SAN FRANCISCO, Feb. 26, 2019 /PRNewswire/ --The global plastics market size is expected to reach USD 721.14 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.0% during the forecast period. Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency will drive the plastic market over the forecast period. Plastics facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials such as metals or rubber.
Key suggestions from the report:
- Raw materials used in plastic include hydrocarbon fuels (coal, natural gas and crude oil), salt and sand. PE production in North America is dependent mainly on natural gas, which is available at a very low cost in the region. PE producers in the region are, thus, highly competitive
- Automotive is the fastest growing application segment in the global arena during the forecast period. Increasing incorporation of plastics as opposed to metals & alloys in automotive components has been a major factor contributing to the growth of the segment
- Polyether Ether Ketone is expected to witness a CAGR of 9.4% in terms of volume during the forecast period. They are widely used in engineering applications owing to their characteristics, which include being colorless and organic
- PVC is one of the major plastic constituents in various building materials and construction activities. The plastic is modified as per requirement to meet structural designs and application specifications.
Read 200 page research report with TOC on "Plastics Market Size, Share & Trends Analysis Report By Product (PE, PP, PU, PVC, PET, Polystyrene, ABS, PBT, PPO, Epoxy Polymers, LCP, PC, Polyamide), By Application, and Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/global-plastics-market
Since the last decade, there has been a substantial demand for the products as replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery. The growth of the market criticality lies on various factors such as ever-increasing requirement of end users in terms of product specification and versatility influencing consumption dynamics. Other factors such as socio-political, production process, and feedstock availability events also have a significant impact on industry trends.
Rapidly developing construction and automobile markets in Asia Pacific will increase the demand for plastics in interiors, exteriors, and under hood components. Its major applications include under hood components in the automotive industry, building interior & exteriors in the construction and infrastructure industries, and various applications in electronics and durables.
Asia Pacific is likely to witness the highest growth in the construction industry across the globe, wherein China is at the forefront of the growth. Growing population coupled with rapid industrialization and urbanization in emerging economies have influenced regional governments to increase their construction spending in order to cater to growing infrastructure needs. Increasing construction spending by governments, particularly in China and India, will fuel the demand in infrastructure and construction applications.
Plastics are also witnessing substantial growth in the pipes and fittings segments on account of their lightweight, long life span, corrosion resistance, and reduced cost structures.
Grand View Research has segmented the global plastics market on the basis of product, application, and region.
- Plastics Product Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
- Polyethylene (PE)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl chloride (PVC)
- Polyethylene terephthalate (PET)
- Polystyrene (PS)
- Acrylonitrile butadiene styrene (ABS)
- Polybutylene terephthalate (PBT)
- Polyphenylene Oxide (PPO)
- Epoxy Polymers
- Liquid Crystal Polymers
- Polyether ether ketone (PEEK)
- Polycarbonate (PC)
- Polyamide (PA)
- Polysulfone (PSU)
- Polyphenylsulfone (PPSU)
- Plastics Application Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
- Medical Devices
- Furniture & Bedding
- Consumer Goods
- Plastics Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Southeast Asia
- Central & South America
- Middle East & Africa
- Saudi Arabia
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Industrial Adhesives Market – The Global industrial adhesives market size was 9,400.0 kilo tons in 2014. Industrial adhesives are increasingly replacing conventional fasteners in packaging, construction and automotive industries owing to superior product characteristics.
- Polyester Hot Melt Adhesives Market – The Global polyester hot melt adhesives market size was 87.1 kilo tons in 2014. Growth of packaging and textile & fabrics industries in emerging markets of India, China and Vietnam is expected to drive growth over the next seven years.
- Conductive Silicone Rubber Market The Global conductive silicone rubber market size was worth USD 3,486.7 million in 2014. Electronic industry growth, particularly in Asia Pacific, is expected to fuel the demand in lighting as well as wire applications.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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