Plastics Market Size Determines Future Growth, Revenue USD 777.35 Billion by 2028 with CAGR of 3.9%
Reports and data
Plastics Market Size – USD 579.25 billion in 2020, Growth – at a CAGR of 3.9%, Trends – Increasing demand for engineering plastics
NEW YORK CITY, NY, UNITED STATES, Oct. 1, 2021 /EINPresswire.com/ – The global plastics market is projected to reach $ 777.35 billion in 2028 and will have an annual revenue growth rate of 3.9% over the forecast period, according to a more recent Reports and Data report. The rapidly growing world population, increasing food demand, increasing urbanization and industrialization trends, and increasing demand for plastics for food and beverage packaging are some of the key drivers of global revenues in the plastics market. In addition, it is expected that the increasing demand for engineering plastics will make a significant contribution to sales growth in this market in the future. Population growth and rising food demand are rapidly increasing the demand for plastics and plastic by-products for making various products.
The increasing demand for plastics for products such as insulation, piping, floors, storage tanks and others due to the move away from conventional, heavier and more expensive materials such as metals and wood in construction applications is being driven by the rapid urbanization trend in various countries.
Engineering plastics have eventually replaced traditional engineering materials such as wood or metal in various applications. Besides equaling or surpassing conventional materials in weight or strength and other properties, engineering plastics are much easier to manufacture, especially with complex shapes.
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However, growing concerns about the disposal of plastic waste and its health and environmental effects, and the subsequent implementation of stricter regulations and standards, as well as bans on types of plastic, are some key factors that will curb market growth to some degree within the forecast period. Different types of plastics contain dangerous or toxic chemical components and have harmful effects on the air, water, soil, organisms and human health. The materials used, both plastic raw materials and additives, must meet different food safety standards in different countries, and these are factors that are expected to hamper market growth to some extent.
Some Key Companies In Global Plastics Market Report Include:
Dow Chemical Company, LyondellBasell Industries NV, Exxon Mobil Corporation, Saudi Basic Industries Corporation, Ineos Group Ltd., BASF SE, ENI SpA, LG Chem Ltd., Chevron Phillips Chemical Company LLC and Lanxess AG.
Some key highlights from the report
It is expected that the polyvinyl chloride segment will experience significantly robust sales growth in the forecast period. Due to the rigid form of polyvinyl chloride (PVC), it is widely used in the manufacture of pipes and in profile applications such as doors and windows. The increasing number of construction projects and infrastructure developments in various countries is driving the growth of the segment.
The Compression molding segment is expected to see rapid sales growth over the forecast period as compression molding is a high pressure and mass molding process that is primarily suited for the molding of high strength and complex fiberglass reinforcements. The ability to shape large and intricate parts is the greatest advantage of compression molding. The high preference for compression molding of various components and parts is a key factor in the growth of this segment.
The plastics market in the Asia-Pacific region is expected to account for the largest share of sales among other regional markets in the forecast period. China is expected to lead the region in contributing revenue to the market due to the availability of raw materials at lower cost. The growth of the market is also largely supported by the rapid growth of the packaging and construction industries in the countries of the region.
In September 2021, the first post-consumer recycled Novodur eco special acrylonitrile-butadiene-styrene solution was launched by Ineos Styrolution of Ineos Group Ltd. introduced. Novodur eco high heat and novodur eco special acrylonitrile butadiene styrene consist of mechanically recycled post-consumer waste. The solution contains up to 70.0% recycled material. The new material offers partly identical mechanical properties and was developed for various applications in the household and automotive industries.
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For the purposes of this report, Reports and Data has segmented the global Plastics Market by product type, application, industry, and region:
Product Type Outlook (Revenue, Billion USD; 2018-2028)
Polyethylene terephthalate (PET)
Very Low Density Polyethylene (VLDPE)
Linear low density polyethylene (LLDPE)
Medium Density Polyethylene (MDPE)
High density polyethylene (HDPE)
Polyvinyl chloride (PVC)
Ethyl vinyl acetate (EVA)
Application Prospects (Revenue, $ Billion; 2018-2028)
Foil insert forms
Gas assisted molding
Structural foam molds
Industry Outlook (Revenue, $ Billion; 2018-2028)
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Regional Outlook (Revenue, Billion USD; 2018-2028)
Middle East & Africa
Discover reports and key analyzes of data from the global materials and chemicals industry:
DHA Powder Market: https://www.reportsanddata.com/report-detail/dha-powder-market
Glass mat market: https://www.reportsanddata.com/report-detail/glass-mat-market
Corrosion Resistant Alloys Market: https://www.reportsanddata.com/report-detail/corrosion-resist-alloys-market
About reports and data
RND is a market research and advisory firm that provides syndicated research reports, bespoke research reports, and advisory services. Our solutions focus solely on your purpose of locating, addressing, and analyzing changes in consumer behavior across demographics and industries, and helping customers make smarter business decisions. We offer market research studies that ensure relevant and fact-based research across a wide range of industries including healthcare, technology, chemistry, energy, and energy. We constantly update our research offerings to ensure that our customers are informed about the latest trends in the market. Reports and Data has a strong base of experienced analysts from various specialist areas.
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October 01, 2021 at 13:06 GMT
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