Plastics is the term commonly used to describe a wide range of synthetic or semi-synthetic materials that are used in a huge and growing range of applications. Plastics are a whole family of hundreds of different materials, designed to meet the requirement of every single application in the most efficient way possible. The rising adoption of the plastic-based material in various applications such as building & construction, packaging, automotive and others is a major factor that propels the growth of the global market. Plastics find its application in nearly every aspect of life, be it aeronautics industry to a wide range of consumer goods. In the aeronautics industry, plastics are used in satellites, shuttles, and aircraft. The plastics are a lightweight, versatile material that is suitable for a wide range of consumer and industrial applications. Plastics contribute to the more efficient application of energy and lower CO2 emissions over their life cycle due to their unique properties, meaning that they can greatly enhance resource efficiency. Additionally, the rising adoption of bioplastics is the key market trend for the market. The bioplastics are easily degradable and less harmful to the environment as compared to non-degradable plastics. However, the strict regulations and policies related to the degradability of engineering plastics products can hamper the growth of the global plastics market.

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Polyethylene (PE) is estimated to have significant market share in the global plastics market

The PE plastics material segment is projected to have a significant market size in the global plastics market during the forecast period. PE is one of the most popular types of plastics used in the packaging industry for making plastics films, bags, containers, bottles, and other packaging products. PE plastics possesses some of the beneficial properties, such as toughness, high tensile strength, and good barrier properties to moisture. These properties make the PE material suitable for the packaging and other applications that further contribute to the growth of the market. For instance, a particularly important property of PE plastics is its low melting point, which assists in the heat-sealing of products in the packaging industry.

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Automotive application segment is projected to have significant growth in the global plastics market

The application of plastics in the automotive industry is growing significantly, which in turn, is contributing to the segmental growth. The plastics are used primarily to make cars extra energy efficient by dropping weight, corrosion resistance, together with durability, toughness, resiliency and high performance at low cost and design flexibility. Moreover, there is a considerable increase in the demand for lightweight materials in vehicles has been projected in the recent past, as even a 10% reduction in vehicle weight yields 6.5% reduction in fuel consumption, which in turn, results in reduced carbon emissions. Increasing the efficiency of vehicles further reduces the greenhouse emission from the vehicle. These are some of the prominent factors that propels the growth of the plastics in the automotive industry.

Market Segmentation

By Material Type

• Polyethylene (PE)
• Polypropylene (PP)
• Polystyrene (PS)
• Polyvinylchloride (PVC)
• Polyurethane (PUT)
• Polyethylene terephthalate (PET)
• Acrylonitrile-Butadiene-Styrene (ABS)
• Polymethyl Methacrylate (PMMA)
• Others ( Polyphenylene Oxide, Polycarbonate, Polyamide)

By Application

• Packaging
• Building & Construction
• Automotive
• Electrical & Electronics
• Healthcare
• Household, Leisure and Sports
• Agriculture
• Others (Consumer Goods, Furniture)

Regional Analysis

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• Rest of Asia-Pacific

Rest of the World

Company Profiles

• Airex Industries Inc.
• Arkema Group
• Arya Sasol Polymer Co.
• Asahi Kasei Group
• BASF SE
• BiologiQ, Inc.
• Borouge Pte. Ltd.
• Braskem S.A.
• Celanese Corp.
• Chevron Corp.
• Chi Mei Corp.
• Koninklijke DSM N.V.
• DuPont de Nemours, Inc.
• Eastman Chemical Co.
• EQUATE Petrochemical Co.
• Evonik Industries AG
• Exxon Mobil Corp.
• Formosa Plastics Corp.
• Hanwha Group
• Hanwool Corp.
• Hexcel Corp.
• INEOS AG
• Jam Petrochemical Co.
• Kuraray Plastics Co., Ltd.
• KW Plastics, Inc.
• LANXESS AG
• Lotte Chemical Corp.
• LyondellBasell Industries N.V.
• MBA Polymers Inc.
• Mitsubishi Chemical Corp.
• Mitsui Chemicals, Inc.
• Momentive Performance Materials Inc.
• NOVA Chemicals Corp.
• Petoskey Plastics, Inc.
• PolyOne Corp.
• Reliance Industries Ltd.
• Rogers Corp.
• Saudi Basic Industries Corp.
• SEKISUI Polymer Innovations, LLC
• Shin-Etsu Chemical Co., Ltd
• Solvay SA
• Sumitomo Chemical Co., Ltd.
• Teijin Ltd.
• The Dow Chemical Co.
• The Plastics Group of America
• Toray Industries, Inc.
• Total Petrochemicals & Refining S.A.
• Toyo Engineering Corp.
• Vip Rubber Co, Inc.
• Wellman Advanced Materials, LLC
• Westlake Chemical Corp.

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