Plastic is the ideal packaging material for satisfying a wide variety of modern requirements. Consumers mainly rely on plastic packaging as it protects and preserves products, especially during transportation. A market research report by IndustryARC estimates that the global plastics market, which was valued at $516 billion in 2018, is projected to grow at a CAGR of 4% throughout the forecast period 2019-2025.
The report titled, “Plastics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019 – 2025”, provides a detailed description of market share players, trends, drivers, opportunities, strategic analysis, geographical analysis, and market strategies incorporated in the global plastics market.
Plastics Market: Leading Segments
Packaging was evaluated as the dominant application sector in the use of plastics, and it accounted for a share of 42% in 2016. Plastics packaging of food plays a vital role in preventing losses, contamination and wastage of food; thus creating a hygienic environment all the way from farm to retail and from retail to home. Thermoplastics are mostly used for interior parts and components by the automotive industry. Thus, packaging is recognized as the fastest growing application of the plastics market, set to grow at a moderate CAGR of 3.35% over the forecast period.
IndustryARC identified the APAC region as having held a domineering share of 45% in the global plastics market in 2018. Increasing consumption of plastic in Asian countries such as China, India, Indonesia, Thailand and Vietnam are leading to ocean beds filling up with plastic wastage. Plastic is extensively used in a diverse range of industries including packaging, building & construction, automotive & transportation, electrical & electronics, furniture & bedding, household, films & sheets, & fittings, tarpaulin. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), Indian plastic consumption is estimated to reach 20 million tonnes by 2020.
Plastics Market: Disruptive Trends
Widespread use of plastic packing is due to properties which include its being hygienic, safe, secure, durable, versatile, light weight, and recyclable.
Thermosetting plastics provide improved chemical resistance, heat resistance and structural integrity. Therefore, they are highly preferred for manufacturing electrical components in the aerospace industry, and widely used in heavy-duty construction equipment, oil & gas industry, and automotive industries.
Bio-plastics is being increasingly adopted as it reduces the environmental impact of plastic packaging. Plant-based polymers are cost-effective materials which offer long-life packaging through packaging films.
Presently, biodegradable plastics are widely used in as shopping bags, compostable waste collection bags and as trays and containers for eggs, meats, fruits and vegetables. Additionally they are widely utilized as disposable catering service wares and for medical applications such as in implants and as pill material.
Growing technological advancements such as injection moulding technology is increasing demand for polyethylene, polypropylene, ABS, PETG, and Polystyrene plastics in medical applications such as for syringes, dispensers and medical implants. Furthermore, medical-plastics are increasing growth of the global plastics market.
Plastics Market: Major Players
Some of the major players operating in the global plastics market are Evonik Industries AG, Saudi Basic Industries Corporation (SABIC), DowDuPont Inc., Arkema SA, BASF SE, Celanese Corporation, Lyondellbasell, Solvay, Nan Ya, Lotte Titan Chemical, and Toray Industries, Inc.
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