Pune, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The global plastics market trends are projected to reach USD 647.48 billion by the end of 2026. Increasing investments in the R&D of plastics, accounting to increasing demand for the product across the world, will bode well for market growth. According to a report published by Fortune Business Insights, titled “Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene), By End-Use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile), and Regional Forecast, 2019-2026,” the market was worth USD 441.55 billion in 2018 and will exhibit a CAGR of 4.9% during the forecast period, 2019-2026.
Plastics are widely used in several applications across diverse industry verticals. Constant investments in the research and development of plastics will bode well for the growth of the overall market in the coming years. Advances in manufacturing methods of plastics have enabled a wider application scope.
From packaging to storage applications, the product is widely used for several day-to-day purposes. The waterproof nature of the substance makes it suitable for several applications that involve water bodies and require resistance against water. Moreover, the durability of plastics is what makes it standout from other material alternatives with similar properties. The massive investments in the research and development of plastics, driven by the increasing demand for the product, will bode well for the growth of the overall market in the coming years.
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ExxonMobil Announces Production of High-Performance Polyethylene
The report encompasses several factors that have contributed to the growth of the market in recent years. The presence of several large scale companies has had a huge impact on the growth of the overall market in the coming years. Large scale companies are putting in several efforts to maximize the production of polyethylene, accounting to its widespread applications. ExxonMobil’s latest decision of polyethylene production is a perfect example of recent industry development. In July 2019, the company announced that it will be starting the production at its polyethylene plant in Beaumont Texas. This will increase the production capacity of the plant by 65%. Such initiatives will have a huge impact on the growth of the overall market in the coming years.
Asia Pacific to Account for the Largest Market Share; Ease of Availability of Raw Materials to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to account for the largest market share in the coming years. The ease of availability of raw materials in countries such as India and Japan will have a huge impact on the growth of the market in the coming years. The increasing investments in the research and development of plastics with the aim of minimizing it’s impact on the environment by several countries in this region will bode well for market growth. The market in North America will rise at a considerable CAGR driven by the increasing applications of plastics, especially in the United States. As of 2019, the market in North America was worth USD 72.90 billion and this value is projected to rise at a considerable pace in the coming years.
List of the Leading Companies Profiled in the Global Plastics Market are:
- Reliance Industries Limited
- China Petroleum Corporation
- ExxonMobil Chemical
- Covestro AG
- Total S.A.
- Formosa Plastics Group
- BASF SE
- Inoac Corporation
- Other key market players
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June 2019: Huntsman Tecnoelastomeri announced the launch of a new engineering urethane elastomers named TECNOTHANE VTER. The company claims that these elestomers work under extreme conditions, require less energy to operate, are customizable, and provide high performance.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Plastics Market Research Analysis
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Polyethylene Terephthalate
- Polyvinyl Chloride
- Acrylonitrile Butadiene Styrene
- Market Analysis, Insights and Forecast – By End-Use Industry
- Infrastructure & Construction
- Consumer Goods/Lifestyle
- Healthcare & Pharmaceuticals
- Electrical & Electronics
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Latin America
- Middle East & Africa
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Have a Look at Related Research Insights:
Polyethylene Market Size, Share & Industry Analysis, By Type (HDPE, LDPE, LLDPE), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Agriculture, Others), and Regional Forecast 2019-2026
Polypropylene Market Size, Share & Industry Analysis, By Type (Homopolymer, Copolymer), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceuticals, Electrical & Electronics, Agriculture, Others), and Regional Forecast 2019-2026
Polyethylene Terephthalate Market Size, Share & Industry Analysis, By Grade (Textile, Bottle, Film), By End-Use Industry (Packaging, Textiles, Automotive, Electrical and electronics) and Regional Forecast, 2019-2026
Polyurethane Market Size, Share & Industry Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives & Sealants, Coatings, and Others), By Application (Furniture, Construction, Electronics, Automotive & Transportation, Packaging, Footwear, and Others), and Regional Forecast 2019-2026
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