The global Plastic Market size is expected to reach USD 750.1 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028. Some of the key players in this industry are BASF SE, SABIC, Dow Inc., DuPont de Nemours, Inc., Evonik Industries. Increasing automotive production and a subsequent rise in plastic consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency are expected to drive the market over the forecast period. Plastics facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials, such as metals or rubber.
Since the last
decade, there has been a substantial demand for the products as a replacement
for metals and ferrous alloys across various industries, such as consumer
goods, automotive, and industrial machinery. The growth of the market
criticality lies in various factors, such as the ever-increasing requirement of
end users in terms of product specification and versatility influencing
consumption dynamics. Other factors such as socio-political, production
process, and feedstock availability events also have a significant impact on
industry trends.
Rapidly developing
construction and automobile markets in Asia Pacific are expected to increase
the demand for plastics in interiors, exteriors, and under the hood components.
Its major applications include under the hood components in the automotive
industry, building interiors and exteriors in the construction and
infrastructure industries, and various applications in electronics and
durables.
The outbreak of
COVID-19 is fueling the demand for plastics in the medical end-use industry.
Companies are focusing on stepping up their resources and production
capabilities to meet the rising demand. For instance, in April 2020, Exxon
Mobil Corporation announced to increase the monthly production of specialized
polypropylene by 1,000 tons to meet the growing need for medical
masks and gowns owing to the spread of coronavirus. This surge in the
production of polypropylene is expected to help medical masks and gown
manufacturers to produce an additional 20 million gowns or 200 million medical
masks.
The extrusion
application segment is anticipated to expand at a substantial growth rate over
the forecast period. It is widely used to produce straws, hoses, pipes, and
window frames. Increasing demand for these products from the packaging and
construction industries is anticipated to create lucrative growth opportunities
for the extrusion application segment during the forecast period.
Related Press
Release@ Plastic Market Report
Plastic Market Report
Highlights
- In terms of
revenue, the packaging industry in Asia Pacific is projected to expand at
a CAGR of 3.7% from 2021 to 2028
- By product,
polyether ether ketone is expected to register a CAGR of 7.5% in terms of
revenue during the forecast period. Increasing demand from medical
applications, such as housing, valves, switches, guide components,
sleeves, adapters, reducers, cylinders, and ventilators, is anticipated to
positively impact the segment growth during the forecast period
- Various strategic
initiatives were recorded over the past few years in order to boost the
growth of the market. For instance, in August 2020, Sinopec Zhongke, China
has prepared to start a new unit for the production of polypropylene (PP)
in Zhanjiang by the end of August 2020. The unit possesses a production
capacity of 350,000 tons/year of polypropylene
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