In a recently published report, Global Plastics Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Plastics Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Plastics Market is valued approximately at USD 560.64 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.4% over the forecast period 2020-2027. Plastics have witnessed an increasing product application scope in various industries like automotive, industrial packaging, construction, electrical & electronics and others, due to its unique qualities, such as durability, chemical & water resistance. Further, increasing investment in industrialization, rising urbanization and easy availability of plastic along with the customization has led the adoption of Plastics across the forecast period. For Instance: In Feb 2020, DSM expanded the capacity of its high-performance materials compounding plant in Evansville, IN., to meet increased regional demand for materials such as Akulon polyamide (PA) 6 and 66, Arnite PET/PBT, Arnitel thermoplastic copolyester (TPC), EcoPaXX PA 410, ForTii PA 4T/PPA and Stanyl PA 46. As per the World Bank data of 2019, China is the largest exporter of plastics, due to abundant availability of raw materials and the low cost of production in China,thus increasing the market globally. However, environmental degradation due to non-biodegradable plactics impedes the growth of the market over the forecast period of 2020-2027. Also, the advent of bio-based plastic drives the market growth, for instance Kolon Industries, partnered with SK Global Chemical to produce an eco-friendly biodegradable plastic product called PBAT for the production of recycled products using waste plastic as raw materials. With the favorable government initiatives for the recyclability of conventional materials, the adoption & demand for Plastics is likely to increase.
The regional analysis of global Plastics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europoe is the leading/significant region across the world in terms of market share owing to the easy availability, export of products around the world, developed automotive and well-established manufacturing base. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, urbanization and due to low cost of raw materials & labor many companies setting up their manufacturing base in Asia would create lucrative growth prospects for the Plastics market across Asia-Pacific region.
Major market player included in this report are:
DuPont de Nemours, Inc.
Sumitomo Chemical Co., Ltd.
Eastman Chemical Company
Chevron Phillips Chemical Co., LLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Electrical & Electronics
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Plastics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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