The global plastics market is expected to grow at a significant CAGR during the forecast period (2019-2025). Plastics are human-made material derived from organic materials such as cellulose, coal, natural gas, salt, and crude oil. Sugarcane, bamboo, corn, and wheat straw are also used in manufacturing biodegradable plastic. Rise in the adoption of plastic-based materials for low-cost, durable, and sustainable products from end-user industries are the prime factors driving the global plastic market. The industries include transportation, building and construction, healthcare, automotive, food products, telecommunications, and consumer goods. Plastics are a lightweight and versatile material that is being used from the aeronautics industry to consumer goods.

Additionally, the rising adoption of bioplastics is the key market trend in the plastics industry. The bioplastics are easily degradable and less harmful to the environment as compared to non-degradable plastic products which can hamper the growth of the global thermoplastics market. Bioplastics are now used in various applications such as packaging and domestic goods, and the dependence on petroleum-based plastics is gradually decreasing. However, strict regulations and policies related to the degradability of engineering plastics products can hamper the growth of the global market.

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Moreover, the consumption of plastic in automotive is rapidly increasing attributed to the regulations in India to decrease gross vehicle weight to improve fuel efficiency and eventually reduce carbon emissions have promoted the use of plastics as a substitute to metals including aluminum and for manufacturing of automotive components. In addition, the building and construction industry uses plastic water supply pipes and electricity pipes, that is augmenting the demand for plastic globally. Packaging assists in triggering the growth of the market of plastics. Use of easy-to-open and transparent packaging that can preserve and protect food products from oxygen and water vapor has increased the demand for plastics. Plastics are also used in preventing medical equipment from moisture and maintain hygiene.



The growth of the global plastics industry is influenced by product development and technological advancements directed by the market players. The key players of the market include BASF SE, Exxon Mobil Corp., Saudi Basic Industries Corp. (SABIC), Sumitomo Chemical Co., Ltd., The Dow Chemical Co., Celanese Corp., INEOS AG, Toray Industries, Inc., and LyondellBasell Industries N.V. Some of the market strategies adopted by the players include INEOS AG is planning to expand capacity by increasing investment in the Wingles, France, in order to promote the growth of acrylonitrile butadiene styrene (ABS) in Europe. Further, SABIC launched STADECK, a new heavy-duty panel for the building and construction industry.



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Current Market Trends Covered in the Market Report:

Growing demand for easy-to-open and transparent packaging has augmented the growth of the market.
HDPE (high-density polyethylene) plastic is expected to increase in containers and bottles.
Merger and acquisitions amid key market players; escalating the market growth
PET (Polyethylene Terephthalate) is identified to be the key trend in the bioplastics market.
Global Plastics Market – Segmentation

Global Plastics Market – Segmentation

By Type

Polyethylene (PE)
Polypropylene (PP)
Polystyrene (PS)
Polyurethane (PVC)
Polyurethane (PUT)
PET
Acrylonitrile-Butadiene-Styrene (ABS)
Polymethyl Methacrylate (PIMMA)

By Application

Packaging
Building & Construction
Automotive
Electrical & Electronics
Healthcare
Household, Leisure, and Sports
Agriculture

Global Plastics Market – Segment by Region

North America
Rest of Europe
Asia-Pacific
Rest of the World


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Source: Plastics Market