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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.
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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:
Fortune Business Insights™ profiles some of the most reputed organizations operating in the plastics market. They are as follows:
Further Report Findings-
The plastics market can be segmented in the following manner:
Value (USD Billion) and Volume (Million Ton)
By End-Use Industry