Rising demand for plastic products for medical devices and products and advancements in manufacturing more effective polymers are some key factors driving market growth
The global plastic market size is expected to reach USD 777.35 Billion in 2028 and register a revenue CAGR of 3.9% over the forecast period, according to a latest report by Reports and Data. Some key factors driving global plastic market revenue growth are rising demand for plastic products among pharmaceutical manufacturers and increasing technological advancements for manufacturing more effective polymers. In addition, increase in demand for bio-resins and eco-friendly plastic additives is expected to contribute significantly to revenue growth of the market. Plastic provides a cost-effective and reliable form of packaging for products in the pharmaceutical industry. Two types of polymers commonly used in pharmaceutical packaging are thermoplastics and thermosets. These are widely used in the manufacture of medication bottles, vials, blood bags, inhalers, nebulizers, and syringes. Furthermore, innovation and advancements for manufacturing more effective polymers are expected to increase demand for plastics during the forecast period. Plastics are becoming more applicable across various industries. Shape memory polymer is a valuable area of polymer innovation. In essence, these are materials that can remember that in what shape they were and return to that shape when some stimulus such as heat or light is applied.
Some major companies in the global plastic market report include Dow Chemical Company, LyondellBasell Industries N.V., Exxon Mobil Corporation, Saudi Basic Industries Corporation, Ineos Group Ltd., BASF SE, ENI S.p.A., LG Chem Ltd., Chevron Phillips Chemical Company LLC, and Lanxess AG.
However, government regulations to reduce usage of plastic products is expected to restrain the market growth to a significant extent over the forecast period. Health-related and environmental concerns and risks associated with plastic waste and pollution have led to a surge in regulations, bans, and policies designed to control the production and use of single-use plastic products among others. Waste management policies can take numerous forms, but involve support for the separate collection of different waste streams, either through the mandating of separate collection at the household and commercial level or waste separation at a later stage.
Some Key Highlights From the Report
- Polypropylene segment is expected to register steady growth in terms of revenue over the forecast period. Polypropylene is a thermoplastic additional polymer produced by fusion of propylene monomers. Polypropylene plastic can be used in variety of applications such as packaging of consumer products, making of plastic parts for various industries, including automotive and textiles, and special components such as living hinges.
- The structural foam molding segment is expected to register a rapid revenue growth rate over the forecast period as the structure of this material is like a sandwich, with a low-density core and completely surrounded by a high density layer. Owing to its distinctive core texture, structural foam is generally anywhere from 20.0% to 40.0% lighter than solid polymers, aluminum, or other widely used materials.
- Plastic market in Europe is expected to register substantial growth in terms of revenue during the forecast period. Rising demand for plastics in the automotive sector in countries in the region is expected to continue to boost revenue growth of the market.
- In June 2021 Chevron Phillips Chemical Company LLC launched its Marlex Anew circular polyethylene product line, using an advanced recycling technology to convert difficult-to-recycle plastic waste into high-quality raw materials.
To Identify The Key Trends In The Industry, Research Study At: https://www.reportsanddata.com/report-detail/plastic-market
For the purpose of this report, Reports and Data has segmented the global plastic market based on product type, application, industry vertical, and region:
Product Types Outlook (Revenue, USD Billion; 2018-2028)
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Very Low Density Polyethylene (VLDPE)
- Linear Low Density Polyethylene (LLDPE)
- Medium Density Polyethylene (MDPE)
- High Density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Polystyrene (PS)
- Ethyl Vinyl Acetate (EVA)
Application Outlooks (Revenue, USD Billion; 2018-2028)
- Injection Molding
- Blow Molding
- Compression Molding
- Film Insert Molding
- Gas Assist Molding
- Rotational Molding
- Structural Foam Molding
Industry Vertical Outlook (Revenue, USD Billion; 2018-2028)
- Electrical & Electronic
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa