The global plastics market was valued at USD 381.83 billion
in 2013 and is expects to expand at an 8.1% CAGR from 2014 to 2020, according
to a report by Grand View Research, Inc. The availability of raw materials,
ease in manufacturing, and low production cost are factors influencing the use
of plastic for manufacturing various products. The industrial sectors using the
material include packaging, automotive, construction, electronics, and others.
The plastics market is anticipated to scale at a significant
growth rate from 2012 to 2020 (forecast period) owing to increasing demand for
sustainable products by consumers. The growth of sectors such as construction
and packaging are expected to provide an impetus to market during the forecast
period. Fluctuating raw material prices and growing environmental concerns are
expected to pose a challenge to market growth. However, industry manufacturers
have shifted their focus to developing bioplastics in order to overcome this
hurdle.
Full Research Report On Plastics
Market Analysis: https://www.grandviewresearch.com/industry-analysis/global-plastics-market
Bio-based or drop-in plastics are gaining prominence due to
the use of sustainable materials and minimizing the damage to the environment.
For instance, the Coca-Cola Company has used this material since July 2017 for
packaging purposes of its trademark drink and other beverages. Its PlantBottle
packaging uses materials derived from plants to produce plastic in more than 40
countries. In 2018, German company FRIMO created an innovative system in order
to expedite the production of vehicles in the automotive sector. This system
can handle the production of thermoforming plastic for complex components in
vehicle interiors. Companies in the market for plastics are focusing on
innovations which reduce the dependence on crude oil and focus on organic
materials.
The worldwide plastics market is segmented by product,
application, and region. Products in the market include polystyrene (PS),
polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), polyethylene
terephthalate (PET), and engineering plastics. Major applications include
packaging, construction, transportation, textiles, injection molding, and film
and sheet.
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Grand View Research At: https://www.grandviewresearch.com/industry/plastics-polymers-and-resins
Regions covered in the market report include Asia Pacific
(APAC), Europe, North America, Middle East and Africa (MEA), and Central and
South America (CSA). The APAC market accounted for over 40% share of the global
market in terms of demand in 2013. The economic development of countries such
as India and China is expected to provide the market new avenues for expansion
over the forecast period. The Malaysia market has high growth potential owing
to change in trade policies in the country. The increasing per capita income of
consumers, growing automotive sector, and trade agreements with Europe, China,
and Japan are expected to drive market growth.
The CSA market for plastics is projected to exhibit a 6.3%
CAGR from 2014 to 2020 due to rise in infrastructural projects in Brazil and
Argentina. The boom in the regional automotive sector is anticipated to
contribute to market revenue in the forthcoming years. The MEA market has high
growth potential owing to rapid industrialization in its economies. Many market
players are organizing seminars to create awareness about the latest trends in
plastics and their various production methods. They plan to avoid the mishaps
faced in the oil and gas sector and to replace steel pipes with plastic to
avoid corrosion.
The North America and Europe markets have attained maturity
and may experience a slower growth compared to other regions. The demand for
bioplastics and engineering thermoplastics is anticipated to drive demand in
these markets. Europe, in particular, is emphasizing on production of
bioplastics and has increased the production of biopolymers such as polylactic
acid (PLA) and polyhydroxyalkanoates (PHA). The recyclable nature of these
plastics is expected to make it a primary raw material in the food and
beverages sector.
Key players in the plastics market include Saudi Basic
Industries Corporation (SABIC), The Dow Chemical Company, BASF SE, E.I. du Pont de Nemours and
Company, and Total S.A. These players are forming partnerships or
collaborations with biotechnology companies to produce bioplastics. For
instance, SABIC has entered into a joint venture with CTE Petrochemicals
Company in January 2018 to kickstart the production of polyacetal (POM) in
Jubail, Saudi Arabia. Polyacetal is a thermoplastic with the potential to
replace metal components in construction and automotive sectors. Other
prominent players are shifting their base to regions with lax regulations to
increase their capacity and lower production costs.
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https://www.grandviewresearch.com/press-release/global-plastics-market-analysis
https://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.
For more information: https://www.grandviewresearch.com/
