The Global Plastics Market is expected to grow rapidly at a healthy CAGR of over 8 % from 2014 to 2020. Plastics are synthetic/semi-synthetic organic solid materials that are used to create various valuable products. On account of the ease of manufacture, low cost, flexibility of use, and availability of raw materials, plastics have replaced a number of conventional materials such as paper, wood, metal, leather, glass, and ceramic in the majority uses. This is also projected to boost the global market. Moreover, various technologies that reprocess plastics are anticipated to be the key growth drivers for the global market.

However, the fluctuating prices of raw materials along with the rising environmental concerns related to plastic disposal are likely to hamper the market growth in the near future. To beat such challenges, the market players have shifted their focus towards developing some bio-based alternatives to usual plastics. The industry is categorized into products, applications, and regions.

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Product Insights
On the basis of resin types, plastics market has be segmented into six products which include polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), polystyrene and engineering thermoplastics. PE was the largest product segment and accounted for over 34% of the total market volume in 2013. Increasing demand of PE for film/sheet applications in food & beverage and packaging industries has been the major driving factors for PE over the last few years. Environmental regulations coupled with disposal norms may restrict the market growth. PET is anticipated to project high growth rates of over 8% from 2014 to 2020. Growing demand of PET for bottled water and carbonated soft drink (CSD) packaging is estimated to have positive impact on the market growth over the next six years.

Regional Insights
Asia Pacific was the largest regional market and accounted for over 44% market share in 2013. Growth of major end use application segments such as film/sheet and pipes especially in China and India is anticipated to drive plastics market growth in the region. The regional market is expected to witness high growth owing to the shift of manufacturing facilities of several market players. Increasing disposable income among the rural as well as suburban populations of emerging economies of China, India, Brazil and South Africa is anticipated to have a positive outlook in terms of market demand. North America and Europe are moderately mature markets and are anticipated to have stagnant growth rates over the forecast period. The market in these regions is characterised by increasing demand for bio-plastics owing to stringent regulatory scenario for synthetic products. Central & South America plastics market is expected to witness high growth owing to growing automotive industry and infrastructure spending.

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