Plastics are a range of semi-synthetic or synthetic materials comprising polymers as the main component. Properties of plastics such as durability, lightweight, flexibility, and others make it an ideal component for use in different end-use industries such as building and construction, packaging, aerospace, electronics, transportation, etc. Increasing industrialization and urbanization in developing countries, increasing demand for plastics from the packaging sector, growth in the consumption of plastic in automotive components, etc. significantly contribute towards the growth of the global plastics market. However, stringent government regulations for the overuse of plastics and volatile raw material prices are expected to hamper the market growth during the forecast years.
According to a market report published by Bizwit Research & Consulting, LLP, the global plastics market is valued at approximately USD 579.7 billion in 2020 and is anticipated to grow with a healthy growth rate of nearly 3.4% over the forecast period 2021-2027 to reach USD 721.5 billion in 2027.
Trending factors such as increased demand for biodegradable plastics and increased demand for engineering plastic are significantly contributing towards increasing penetration of plastic products. Growing awareness among consumers towards the ill – effects of plastic waste coupled with stringent government laws for restricting the use of conventional plastics has increased the preference for biodegradable plastics. According to Statista, the demand for biodegradable plastics is expected to increase from 360 thousand metric tons in 2018 to approximately 550 thousand metric tons by 2023. This is expected to accelerate the market growth.
In addition, key market players across the globe are involved in the innovations and development of products in plastics. Also, there have been other strategic initiatives such as expansion, merger and acquisition, cooperation, etc.
Global Plastics Market Size Study, by Type (Polyethylene (PE), Polypropylene (PP), Polyurethane (PU) and Others), By Application (Injection Molding, Blow Molding, Roto-Molding, and Others), By End-Use (Packaging, Construction, Electrical & Electronics, and Others) and Regional Forecasts 2021-2027
The total market revenue is calculated based on revenue generated through the sales of plastics however any revenue generated through the counterfeit products is excluded from the report. Major companies covered under the report include BASF SE, SABIC, Dow Inc., DuPont de Nemours, Inc., Evonik Industries, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC. Other popular regional players across various countries are also considered for revenue calculation.
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