10 September 2019
Visiongain’s new report the Plastics Market Report 2019-2029: 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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Thermoforming is a manufacturing process in which paperboard, plastic, or aluminium sheets are heated to a temperature such that the desired product can be easily bent. Thermoform packaging is primarily used to store food to keep it fresh and to increase the product’s shelf life. Retailers, the owners of products and food processors favour thermoformed plastic containers over other packaging techniques.
02 March 2020
he growth of the global aluminum die casting market is owed to the growing automotive market, growth of the construction industry & usage of aluminum casts in the electrical & electronics industry, and growing penetration of die casting parts in industrial machinery among others
09 January 2020
Industrial growth has culminated in new construction, both commercial and non-commercial, despite the economic slowdown
09 January 2020
Increasing automotive production mainly in China, Indonesia, Japan, Malaysia, and Taiwan is expected to propel the demand for steel in the coming years.