Plastics Market Is Projected To Be Around $1050.00 Billion By 2025
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A research study titled, “Plastics Market by Product Type and by Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the plastics market is projected to be around $1050.00 billion by 2025.
The global plastics market was worth USD 492.32 billion in the year of 2016 and is anticipated to reach approximately USD 1050.00 billion by 2025 while registering itself at a compound annual growth rate (CAGR) of 8.78% over the forecast period. Plastic is substance comprising of any of an extensive range of semi-synthetic or synthetic organic and malleable compounds that can be shaped into any solid objects. Plasticity, which is the common property of all compounds that can irreversibly deform without cracking but, in the moldable polymer’s group, this happens to such an extent that their real name deduces from this capability. Plastics are characteristically natural polymers of large molecular mass, although they frequently include other materials. They are generally artificial, most frequently deduced from petrochemicals, but several are prepared from recyclable materials like polylactic acid from cellulosics or corn from cotton linters. Because of their favorable properties like versatility, the simplicity of production, invulnerability to water and comparatively small cost, plastics are employed in a vast and intensifying variety of products, from spaceships to paper clips. They have previously replaced many conventional materials, like stone, wood, horn and bone, paper, leather, metal, ceramic, and glass, in many of their earlier applications.
The global plastics market is anticipated to grow at a prominent rate with lucrative compound annual growth rate during the forecast period. Approaching technologies that recover, reprocess and reuse plastics are expected to be the key driving factor supporting the growth of global plastics market. Major plastics manufacturers are investing into cooperative ventures and sharing possessions with biotechnology organizations so as to manufacture bio-based plastics. Plastics are progressively substituting metal from automotive and construction industries owing to their versatile and desired properties such as durability, designing flexibility, high strength-to-weight ratios, and low densities etc. However, growing concerns regarding the ecological effects of plastics might hamper the growth of the global plastics market during the forecast period.
The key market manufacturers for the global plastics market are Saudi Basic Industries Corporation, E. I. du Pont de Nemours and Company, Exxon Mobil Corporation, Formosa Plastic, Indorama Corporation Pte., Ltd., Nan Ya Plastics Corporation, DAK Americas LLC, M&G Chemicals S.A., Octal Petrochem, BASF SE, Dow Chemicals and Total SA. By application, the market industry is classified as; Film & Sheet, Injection Molding, Textiles, Packaging, Transportation, and Construction. According to product types, the global market is split into; Polypropylene (PP), PET, Polyethylene (PE), PVC, Engineering Plastics, and Polystyrene. Geographically, the global plastics market is segmented in regions which are; Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), Europe (Germany, Spain, Italy, France, UK and Rest of Europe), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the plastics market
- The global plastics market was evaluated approximately USD 492.36 billion in 2016 and is predicted to reach roughly USD 1050.00 billion by 2025 while maintaining a compound annual growth rate (CAGR) of 8.78% during the forecast period.
- Asia Pacific region contributed to around 40% of the global plastics industry in 2013. Emerging countries like China and India are experiencing a major rise in top end-user industries. This is predicted to render the area with an advantage in the coming years. South & Central America’s plastics market is anticipated to demonstrate the maximum growth rate, an expected compound annual growth rate of 6.3% during forecast years. The rise in automobiles and construction industry in Brazil and Argentina is expected to be the factor driving the demand in the region.
- In 2013, PET application in sheets and films reported for around 40% of the total share. Sheets and films are widely utilized in food packaging and pharmaceuticals industry. This is likely to boost its vast demand. Use in plastic pipes is projected to experience the considerable gains, at an estimated compound annual growth rate of 5.7% over the forecast period. Some other factors such as the increasing population levels, augment in construction activities, replacement of old pipes made with old-fashioned materials and infrastructural development and escalating rate of urbanization are expected to fuel the plastic pipes application demand.
- The global market is incorporated with some companies ruling the industry. Key players in the plastic market are BASF SE, Dow Chemicals, E.I. du Pont de Nemours and Saudi Basic Industries Corporation. Few other companies in the industry are Exxon Mobil Corporation, Total SA, M&G Chemicals, Octal Petrochem, Nan Ya Plastics, Exxon Mobil Corporation, Formosa Plastic, DAK Americas and Indorama Corp.