The expansion of the construction industry in emerging markets such as Brazil, China, India, and Mexico has aided in increasing demand for plastics. Increased foreign investment in these domestic construction markets as a result of easing FDI norms and requirements for better public and industrial infrastructure can be attributed to the market's growth.
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Segmental Outlook
The global plastics market is segmented as product, application, and end-user. By product, the market is segmented as Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), Polystyrene (PS), Acrylonitrile butadiene styrene (ABS), Polybutylene terephthalate (PBT), Polyphenylene Oxide (PPO), Epoxy Polymers, Liquid Crystal Polymers, Polyether ether ketone (PEEK), Polycarbonate (PC), Polyamide (PA), Polysulfone (PSU), Polyphenylsulfone (PPSU), and Others. Based on application, the market is segmented as injection molding, blow molding, roto molding, compression molding, casting, thermoforming, extrusion, calendering, and others. Based on end-user, the market is segregated as packaging, construction, electrical & electronics, automotive, medical devices, agriculture, furniture & bedding, consumer goods, utility, and others.
Polyethylene has the largest market share in the global plastics market based on product. Because it is primarily used in the packaging industry, such as containers and bottles, plastic bags, plastic films, and geomembranes. It is used in a variety of applications. PE polymers are classified into three types based on their molecular weight: HDPE, LDPE, and LLDPE.
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Injection molding is expected to account for the largest share of the global plastics market by application. Injection molding is a popular method for creating custom plastic parts. Because the plastic parts are produced in moulds and must be cooled before being removed, the process is discontinuous. This procedure necessitates the use of an injection molding machine, moulds, and plastic materials.
By end-user, the packaging segment has held the dominant market share in the past and will continue to do so during the forecast period. Packaging is a high-potential, low-penetration end-use segment. Plastics have long been used in the packaging industry. In addition, the introduction of bio-based plastic has had a significant impact on food, pharmaceutical, and beverage packaging applications.
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Competitive Landscape
Some of the leading competitors are BASF SE, Saudi Basic Industries Corporation (SABIC), Dow Inc., DuPont de Nemours, Inc., Evonik Industries AG, Sumitomo Chemical Co., Ltd., Arkema S.A., and among others.
Some of the key observations regarding plastics industry include:
- In March 2021, Saudi Basic Industries Corporation (SABIC), announced collaboration with BP. The companies say the new collaboration will help to increase production of certified circular products that take used mixed plastics to make feedstock, reducing the amount of fossil resources needed in the petrochemical plants at the site.
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