The global PlasticsMarket is expected to grow rapidly at a healthy CAGR of over
8 % from 2014 to 2020. Plastics are synthetic/semi-synthetic organic
solid materials that are used to create various valuable products. On account
of the ease of manufacture, low cost, flexibility of use, and availability of
raw materials, plastics have replaced a number of conventional materials such
as paper, wood, metal, leather, glass, and ceramic in the majority uses. This
is also projected to boost the global market. Moreover, various technologies
that reprocess plastics are anticipated to be the key growth drivers for the
global market.
However, the fluctuating prices of raw materials along with the rising
environmental concerns related to plastic disposal are likely to hamper the
market growth in the near future. To beat such challenges, the market players
have shifted their focus towards developing some bio-based alternatives to
usual plastics. The industry is categorized into products, applications, and
regions.
The products sector comprises Polyvinyl Chloride (PVC), polystyrene,
Polypropylene (PP), Polyethylene (PE), Polyethylene Terephthalate (PET), and
engineering thermoplastics. The PE sector dominated the overall plastics market
in 2013 accounting for over 35 % of the global market share. The rising
demands from various end-use segments such as food & beverage packaging,
injection molding, etc. led to the biggest market share. The PET sector is
anticipated to be the fastest growing product sector with a CAGR of 9 %
from 2014 to 2020.
Browse Details of
Report @ https://www.hexaresearch.com/research-report/plastics-industry
The rising demands for PET plastics from the carbonated soft drink
packaging market are projected to further augment the demands for PET plastics
during the next few years.
The application sector includes injection molding, film & sheets,
construction, packaging, textiles, and transportation. The films & sheets
sector occupied over 45 % of the global share in 2013. Films & sheets
are mainly utilized in food packaging and pharmaceuticals. This is said to
boost the product demands in the near future. The application in plastic pipes
is also likely to experience a substantial growth with a CAGR of 6 % over
the forecast period.
Asia-Pacific was the largest regional market for plastics in 2013. The
European & North American markets are quite mature and are said to grow
slowly than other regions. The Central & South America region is estimated
to register the maximum CAGR of over 6.5 % from 2014 to 2020.
Major companies in the plastics market are Saudi Basic Industries Corp.;
E. I. du Pont de Nemours and Company; and BASF SE.
No comments:
Post a Comment