The global plastic industry market is expected to grow at a steady growth rate over the forecast period 2019-2025. Rising demand for plastics in various applications including construction, automotive, and electrical and electronics industries is fueling the market growth. Moreover, the expansion of the construction industry across emerging economies such as Brazil, China, India, and Mexico is also addressing a substantial demand for plastics, which is also augmenting the growth of the market. Further, increased foreign investment in these economies is also driving the global plastic market. However, due to rising environmental concern associated with the disposal of plastics is hampering the market growth.
However, amid the COVID-19 outbreak, the plastic industry is soaring at a rapid pace. Single-use plastics are less likely to spread germs than frequently reused fabric carriers. Therefore, governments and regulatory bodies, including in the US states of New York and Maine, are lifting the ban on the use of single-use plastics such as retail shopping bags. Demand for other certain types of plastic-intensive is also expanding these days in various applications such as respirators and ventilators as well as personal protective equipment (PPE) for healthcare workers such as masks, gowns, and goggles.
OMR Global Recently Published Report on: https://www.omrglobal.com/industry-reports/plastic-industry-market
Market Segmentation
Product
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Polystyrene
- Others (Polyamide, ABS, PBT)
Application
- Packaging
- Construction
- Electricals & Electronics
- Automotive
- Medical Device
- Others (Consumer Goods)
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