10 September 2019
Visiongain’s new report the Plastics Market Report: Forecasts by Product (Polyethylene, Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene Terephthalate, Polystyrene, Acrylonitrile Butadiene Styrene, Polybutylene Terephthalate, Polyphenylene Oxide, Epoxy Polymers, Liquid Crystal Polymers, PEEK, Polycarbonate, Polyamide, Polysulfone, Others), by Application (Packaging, Construction, Electrical & Electronics, Automotive, Medical Devices, Agriculture, Furniture & Bedding, Consumer Goods, Others), by Region and Analysis of Leading Companies indicates that the Global Plastics Market was valued at $550 billion in 2019.
Increasing plastic consumption is expected to help market growth over the forecast period in the building, automotive and electrical & electronics sectors. Regulations to reduce gross vehicle weight to enhance fuel efficiency and eventually reduce carbon emissions have encouraged the use of plastics as a metal replacement for the manufacture of automotive parts, including aluminum and steel. Building industry development in emerging markets such as Brazil, China, India, and Mexico played a key role in fueling plastics demand during 2017 and 2018.
Growing population combined with fast urbanization and industrialization in emerging economies has pushed federal governments to raise their expenditure on building to meet growing infrastructure requirements. Increasing government building expenditure, especially in China and India, will drive plastics demand in infrastructure and construction applications.
Prosperous packaging industry, driven by elevated consumer demand in emerging economies, plays a crucial role in boosting plastics demand such as polyethylene and PET. During the forecast period, the packaging industry is projected to be the most prominent application segment on the plastics market. By 2029, the request will represent more than 40.0 percent of total revenue.
Asia Pacific was the fastest increasing regional plastic market in 2019 worth USD 110 billion. Rapid industrialization and enhanced qualified workers benefit the development of the region's manufacturing sector, which in turn boosts plastics demand. High economic development and consequent increase in consumer spending in emerging economies like India and Japan along with Southeast Asian countries are fueling consumer goods demand further.
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The market growth is attributed to the rising economic development, and consequent rise in consumer spending across emerging economies such as India, China, and Japan. Furthermore, strong growth in organized retail and surge in e-commerce are some of the key factors which are anticipated to boost the thin wall packaging market growth across these emerging economies.
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