LOS ANGELES, June 03, 2021 (GLOBE NEWSWIRE) – The Global plastics market is expected to grow at a CAGR of around 4.3% from 2020 to 2027 and reach a market value of over $ 580.0 billion by 2027.
The Asia-Pacific region controls most of the global plastics market. An established location for electrical and electronics production in Taiwan, China and South Korea should give the market additional impetus. India has a strong chemical industry that contributes to the country’s plastic production. Rapid urbanization, improving economic conditions and increased infrastructure activities are driving market growth in the Asia-Pacific region.
The increasing consumption of plastics in the construction, automotive and electrical and electronics industries is expected to stimulate market growth in the forecast period. Regulations calling for gross vehicle weight reductions to improve fuel efficiency and ultimately reduce CO2 emissions are driving the use of plastic to replace metals such as aluminum and steel in the manufacture of automotive components. The expansion of the construction industry in emerging countries such as Brazil, China, India and Mexico has resulted in an increasing demand for plastics. The increase in foreign investment in these domestic hardware stores as a result of the relaxation of FDI standards and requirements for better public and industrial infrastructure is due to market growth.
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The global plastics market is divided into product, application and end user. According to products, the market is divided into 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, polyetheretherketone (PEEK), polycarbonate (PC), polyamide (PA), polysulfone (PSU), polyphenylsulfone (PPSU) and others. According to the application, the market is divided into injection molding, blow molding, rotational molding, compression molding, casting, thermoforming, extrusion, calendering, and others. Based on the end user, the market is divided into Packaging, Construction, Electrical & Electronics, Automotive, Medical Devices, Agriculture, Furniture & Bedding, Consumer Goods, Utilities, and others.
Polyethylene has the largest market share in the global plastics market based on the product. This is because it is mainly used in the packaging industry, for example in containers and bottles, plastic bags, plastic films and sealing sheets. It is used in a wide variety of applications. PE polymers are divided into three types according to their molecular weight: HDPE, LDPE and LLDPE.
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Injection molding is expected to make up the largest share of the global plastics market by application. Injection molding is a popular method for making custom plastic parts. Since the plastic parts are manufactured in molds and have to be cooled down before being removed, the process is discontinuous. This process requires the use of an injection molding machine, molds, and plastic materials.
The packaging segment has held the dominant market share for end consumers in the past and will continue to do so in the forecast period. Packaging is an end-use segment with high potential and low penetration. Plastics have long been used in the packaging industry. In addition, the introduction of bio-based plastic is having a significant impact on food, pharmaceutical and beverage packaging applications.
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Leading competitors include BASF SE, Saudi Basic Industries Corporation (SABIC), Dow Inc., DuPont de Nemours, Inc., Evonik Industries AG, Sumitomo Chemical Co., Ltd., Arkema SA.
Some of the key observations related to the plastics industry are:
- In March 2021, Saudi Basic Industries Corporation (SABIC) announced the collaboration with BP. The companies say the new collaboration will help increase production of certified circular products that use used mixed plastics to make raw materials and reduce the amount of fossil resources required in the on-site petrochemical plants.
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