The growth of the market is governed by various factors such as growing demand from the packaging industry and government investment

The Plastics Market is expected to reach USD 170.48 billion by 2020, according to a new report by Reports and Data. Plastics are used for the manufacture of shatter-resistant, lightweight, and long-lasting products. They are used for designing unique shapes and complex geometries.

The market is principally driven by the rising demand for plastics from the packaging industry, especially from the FB packaging industry. This demand is due to the plastic’s corrosion-resistant nature, moisture barrier, and micro-organisms resisting characteristics, all these benefits to provide an increased shelf life of the food products. Plastics are even used widely in the pharmaceutical and FMCG packaging industry, which is most anticipated to drive the demand of the market in the forthcoming years. Moreover, the growing usage of these products in electric vehicles due to its safe operations, secured insulation properties, high mechanical properties, and others are also believed to have a significant positive impact on the market growth of Plastics. As from the environmental point of view, the burgeoning increase of electric vehicles globally is an essential factor that is expected to propel the market.

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Top Lading Players: Dow Chemical Company, LyondellBasell, SABIC, Covestro, Chi Mei Corporation, INEOS, BASF, PPG Industries, LANXESS, Evonik Industries, Teijin Limited, Denka, LG Chem, Trinseo, Asahi Kasei, Eastman Chemical Company, Arkema.

Some Key Highlights from the Report:

• The Plastics Market is estimated to reach USD 176.29  billion by 2020, at a CAGR of 5.9% during the forecast period.
• The rigid form segment accounts for the largest share of 63.1% of the market in 2019.
• Rigid Plastics segment holds the largest share of the market as the rigid Plastics are utilized in several applications such as building construction, appliances, electrical electronics, packaging, automotive, medical and others.
• The PET type is anticipated to grow at the highest rate of 6.6% during the forecast period.
• The packaging end user segment is anticipated to grow at the highest rate of 6.2% during the forecast period.
• The Packaging end user segment growing at the highest CAGR due to the huge demand for Plastics in the packaging application such as food wrappings, bottles, shrink wraps, and others.
• Asia Pacific is expected to be the fastest growing region and is forecasted to witness the highest CAGR of 6.6% during the forecast period.
• The Plastics Market is anticipated to witness increasing demand from India, China, and other countries of the Asia Pacific region. This is due to the growing application in construction, electronics, automobile, consumer goods, packaging, and other industries.
• The market in this region is forecast to witness escalating demand for polymers due to the rising demand for desktop printers.
• Various players are developing strategies to mark their presence in the industry.

Segments covered in the report:

Form Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)

• Rigid
• Flexible

Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)

• Polyethylene Terephthalate (PET)
• Polyvinyl Chloride (PVC)
• Polypropylene (PP)
• Polystyrene (PS)
• Polycarbonate (PC)
• Polymethyl Methacrylate (PMMA)
• Others

End Users Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)

• Packaging
• Building Construction
• Electrical Electronics
• Automotive
• Others

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Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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