Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-Use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2020-2027
· Comprehensive overview of the industry trends and outlook;
· In-depth examination of the impact of the COVID-19 outbreak on the market;
· Tangible research into the market drivers, restraints, and segments; and
· Detailed study of the competitive landscape and regional prospects of the market.
Rampant Plastic Pollution Worldwide to Stem Adoption
The extensive and rampant utilization of plastics around the globe has heightened the problem of plastic pollution and it is slated to intensify in the next few decades. According to a model developed by researchers from the University of Leeds, University of Oxford, SYSTEMIQ, and The Pew Charitable Trusts, over 1.3 billion tons of plastic waste will be dumped into the oceans and on land between 2016 and 2040. Presently, the study finds that roughly 30 million tons of plastic is dumped on land, 50 million tons is burnt, and 11 million tons ends up in seas. Furthermore, plastic burning is expected to lead to massive increases in air pollution. For example, a recent report by the Center for Environmental Law found that the current rate of plastic incineration is approximately equivalent to the emissions released by 189 coal-fired plants. With governments tightening the screws on plastic production and consumption to curtail plastic pollution, the growth of this market is likely to dampen in the coming years.
Asia Pacific to Present Attractive Business Opportunities to Plastic Manufacturers
Asia Pacific is anticipated to dominate the plastics market share during the forecast period owing to exponential growth in plastic consumption in the region’s developing economies. In China, polymer production is rapidly expanding as a result of wide availability raw materials, while promising growth in India’s consumer goods industry is attracting large investments in the domestic polymer industry. In 2019, the region’s market size stood at USD 226.8 billion.
The North America market is also expected to display excellent owing to extensive adoption of plastics in the pharmaceutical, healthcare, and automotive industries. The prospects for the market in Europe also appear promising as major automotive industry giants in the region have been commonly using polymers for manufacturing vehicles.
Key Companies to Broaden Horizons through Novel Product Developments
With a view to broaden business horizons, key players in this market are focusing on developing innovative products and solutions. These innovations are enabling companies to carve a niche space in the polymer industry and gradually advance sustainability in this industry, which will further boost the plastics market growth.
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