New York, US, Aug. 06, 2021 (GLOBE NEWSWIRE) — Plastics Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Plastics Market Information by Type, Application, and Region – Forecast till 2025”, the market is estimated to reach USD 791.2 Billion by 2025 at 4.3% CAGR.
Major Growth Enhancers:
Escalating consumption of plastics in construction, electrical & electronics and automotive industries is bound to create exciting growth avenues for the global market. Regulations and policies aimed at reducing the total vehicular weight for better fuel efficiency and eventual decline in carbon emissions have also facilitated plastic consumption. As a result, plastics are increasingly replacing metals, such as steel and aluminum for producing automotive components.
The stunning growth rate of the construction sector across emerging markets, like Brazil, India, Mexico, and China has played an integral role in the market growth for plastics. Surge in foreign investments in the construction sector in these countries due to the easements in FDI norms for better industrial and public infrastructure has done wonders for the plastics market.
Stringent standards with respect to depletion as well as recyclability of traditional materials, like wood and metal, should boost plastic’s use in the construction industry for pipes, insulation, floorings, cables, storage tanks, windows, and more. Moreover, with polymer fittings being easier to install compared to wood and metals and their availability in a variety of color combinations, they are experiencing rapid increase in demand for adding aesthetic appeal. Plastics have 80% lesser specific gravity as compared to metals and when utilized in construction and automotive sectors, they facilitate roughly 80% weight reduction and 40% to 50% cost savings in different components.
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Instability in prices of essential raw materials could hinder the plastics market growth in the next couple of years.
A variety of plastics are witnessing surge in demand owing to the rise in economic standards as well as the growth in consumer spending. Plastics find extensive applications in construction, manufacturing, retail sales, and more, which could significantly foster the market’s growth scope in the coming years.
Some of the well-established contenders in the global industry are:
- BASF SE (Germany)
- SABIC (Saudi Arabia)
- DowDuPont (US)
- Evonik Group (Germany)
- Sumitomo Chemicals (Japan)
- Arkema Group (France)
- Celanese Corporation (US)
- Eastman Chemical Company (US)
- Chevron Phillips Chemical Co. LLC (US)
- Lotte Chemical Corporation (South Korea)
- ExxonMobil (US)
- Formosa Plastics (Taiwan)
- Covestro AG (Germany)
- TORAY Industries (Japan)
- Mitsui Plastics (Japan)
- Teijin Plastics (Japan)
COVID 19 Analysis
Weakened product demand, financial loss, and lower production capacity are some of the challenges posed by the Covid-19 outbreak. Various industries like healthcare, construction, packaging and more have had to face these issues due to the pandemic and the subsequent lockdown, which gravely affected the plastics market.
With that said, the remarkable growth of the e-commerce industry and the rising use of plastics for packaging of different products have given massive respite to the global market. Moreover, healthcare, food and beverage and pharmaceutical industries continue to generate heavy demand for plastics, which will ensure steady market growth in the coming years.
The plastic industry is extremely competitive since several firms are working on bolstering their production rates while a number of vendors are trying to gain entry. Partnerships, new launches, mergers, and acquisition are the chief strategies that are adopted by these players to improve their market standing. Players are keeping in mind environmental health and are stiving to cut down the use of single use plastics. For instance, in July 2021, AR Packaging launched Ecoflex, which is a recyclable/reusable mono-polyethylene film with numerous thermoforming applications. It is the ideal substitute for PA-based materials and have high-performance PE polymers, offering impressive tear resistance, high suitability, and puncture resistance for vacuum packaging applications.
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Polyethylene (PE) and Polyether Ether Ketone (PEEK) are the major types of plastics available in the market. Polyethylene (PE) segment accounts for the biggest share of over 30% in the global market, given this type’s rising use in packaging applications as these are highly durable, are cost effective and efficient. Meanwhile, Polyether Ether Ketone (PEEK) would record higher CAGR in the coming years.
Applications of plastics are in building and construction, automotive and transportation, packaging and more. Packaging is the leading application segment as these applications are quite extensive in various sectors like healthcare, cosmetics, food & beverage, consumer goods, home appliances, and personal care. Second in lead is the automotive & transportation application segment, considering the rising manufacturing of automobiles worldwide and the mounting preference for lightweight materials for reducing the overall weight. Plastic materials are known for cutting down carbon emissions from vehicles and are therefore, experiencing robust demand in the automotive industry.
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Asia Pacific, accounting for a share of more than 50% in the global market, is the clear winner. The APAC market can also expect to make the fastest progress in the years ahead, thanks to the strong product demand generated by numerous end-use industries like electrical & electronics, automotive, construction, and consumer appliances. Moreover, global vendors are progressively foraying into the Indian market, forming partnerships with the local manufacturers. This has rendered the Indian plastics industry quite profitable. Besides, the rising production rate of various plastic types in Japan and other countries coupled with the stunning growth of the e-commerce industry will also bolster the market size in subsequent years.
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