Asia-Pacific Plastics Marketis projected to reach nearly $353.5 billion in 2027, growing at a CAGR of 7.2% during the forecast period (2021-2027). China contributed the major share in the Asia-Pacific plastics market and is estimated to retain its position during the forecast period. The Indian retail market has attracted, and increased the presence of multinational firms and hence, encouraged the adoption of plastic packaging in the areas, including cosmetics, consumers’ products, and food & beverage. The rising disposable income and growing urbanization are also boosting the growth of organized retail which led to the demand for innovative and attractive packaging concepts.
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Growing Demand for Plastics Market
The plastic market in Asia-Pacific is estimated to grow significantly during the forecast period owing to the rising demand for plastics in packaging, automotive, consumer electronics, among other domains. There is an increasing application of flexible plastic packaging in pharmaceutical, food & beverage, and personal care products across the Asia-Pacific economies such as China and India. In India, the packaging industry is a combination of both organized and unorganized players. This ranges from niche players with less presence, to large players with significant market share. In addition, there is a growing trend toward innovative and cost-effective packaging materials in the country. Therefore, the industry players are moving with the changing trends in the packaging sector.
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Scope of the Asia-Pacific PlasticsMarket
Market Coverage
- The market number available for 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Type and Application
- Competitive Landscape- Asahi Kasei Corp., Borouge Pte Ltd., CHIMEI Corp., Formosa Plastics Corp., Hanwha Group
Recent Strategic Initiatives in the Asia-Pacific Plastics Market
- In August 2020, the company launched a new range of MDI polyether prepolymers containing renewable, bio-based raw materials. Marketed under the brand name Adiprene Green, the products are suitable as a replacement for existing fossil-based polyether prepolymers to manufacture highly durable polyurethane (PU) elastomers.
- In June 2020, Mitsubishi Chemical and AM Polymers entered into a partnership agreement on PBT powder products for 3D printing. This partnership provides Mitsubishi Chemical and AM Polymers and opportunity to further expand their product portfolio for 3D printing.
Asia-Pacific Plastics Market-Segmentation
By Type
- Thermosets
- Thermoplastics
By Application
- Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Household, Leisure & 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.)
