Plastics Market Revenue Size, Trends and Factors, Regional Share Analysis & Forecast Till 2027
October 14, 2021
Reports And Data
The global plastics market is forecast to reach USD 776.68 Billion by 2027, according to a new report by Reports and Data.NEW YORK CITY, NY, UNITED STATES, October 14, 2021 /EINPresswire.com/ -- Reports and Data has recently added a new report titled “Global Plastics Market Research Report 2021” to its ever expanding repository which offers a comprehensive overview of the Plastics market including current and emerging trends, consumer behavior patterns, competitor strategies, brand promotions and product launches, among others.
The term plastic, derived from ''plastikos'', refers to plasticity or malleability of a material during manufacture that allows it to be pressed, cast, or extruded into different shapes like fibers, bottles, tubes, and films, among others. There are various kinds of plastics, but it can be primarily classified into two polymer groups- Thermoplastics and Thermosets. Thermoplastics are those polymers that soften on heating and hardens on cooling. In the case of Thermosets, it never softens after it is molded. The continuously growing demand for light-weight vehicles is one of the mentionable factors supporting the market growth. High-performance plastics can provide significant mechanical strength along with minimizing the overall weight. Furthermore, elevated awareness about adverse environmental impact associated with the use of plastics and the development of biodegradable plastics, are opening new avenues for the market players. In context to region, North America can be seen to occupy a prominent market share. The market share held by the region is associated with a well-established digital food ordering culture and continuously expanding automotive industry.
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Key participants include:
SABIC, BASF SE, Evonik Group, DowDuPont, Arkema, Sumitomo Chemicals, Eastman Chemical Company, Celanese Corporation, Chevron Phillips Chemical Co. LLC and Lotte Chemical Corporation.
Further key findings from the report suggest
In context to Product Type, the Polyethylene segment generated the highest revenue of USD 98.63 Billion in the year 2018. The extensive use of polyethylene in various products like bottles, due to its properties like dimensional stability, and enhanced mechanical properties, contributes to the revenue generated by this segment.
In context to Application, the Sheet & Film segment is projected to witness the fastest growth rate of 4.7% during the forecast period. The growth rate of the segment has been the result of the expansion of the automobile industry and the electronics industry, wherein it is mostly required in the form of sheets & films.
In context to End-user, the Packaging segment held the largest market share of 31.0% in 2018. Traits of plastics like significant water resistance, and flexibility, makes it an ideal choice as packaging material, contributing to the market share held by the segment.
In regards to the region, Europe held 22.0% of the market in 2018. Advancements in the automobile industry, and electronics sector, along with the continuously growing healthcare sector, contributes to the market share held by Europe.
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For the purpose of this report, Reports and Data have segmented the global Plastics market according to Product Type, Degradability, End-user, Application, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Acrylonitrile butadiene styrene
Liquid crystal polymers
Degradability Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Non-biodegradable conventional plastics
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Electrical & electronics
Furniture & bedding
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Carbonated soft drinks
Other Product Type of drinks
Sheet & Film
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
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