The global plastics market is estimated to reach $653.2 billion in 2027, growing at a CAGR of 6.7% during the forecast period (2021-2027). The increasing consumption of plastics in various end-user industries, such as automotive, building & construction, electrical & electronics, among others, tend to drive the growth of the global plastics market. The impact of COVID-19 on the petrochemical including the oil & gas industry will jolt the global economy. Global superpowers such as the US and EU regions have been severely impacted by the COVID-19 crisis. It is impacting all the concerned petrochemical companies such as engineering companies, contractors, original equipment manufacturers (OEMs), and various services providers. Crude oil is an essential element to produce all petrochemical and petroleum products. The recent downfall in the prices of crude oil is clearly showing the status of the petrochemical industry. Crude petroleum is an important input used in the production of organic chemicals, which in turn, are used as inputs into the production of more-processed goods, such as plastics products.
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Growing Demand for Plastics Market
Plastic is one of the most used engineered materials in Asia-Pacific that has also come out as a critical industrial sector during the last few decades. The available economical labor, vast population and fast development of plastics wastes recycling industries have given Asia a huge potential advantage to compete in the global market.
There is a significant demand for SAN thermoplastics in the production of the toothbrush handle, hangers, food containers, personal computers, televisions, and handheld devices, which, in turn, will boost SAN market size. Furthermore, the high demand for electrical & electronic appliances is expected to fuel the SAN thermoplastics market. However, the major restraint for the SAN market is the acceptance of substitutes owing to the increasing health and environmental concern related to styrene which is used as a raw material in manufacturing the product. The industry is expected to face certain challenges such as product commoditization, fluctuation of crude oil prices, and shift in customer preferences for organic chemicals.
Scope of the Global Plastics Market
Market Coverage
- The market number available – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Material Type and Application type
- Regions Covered- North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World.
- Competitive Landscape- Basf Se, ExxonMobil Corp, Sabic, Sumitomo Corp, The Dow Chemical Company
Recent Strategic Initiatives in the Global Plastics Market
- In October 2020, Teijin Ltd. declared that it has qualified its carbon fiber-based materials Tenax ThermoPlastic Woven Fabric (TPWF) and Tenax ThermoPlastic Consolidated Laminate (TPCL) by Collins Aerospace, a unit of Raytheon Technologies Corp., one of the manufacturers of aircraft structural components.
- In August 2019, Sumitomo Chemical acquired Emas Plastik A.S. and its affiliated companies (the Emas Group), a major plastic compounder group in Turkey through Sumika Polymer Compounds Europe Ltd., a Sumitomo Chemical’s subsidiary. This aims to further advance the global development of its polypropylene compound business.
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Global Plastics Market -Segmentation
BY MATERIAL
- Thermoset Plastic
- Thermoplastic
BY APPLICATION
- Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Household, Leisure, And Sports
- Agriculture
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
