Plastics Market worth USD 736,110.0 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Plastics Market by Component (Solution, Service), by Application (Packaging (Films and Sheets, Bottles and Caps, Bulk Containers, and Others (Cups, Pots, Pouches, Trays)), Building and Construction (Industrial Scale and Commercial Scale), Electrical and Electronics (Appliances, Computers and Laptops, Mobile Phones, and Others (Cables, TV, etc.)), Consumer Goods (Footwear, Furniture, Toys, and Others), Automotive (Interior and Exterior), and Others), by Product Type (Resin Type (Thermoplastics, Biopolymers, Starch Blends, and Recycled Resins) and Molding Type (Injection Molding, Blow Bolding, Extrusion Molding, Compression, Molding, and Others)), by Region – Global Share and Forecast to 2027". The global plastics market is projected to register a CAGR of 3.3% during the forecast period and is expected to grow from USD 605,816.1 million in 2020 to USD 736,110.0 million by 2027. Plastic is one of the most versatile materials in the world. It is used in almost every industry in the world during the production, refining, packaging, or transport of goods or raw materials. Since plastics can be used in multiple situations and their properties can be varied by adding additives and changing operating conditions, the utility of plastics increases across the end-user industries. One of the chief intentions of using plastics at such a large scale is its high shelf-life coupled with durability, light-weightiness, low cost, and ease of production. The succeeding graph represents the distribution of usage of plastics in various industries.

Global Plastics Market Segmentation

The plastics market has been segmented into application, product type, and region.

By Application Outlook (Sales/Revenue, USD Million, 2017-2027)

• Packaging
  • Films and Sheets
  • Bottles and Caps
  • Bulk Containers
  • Others (Cups, Pots, Pouches, Trays)
• Building and Construction
  • Industrial Scale
  • Commercial Scale
• Electrical and Electronics
  • Appliances
  • Computers and Laptops
  • Mobile Phones
  • Others (Cables, TV, etc.)
• Consumer Goods
  • Footwear
  • Furniture
  • Toys
  • Others
• Automotive
  • Interior
  • Exterior
• Others

By Product Type Outlook (Sales/Revenue, USD Million, 2017-2027)

• Resin Type
  • Thermoplastics
  • Biopolymers
  • Starch Blends
  • Recycled Resins
• Molding Type
  • Injection Molding
  • Blow Bolding
  • Extrusion Molding
  • Compression
  • Molding
• Others

By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Thermoplastics, by resin type, is estimated to hold the largest market share during the forecast period

Based on product type, the global plastics market is segmented into resin type, molding type, and others. Further, resin type has been categorized into thermoplastics, biopolymers, starch blends, & recycled resins, and molding type has been categorized as injection molding, blow bolding, extrusion molding, compression, and molding. The thermoplastics segment by resin type has the largest market and accounted for the 83.4% of the market share. Polymers that can be melted and recast multiple times are known as thermoplastics. When hot, they become molten and harden as the temperature lowers.

On the other hand, a thermoplastic becomes glassy and vulnerable to fracture when frozen. These reversible properties give the material its name and enable it to be reheated, reshaped, and frozen multiple times. The encapsulated list within the segment incorporates petroleum-based plastics or conventional plastics. Thermoplastics have a variety of applications ranging from the manufacturing of bottles and caps to compact discs (CDs) and, most importantly, packaging sheets and films.

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The Asia Pacific accounts for the largest market share in the plastics market in 2020

Regions-wise, the global plastics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific had the largest contributor to the market, with 50.9% of the market share. Japan is the major hub for bringing about innovation and several developments in plastics technology in the region and has remained so for the past two decades. Apart from recycled plastics, bio-plastic products have gained popularity among the various end-user industries.

Bio-based plastics, specifically PLA and PBAT, are gaining immense popularity in the country and likely drive the demand for overall bioplastics in the end-user industries. Additionally, several policies regarding environmental laws are anticipated to force the end users to move toward recycled plastics and bio-based plastic technologies and products, which is eventually expected to boost the plastics market.

India is among the leading consumer of plastics and is marked by many manufacturers. This leads to further increase its competitiveness in the global market. Further, expanding building and construction activities have generated a great demand for electrical and electronics applications and thermoplastics across commercial setups. Additionally, various government schemes for building ‘Smart Cities’ and ‘Make in India’ campaigns will drive the Indian plastics market.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the plastics market. It also consists of the profiles of leading companies such as LyondellBasell Industries N.V., The Dow Chemical Company, BASF S.E., Arkema S.A., INEOS, Lanxess AG, MBA Polymers Inc., Koninklijke DSM N.V., Novamont S.p.A., Royal Dutch Shell, Formosa Plastics, Evonik Industries AG, LG Chem Ltd., SABIC, Neste Oyj, ENI S.p.A. (Versalis), Chevron Phillips Chemical Company, LLC, Total SE, Sinopec, Borealis AG, ExxonMobil Corporation, and Braskem S.A. These market players have focused on acquisitions and expansion to gain a larger market share in the plastics market.

Browse complete report: https://www.marketstatsville.com/plastics-market

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