The Global Plastics Market size was valued at USD 568.7 billion in 2019. It is poised to expand at a revenue-based CAGR of 3.5% during the forecast period. Increasing plastic consumption in the construction, automotive, and electrical and electronics industries is projected to support market growth over the forecast period. Regulations to decrease gross vehicle weight to improve fuel efficiency and eventually reduce carbon emissions have promoted the use of plastics as a substitute to metals, including aluminum and steel, for manufacturing of automotive components.
The growth of the construction industry in emerging markets such as Brazil, China, India, and Mexico has been instrumental in fueling the demand for plastics during 2018 and 2019. The growth of the plastic market can be attributed to increased foreign investment in these domestic construction markets, as a result of easing FDI norms and requirements for better public and industrial infrastructure.
Growing population coupled with rapid urbanization and industrialization in emerging economies has been impelling federal governments to increase their construction spending to cater to increasing infrastructure needs. Stringent regulations regarding depletion and recyclability of conventional materials such as metal and wood are anticipated to drive greater plastics demand from construction industries in insulation, pipes, cables, floorings, windows, and storage tanks.
Polyethylene (PE) is one of the key products. It is primarily used in the packaging sector, which includes containers and bottles, plastic bags, plastic films, and geomembranes. Polyether Ether Ketone (PEEK) is one of the promising product segments in terms of volume as well as value.
Asia Pacific (excluding China) was the fastest growing regional market for plastics valued at USD 115.8 billion in 2019. Rapid industrialization and increased skilled workforce are benefitting the growth of the manufacturing sector in the region, High economic development and consequent rise in consumer spending in emerging economies such as India and Japan along with Southeast Asian countries are further fueling the demand for consumer goods.
Competitive rivalry among producers is high owing to presence of several players in the market. The global market is highly fragmented in nature with over larger share occupied by medium and small enterprises engaged in plastic manufacturing. Some of the key manufacturers are Evonik Industries AG; BASF SE; Saudi Basic Industries Corporation (SABIC); DowDuPont Inc.; Arkema SA; Celanese Corporation; and Toray Industries, Inc. The principal strategy employed by market players is increased focus on high margin products.
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Segments Covered in the Report
This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global plastics market report on the basis of product, application, and region:
• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• 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)
• Others
• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Packaging
• Construction
• Electrical & Electronics
• Automotive
• Medical Devices
• Agriculture
• Furniture & Bedding
• Consumer Goods
• Others
• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Poland
• China
• Asia Pacific (excluding China)
o India
o Japan
o Southeast Asia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o United Arab Emirates (UAE)
o Oman