Plastics Market Size to Reach USD 450.88 Billion by 2027; Surging Demand of Product on Account of its Versatility to Promote Growth, Says Fortune Business Insights™
Pune, India, June 08, 2021 (GLOBE NEWSWIRE) -- The global plastics market size was USD 450.88 billion in 2019 and is projected to reach USD 579.19 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period. This information is published by Fortune Business Insights™, in its report, titled, “Plastics Market, 2020-2027.” As per the report, the rapid manufacturing of an extensive amount of plastic on account of its adaptability, being easily mouldable, easy production, light in weight, cost-effective, and is waterproof in nature is anticipated to fuel the demand for plastic utilization in the future. In terms of versatility, it can be utilized in tiny paper clips as well as massive space crafts.
According to an article published by Earth Day, about one trillion single-use polythene are utilized per annum worldwide. That equals to about 2 million plastic bags every minute. More than 500 million single-use plastic straws are cast-off daily across the globe. This rapid and vast utilization of the product is expected to promote the growth of the market in the foreseeable future.
Surging Usage of PPE Kits to Propel Market Growth amid COVID-19
As the coronavirus pandemic bestowed upon the world, the government officials were forced to impose a certain set of rules to conquer the ghastly spreading virus. To ensure the safety of the frontline workers such as medical staff and government servants, the government mandated the use of PPE kits, also known as personal protective equipment kit. These kits are made from plastic material and help to keep the virus at bay.
However, the dumping of these PPE kits is creating a lot of waste that is harmful to the environment. Therefore, to tackle this problem, the University of Petroleum and Energy Studies based in the Uttarakhand state of India, has come up with a sustainable solution where it states how disposable PPE can be transformed from its plastic state into biofuels. Hence, the successful application of this will ease the burden of the plastic dumping issue and the use of PPE kits will continue. This is expected to boost the market during the forecast period.
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Top 10 Players Covered in the Plastics Market Report are as follows;
- LyondellBasell Industries N.V. (Netherlands)
- ExxonMobil Chemical (U.S.)
- China National Petroleum Corporation (China)
- INEOS (UK)
- China Petroleum & Chemical Corporation (China)
- SABIC (Saudi Arabia)
- Ducor Petrochemicals (Netherlands)
- Reliance Industries Limited (India)
- Formosa Plastic Group (Taiwan)
- Total S.A. (France)
- Braskem (Brazil)
- BASF SE (Germany)
- Repsol (Spain)
- Borouge (UAE)
- Borealis AG (Austria)
- MOL Group (Hungary)
- Beaulieu International Group (Belgium)
The report delivers a methodical study of the market segments and thorough analysis of the market overview. A thoughtful assessment of the present market trends as well as the upcoming opportunities is offered in the report. It additionally shares a comprehensive analysis of the regional perceptions and how they profile the market growth. We have also added the COVID-19 impacts to the report to assist investors and commercial occupation owners to comprehend the pressures in a hassle free manner. It throws light on the key players and their principal strategies to stay in the primary position.
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By type, the global plastics market is divided into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene, and others. In terms of region, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
On the basis of the end-use industry, the market is segregated into packaging, automotive & transportation, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceutical, electrical & electronics, textile, and others. The packaging segment holds the largest plastics market share as of 2019 and is anticipated to continue to be the largest during the forecast period on account of the popular demand for polyethylene from the plastic production industry. Furthermore, the automotive and transportation segment held a share of 9% as of 2019.
Drivers and Restraints
Surging Demand for Plastic from the Packaging Industry to Thrive Market Growth
Plastic demand is evolving in numerous industries such as electrical & food & beverage, electronics, food and beverage, and automotive. Under the food & beverage industry, the consumption of polythene variants is rising speedily on account of the thriving demand for wrapping material. Producers opt for efficient packaging methods to decline the probability of food adulteration and quality reduction.
However, the plastic ban is a global concern and is social activists are relentlessly fighting for this cause. The majority of the governments too have implemented plastic ban rule and have urged the population to utilize recyclable paper bags instead. Due to the rising awareness among people, they have stopped using polythene coupled with the government norms of the stringent ban on polythene usage. For example, in UK, 79% of the population support the ban on single-use sachets to decline polythene waste. This is expected to hamper the plastic market growth in the near future.
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Asia Pacific to Lead the Market Backed by Easy Availability of Raw Materials in China
Asia Pacific held the highest plastics market share in 2019 and is anticipated to maintain its position as the top region during the forecast period. China and India are evolving as the important consuming nations. Additionally, China is estimated to be the leading nation owing to the ample accessibility of raw materials required for polythene production at cheaper rates. Asia pacific was valued at USD 226.8 billion as of 2019.
North America is expected to be the second largest shareholding region where the U.S. was responsible for the largest market share because of the rising product demand from the packaging, electronics, healthcare & pharmaceuticals, and automotive industries.
Europe is predicted to observe noteworthy growth in the plastics market. The increasing demand from the product in automobile sector is likely to contribute to the plastics market growth in this region.
Acquisitions between Prominent Companies to Foster Market Growth
The leading companies of the market are believed to conquer their position in the global market by applying few efficient strategies such as entering partnerships, signing agreements, launching products and many others. One of the essential strategy is signing acquisitions with another companies in order to bolster their brand value. For example, in April 2020, Borealis AG and NOVA Chemicals Corporation announced that the former completed the acquisition and gained 50% possession of the latter. This acquisition is expected to surge the footprint of the company in the North American region and assist the customers professionally.
July 2019: ExxonMobil initiated the manufacturing process of a novel high-performance plastic component at its polyethylene plant situated in Beaumont, Texas. This development augmented the production volume of the plant by 65% per annum.
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