Press release
Plastics Market Size is Expected to Reach US$ 804.6 billion by 2032 | CAGR: 4.30%
Plastics Market
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.
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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.
Key Companies in the plastics market include
BASF SE (Germany)
SABIC (Saudi Arabia)
DowDuPont (US)
Evonik Group (Germany)
Sumitomo Chemicals (Japan)
Arkema Group (France)
Celanese Corporation (US)
Eastman Chemical Company (US)
Chevron Phillips Chemical Co. LLC (US)
Lotte Chemical Corporation (South Korea)
ExxonMobil (US)
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Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the plastics market on the basis of type and application.
Based on type, the plastics market is segmented into polysulfone (PSU), polyether ether (PEEK), polyamide (PA), polycarbonate (PC), polyphenylene oxide (PPO), polybutylene terephthalate (PBT), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polyethylene terephthalate (PET), polyvinyl chloride (PVC), polyurethane (PU), polypropylene (PP), and polyethylene (PE). Of these, the polyethylene segment will have the largest share in the market over the forecast period.
Based on application, the plastics market is segmented into furniture and bedding, agriculture, consumer goods, medical, electrical and electronics, automotive and transportation, building and construction, and packaging. Of these, the automotive segment will dominate the market over the forecast period.
Regional Analysis
By region, the plastics market report covers the latest trends and growth opportunities across North America, Latin America, the Asia Pacific, the Middle East and Africa, and Europe. Of these, the APAC region will have the lion's share in the market over the forecast period. Factors aiding the growth of the plastics market in the region include the booming construction industry in the region, growing population, rapid urbanization and industrialization, and increasing spending on construction by governments. China, as well as India, are the chief contributors in this region.
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The plastics market in North America is predicted to have a healthy growth over the forecast period chiefly on account of the presence of a well-established automotive industry in the region.
The plastics market in Europe is predicted to have a steady growth over the forecast period.
The plastics market in Latin America is predicted to have a notable growth over the forecast period owing to a small yet growing automotive industry. Argentina, Mexico, and Brazil are the chief contributors in the region.
The plastics market in the MEA is predicted to have a steady growth over the forecast period owing to the ready availability of raw materials.
Browse More Related Reports:
Plastics Market Size- https://www.marketresearchfuture.com/reports/plastics-market/market-size
Plastics Market Trends- https://www.marketresearchfuture.com/reports/plastics-market/market-trends
US Plastics Market- https://www.marketresearchfuture.com/reports/us-plastics-market-17818
Plastics Companies- https://www.marketresearchfuture.com/reports/plastics-market/companies
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