Plastics Market Size to Hit US$ 710 Bn by 2027 | CAGR 6.2%

LOS ANGELES, July 7, 2020 /PRNewswire/ -- The global plastics market size to hit of around US$ 710 Bn by 2027 and anticipated to grow at a CAGR of around 6.2% over the forecast period 2020 – 2027.

The plastics market growth is impeded by strict regulations related to the degradability. Increasing adoption of the plastic-based material in various applications is a key driver of the market.

Growing plastic consumption in the automobile, manufacturing, and electrical & electronics sectors is driving the market growth. Gross automobile weight control laws aimed at increasing fuel efficiency and, ultimately lowering carbon emissions have promoted the use of plastics to substitute metal for automotive parts, including aluminum and steel. In developing markets, increasing growth and accelerated urbanization & industrialization creates demand for plastics for construction to meet the enhanced need for infrastructure. Besides, government construction spending, particularly in China and India, will push plastics demand for infrastructure and construction applications.

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Higher use of plastics in the insulation, wires, floored windows and storage tanks in building industry is curbing by stringent legislation on degradation and recyclability of recycled materials such as metal and wood. Polymer fittings with a wide variety of colored combinations can also typically be conveniently mounted and contribute to their visual appeal as opposed to metals or wood.

Segmentation Outlook

Plastics are growing dramatically in the automotive industry, which in turn lead to segmental growth. The key aim of the plastics is to make vehicles extra energy intensive, by minimizing weight, strength, corrosion resistance, long service life, stability and high efficiency at low cost and compact nature. In fact, the market for lightweight automotive components was expected to rise significantly in recent years as the vehicle's weight decline was only 10%, leading to a 6.5 percent reduction in fuel consumption, contributing to a reduction in carbon emissions. Greenhouse emissions from the car are further minimized by improved engine performance.

Regional Analysis

Asia Pacific held significant market share in 2019. In Asia Pacific the most rapid growth in the construction industry worldwide is expected to be witnessed, with China at the forefront of expansion. Rising population coupled in developing economies with increasing industrialization have driven national governments to raise construction spending to meet rising infrastructure needs. Increased government building expenditure would fuel demand for infrastructure and construction applications, especially in China and India.

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Besides, India has a large chemical industry, which in the last couple of years has increased its production. The development on this demand in Asia Pacific is driven by rapid urbanisation, along with the rising industrial environment, and increased infrastructure activities. Countries like China, India, Indonesia and the Philippines have seen strong GDP growth and are giving manufacturers lucrative opportunities.

About the Market

Plastics firms produce agricultural and consumer products using recycled plastic solids. For commercial film and microfilms, plastics are used. Polymers, resins, extrude plastics, and rubbers are manufactured from plastics. Plastics can be categorized as thermosetting polymers and thermoplastics based on their post-production malleability and versatility. A variety of important groups include acrylics, polyesters, silicones, plastics and polyurethanes. Plastic materials may be used for consumer or agricultural purposes based on their technical properties and performance properties and longevity. The foundation of adhesives, paints and construction materials are acrylics.

Key Players & Strategies

Due to many competitors in the market, economic competition between suppliers is strong. Despite the greater proportion of small and medium-sized plastic production firms, the consumer industry is extremely divided.

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Participants include major global players such BASF SE, Evonik Industries AG, DowDuPont Inc., Arkema SA, Saudi Basic Industries Corporation (SABIC), Celanese Corporation, Arkema SA, Lyondellbasell Industries N.V., Lotte Chemical Titan Holding Sdn Bhd, and Others.

Other companies add to the business, through company launch, merger and takeover, alliances without partners, among others to achieve a good market position.

2018, LyondellBasell Industries N.V., bought A. A. Schulman, Inc. a multinational producer and maker of materials and composites for high-performance plastics material. The purchase will build a significant consumer service proposal and prepare the company for potential growth.

Market Segmentation

By Type

• Polypropylene
• Polycarbonate
• Low-density Polyethylene
• Acrylonitrile Butadiene Styrene and Styrene-acrylonitrile
• Polyvinyl Chloride
• Polystyrene
• Polyamide
• Others

By Application

• Consumer Goods
• Construction
• Agriculture
• Packaging
• Automotive
• Electrical & Electronics
• Furniture & Bedding
• Medical Devices
• Others

By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

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