The Global Plastics
Market is expected to reach USD 654.38 billion by 2020, according to a new
study by Grand View Research, Inc. Growth of major end-use industries such as
packaging, construction and automotive particularly in emerging markets of
China, India and Brazil is expected to remain a key driving factor for global
plastic demand. In addition, the need for high performance thermoplastics from
automotive industry in order to reduce the overall vehicular weight to gain
fuel efficiency is also expected to have positive influence on market growth.
Volatile raw material prices coupled with growing environmental concerns
regarding plastics disposal and sustainability is expected to pose a serious
challenge to market participants. In order to overcome such challenges leading
industry participants have been actively investigating the route to develop
bio-based alternatives to conventional plastics.
Polyethylene (PE) emerged as the leading product
segment for plastics and accounted for 34.9% of total market volume in 2013. PE
is used in high volumes across various industries such as film and sheet,
injection molding, blow molding and pipe manufacturing. Increasing PE capacity
addition, particularly in the Middle East and Asia Pacific has led to
overcapacity in the market which has seen the prices decline. PET is expected
to be the fastest growing product segment for plastics, at an estimated CAGR of
8.5% from 2014 to 2020.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/global-plastics-market
Further
key findings from the study suggest:
- Global plastics demand was 233.75 million tons in 2013 and is expected to reach 334.83 million tons by 2020, growing at a CAGR of 5.3% from 2014 to 2020.
- Asia Pacific emerged as the largest regional market for plastics and accounted for over 44.6% of total market volume in 2013. Increasing construction spending coupled with growth of the regional automotive industry is expected to drive plastic demand in Asia Pacific. Central & South America is expected to be the fastest growing regional market for plastics, at an estimated CAGR of 6.3% from 2014 to 2020. Rise in disposable income coupled with the growth of major end use markets in Brazil and Argentina is expected to drive the demand over the next six years.
- North America and Europe are relatively mature markets for plastics and are driven by new technology and innovation in the field of bio-based and sustainable alternatives. North America plastic demand is expected to grow at an estimated CAGR of 4.3% from 2014 to 2020.
- Some of the companies operating in the global market include BASF, E. I. du Pont de Nemours and Company, Dow Chemical Company, SABIC, LyondellBasell Industries, ExxonMobil Corporation, Formosa Plastic Group, Total SA, Bayer Material Science, Arkema, Celanese Corporation, Chi Mei Corporation, Eastman Chemical Company and Mitsubishi Chemical Holdings Corporation.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
For the purpose of this study, Grand
View Research has segmented the plastics market on the basis of product,
application and region:
Global
Plastics Product Outlook (Volume, Million Tons; Revenue, USD Million, 2012 -
2020)
• Polyethylene (PE)
• Polypropylene (PP)
• PVC
• PET
• Polystyrene
• Engineering Plastics
Global
Plastics Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2012 -
2020)
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Central and South America
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
States
Phone: 1-415-349-0058
Toll
Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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