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Plastics Market Size to Reach $647.48 Billion by 2026; High Demand from Food & Beverage Industry to Propel Growth

February 14, 2020 | Chemicals & Materials

The global plastics market size is projected to reach USD 647.48 billion by 2026. It is expected to grow at a fast pace owing to the rising demand from the food and beverage industry. Plastics, being a barrier between the external environment and the food products, is helping the manufacturers in making innovative packaging solutions. Fortune Business Insights™ mentioned this information in a recently published report, titled, “Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-Use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2019-2026.” The report further states that the market stood at USD 441.55 billion in 2018. However, it is set to exhibit a CAGR of 4.9% during the forecast period from 2019 to 2026.


Huntsman Tecnoelastomeri Launches New Range of Urethane Elastomers


Huntsman Tecnoelastomeri, a manufacturer and marketer of polyurethane-based processing machines and hot-cast elastomer systems, launched its brand new range of high performance, customizable, and MDI-based hot cast elastomers in March 2019. The company is based in Italy. The new range of engineering elastomers is called Tecnothane VTER and it is best suited for the manufacturing of industrial parts, castors, and wheels. They are also ideal for high-load, heavy-duty tasks because of the material’s low hysteresis that requires less energy to operate. According to the company officials, the polymers market was looking for a substitute of NDI-based hot cast elastomer systems. That’s why, the company decided to blend its hot cast elastomers expertise with its MDI chemistry to develop this new series. One of the most crucial features of this product is that it can be operated even in the extreme working conditions.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/plastics-market-102176


Usage of Plastics in Various Industries to Boost Growth


Nowadays, the usage of plastics is increasing in the manufacturing of toys, polymer clay, fashion items, and sports goods. It is occurring as plastics possess numerous properties, namely, high   flexibility in packaging and durability. They also allow easy molding of products and prevent physical stresses. As per one of the lead analysts, “In the textile industry, plastics are adopted at a fast pace because of their enhanced visual appeal and high elasticity.” Besides, they are utilized for the packaging of electrical and automotive spare parts on account of the level of rigidity that they possess. All these factors are anticipated to propel the plastics market growth in the coming years.


Key Players Focus on Increasing Product Portfolio for Gaining Competitive Edge


The market consists of several big, small, and medium enterprises. They are mainly focusing on increasing product portfolio and broadening production capacity by following multiple strategies, such as mergers and acquisitions, new product launches, and investments. LyondellBasell, for instance, is a public multinational chemical company headquartered in Rotterdam. It is at the forefront because of its persistent involvement in acquisitions. Additionally, it has begun offering a variety of plastic products. Below are a few of the major industry developments:



  • July 2019: ExxonMobil, an American multinational oil and gas corporation based in Irving, started the production of a new high performance polyethylene (PE) line in Texas. The expansion is set to upsurge the company’s production capacity by 65%.

  • February 2018: SABIC, a manufacturer of metals, fertilizers, industrial polymers, chemicals, and petrochemicals, headquartered in Saudi Arabia, is planning to increase the capacity of its two high-performance engineering thermoplastic materials, namely, Noryl and Ultem.


Fortune Business Insights™ profiles some of the most reputed organizations operating in the plastics market. They are as follows:



  • China Petroleum Corporation

  • Borouge

  • Total S.A.

  • LyondellBasell

  • DuPont

  • SABIC

  • Dow

  • BASF SE

  • Braskem

  • Inoac Corporation

  • Reliance Industries Limited

  • Formosa Plastics Group

  • ExxonMobil Chemical

  • INEOS

  • Covestro AG

  • Other key market players


Further Report Findings-



  • Asia Pacific is set to be the fastest-growing regions owing to the increasing availability of  

  • North America accounted for USD 72.90 billion plastics market revenue and is set to grow significantly during the forthcoming years.

  • The Middle East and Africa are set to experience high growth on account of the rising demand from the texting and packaging industries.

  • Latin America would exhibit considerable growth because of the rising urbanization in countries, such as Brazil.

  • The automotive & transportation segment under the end user criterion generated 9.0% plastics market share in 2018. It would grow substantially backed by the need to improve vehicle efficiency.


The plastics market can be segmented in the following manner:








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion) and Volume (Million Ton)



Segmentation



By Type



  • Polyethylene (PE)

  • Polypropylene (PP)

  • Polyethylene Terephthalate (PET)

  • Polyvinyl Chloride (PVC)

  • Acrylonitrile Butadiene Styrene (ABS)

  • Polyamide (PA)

  • Polycarbonate (PC)

  • Polyurethane (PU)

  • Polystyrene (PS)

  • Others



By End-Use Industry



  • Packaging

  • Automotive & Transportation

  • Infrastructure & Construction

  • Consumer Goods/Lifestyle

  • Healthcare & Pharmaceutical

  • Electrical & Electronics

  • Textile

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (Germany, UK, France, Italy, Spain, Poland, and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (Saudi Arabia, Turkey, Egypt, and Rest Of Middle East & Africa)


Plastics Market
  • PDF
  • 2018
  • 2015-2017
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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