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.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.
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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.
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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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.