Plastics are used in rigid packaging such as films, pouches, and sheets, as well as flexible packaging such as bottles, cups, trays for foods, beverage es, chemicals, and medicines. The aesthetic appeal of the packaging materials promotes the product sale, thus maximizing the revenue in 2019. In addition, the growing demand for bioplastics such as polylactic acid (PLA) and poly(butylene adipate-co-terephthalate) (PBAT) is preferred for the manufacturing of printable films and packaging films by the method of extrusion.

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The demand for plastics varies according to various regions. The market holds a prominent share in various countries of North America, China, and Europe. Asia-Pacific and Japan is currently the largest revenue-generating country in the plastics market, predominantly backed by demand for premium plastic products. Industrial advancements, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major display manufacturing companies are some of the major drivers that are propelling the growth of the market in the country. Additionally, due to the wide-scale production of bio-based and recycled plastics as well as technological advancements pertaining to plastics technology, the market is expected to grow at a steady rate. Apart from Asia-Pacific, China, North America, and Europe are expected to display significant growth potential on account of an excessive industrial base, encouraging government policies, and financial support for research and development offered in the various countries of the entire region.

The plastics industry is witnessing a gradual shift from conventional plastics to bio-based and recycled plastic products due to various factors such as the need to curb pollution, stringent government regulations on carbon emissions and waste management, and the growing inclination toward a circular economy. In addition, there is an increased installation of plastic production lines, primarily due to an increase in the demand from the packaging industry, which is predicted to propel the market over time. Moreover, the growing demand for bio-based plastics coupled with the increasing awareness to maintain a cyclic economy is expected to drive the novel plastics market during 2020-2025.

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The report consists of an extensive study of plastics. The report includes a thorough analysis of various products, end-use industries, substrate type, state of the product, regions, and countries. In this study, the impact of the coronavirus outbreak on various end-use industries for various regions/countries has been considered.

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