Global Plastics Market 2022-2028 2019-2025

Global Plastics Market 2022-2028 2019-2025

Plastics is the term commonly used to describe a wide range of synthetic or semi-synthetic materials that are used in a huge and growing range of applications. Plastics are a whole family of hundreds of different materials, designed to meet the requirement of every single application in the most efficient way possible. The rising adoption of the plastic-based material in various applications such as building & construction, packaging, automotive and others is a major factor that propels the growth of the global market. Plastics find its application in nearly every aspect of life, be it aeronautics industry to a wide range of consumer goods. In the aeronautics industry, plastics are used in satellites, shuttles, and aircraft. The plastics are a lightweight, versatile material that is suitable for a wide range of consumer and industrial applications. Plastics contribute to the more efficient application of energy and lower CO2 emissions over their life cycle due to their unique properties, meaning that they can greatly enhance resource efficiency. Additionally, the rising adoption of bioplastics is the key market trend for the market. The bioplastics are easily degradable and less harmful to the environment as compared to non-degradable plastics. However, the strict regulations and policies related to the degradability of engineering plastics products can hamper the growth of the global plastics market.

The global plastics market is segmented on the basis of material type and application. Based on material type, the market is classified into PE, PP, PS, PVC, PUT, PET, ABS, PMMA, and others. Based on the application, the market is segmented into packaging, building & construction, automotive, electrical & electronics, healthcare, household, leisure and sports, agriculture, and others (consumer goods, furniture).

Polyethylene (PE) is estimated to have significant market share in the global plastics market

The PE plastics material segment is projected to have a significant market size in the global plastics market during the forecast period. PE is one of the most popular types of plastics used in the packaging industry for making plastics films, bags, containers, bottles, and other packaging products. PE plastics possesses some of the beneficial properties, such as toughness, high tensile strength, and good barrier properties to moisture. These properties makes the PE material suitable for the packaging and other applications that further contribute to the growth of the market. For instance, a particularly important property of PE plastics is its low melting point, which assists in the heat-sealing of products in the packaging industry.

Automotive application segment is projected to have significant growth in the global plastics market

The application of plastics in the automotive industry is growing significantly, which in turn, is contributing to the segmental growth. The plastics are used primarily to make cars extra energy efficient by dropping weight, corrosion resistance, together with durability, toughness, resiliency and high performance at low cost and design flexibility. Moreover, there is a considerable increase in the demand for lightweight materials in vehicles has been projected in the recent past, as even a 10% reduction in vehicle weight yields 6.5% reduction in fuel consumption, which in turn, results in reduced carbon emissions. Increasing the efficiency of vehicles further reduces the greenhouse emission from the vehicle. These are some of the prominent factors that propels the growth of the plastics in the automotive industry.

The global plastics market is analyzed on the basis of geography, including North America, Europe, Asia-Pacific, and Rest of the World. Europe and North America are estimated to contribute significantly to the market. The UK, Germany, Italy, Spain, and France are the key markets in the European region. Presence of several developed economies, focus towards reducing the weight of the vehicle, imposing of vehicle safety norms, and high purchasing power are the key factors driving the growth of the market in these regions.

Asia-Pacific is Estimated to Exhibit Considerable Growth in Global Plastics Market

The plastics market is rapidly expanding in Asia-Pacific and witnessing a significant growth specifically in China, India, Thailand, Indonesia, Vietnam, and Philippines. Moreover, as a result of urbanization, the demand for plastics is increasingly growing, which further includes the deployment of technological advanced materials for plastics manufacturing. This has gained a traction of plastics manufacturers towards theadoption of the latest technologies of plastics, such as bioplastics. Furthermore, the demand for plastics shares a synergic relationship with automotive production in the region, especially in the emerging economies of the region, such as China, as the automotive production has increased significantly from past years. This is further expected to increase the demand for advanced plastics products such as ABS, ASA, and others in the application of vehicle exteriors.

Market Players Outlook

The major players that contribute to the growth of the global plastics market include BASF SE, Exxon Mobil Corp., Saudi Basic Industries Corporation(SABIC), Sumitomo Chemical Co., Ltd., The Dow Chemical Co., Celanese Corp., Formosa Plastics Corp., INEOS AG, Toray Industries, Inc, and LyondellBasell Industries N.V. These market players are contributing to the market by adopting various market approaches including product launch and approvals, merger and acquisition, partnerships nad collaborations, and others for gaining a strong position in the market. For instance, in August 2018,LyondellBasell Industries N.V. acquired A. Schulman, Inc. a global supplier and manufacturer of high-performance plastics powders compounds, and composites. The acquisition would create a substantial value proposition for customers and positioning the company for future growth.

Recent Developments

INEOS AG is planning to expand its capacity by significantly increasing its investment in the Wingles, France, in order to promote the growth of ABS in Europe. Moreover, in order to equip itself with the latest technology, the company signed a MoU with Agilyx Corp. in 2018. This has led the comapny to equip itself with Agilyx’s de-polymerisation technology at its facility in North America.

In July 2018, SABIC launched STADECK, a new heavy- duty panel for the building & construction industry. This panel is lightweight and comprises glass fibre reinforced thermoplastics resin and offers significant advantages across various building techniques and construction applications where lightweight components are required.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global plastics market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.