Bio-based Plastics are Gaining Importance in the Market
Published: Apr, 2023
Growing demand for automotive and aerospace industry along with the development of new technologies and production techniques has made it possible to produce plastics and polymers that are more sustainable, efficient, and cost-effective are key growth factors of the market. The growth of the construction industry in emerging markets such as Brazil, China, India, and Mexico has been helpful in fuelling the demand for plastics. The progress of the overall market can be attributed to increased foreign investment in these domestic construction markets, as a result of easing FDI norms and requirements for better public and industrial infrastructure. However, increasing popularity of paper packaging are the key restraints for global plastic polymers market.
According to Marketlook Consulting’s research report “Global Plastics & Polymers Market Analysis, 2022”, the Global Plastics & Polymers market is anticipated to grow at a CAGR of 5.2% during 2023-30 The market would reach USD 20.12 Mn by 2030.
Based on product, polyethylene held the largest market revenue share in 2021. It is primarily used in the packaging sector, which includes containers and bottles, plastic bags, plastic films, and geomembranes. Based on its molecular weight, there are different types of polymers of PE such as HDPE, LDPE, and LLDPE.
Moreover, acrylonitrile butadiene styrene (ABS) is one of the promising product segments in the plastic market. ABS is widely used in consumer goods and electrical & electronics applications and is gaining popularity owing to its excellent rigidity, high strength, and dimensional stability. However, ABS is not used in high-heat situations because of its low melting point.
Based on application, injection molding held the highest market share. But calendering is also one of the budding application segments in the plastics market. It is used to process thermoplastic materials into films and sheeting. It is mainly used for PVC as well as certain other modified thermoplastics. The process consists of five steps - pre-blending, fluxing, calendering, cooling, and winding-up.
Based on the end use segment, the packaging segment is leading. As polymers have essential qualities, such as high flexibility, protective packaging, high resistance to shock/vibration, and high resistance to surface abrasion, polymers are replacing conventional materials these are extensively used in packaging of consumer goods and medical equipment’s. Therefore, their demand in this industry would further grow in the coming years.
“Global Plastics & Polymers Market Analysis, 2022” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Plastics & Polymers providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia Pacific Dominated the Market
Based on Leading regions, Asia Pacific dominated the global Plastics & Polymers market in 2022 and is projected to maintain its dominance during the forecasted period 2023-30 due to the Geographical analysis is an essential component of the report’s research and development study for market analysis. The regional extent section contains crucial insights into market sales growth at both regional and country levels. This market scope’s geographical spectrum analyses and investigates each regional spectrum of the Plastics & Polymers Market industry. Each of these major regions is analyzed based on manufacturing, supply, statistics, and import & export. Furthermore, the market in this region will advance in the upcoming years as a result of expanding petrochemical and plastic usage in the food and beverage sectors, as well as rising demand for environmentally friendly substitutes for conventional plastics from developing nations like China and India. This further adds to the growth of this region in the global Plastics & Polymers industry as stated in Marketlook Consulting research report “Global Plastics & Polymers Market Analysis, 2022”.
According to Marketlook Consulting’, the key players with a considerable market share in the global Plastics & Polymers market are Dow Inc., Evonik Industries AG, Eastman Chemical Company, Covestro AG, Mitsui Chemicals Inc., Exxon Mobil Corporation, Royal DSM, BASF SE, Clariant International Limited, Huntsman Corporation.
Market Segmentation:
1.By Product 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), Others
2. By Application Injection Molding, Blow Molding, Roto Molding, Casting, Extrusion, Medical Devices, Agriculture, Furniture & Bedding, Consumer Goods, Utility, Others
4. By Region North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
6. By Company Dow Inc., Evonik Industries AG, Eastman Chemical Company, Covestro AG, Mitsui Chemicals Inc., Exxon Mobil Corporation, Royal DSM, BASF SE, Clariant International Limited, Huntsman Corporation
Key questions answered in the study:
- What are the current and future trends of the Plastics & Polymers industry?
- How the industry has been evolving in terms of consumer type demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Plastics & Polymers industry?
- What is the customer orientation, purchase behaviour, and expectations from the Plastics & Polymers firms across various regions?