The global plastics market size is expected to reach USD 754.3 billion by 2027, according to a new report by Grand View Research, Inc., progressing at a revenue-based CAGR of 3.5% during the forecast period. Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency will drive the plastics market over the forecast period. Plastics facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials such as metals or rubber.
Since the last decade, there has been a substantial demand for the products as replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery. The growth of the plastic market criticality lies on various factors such as ever-increasing requirement of end users in terms of product specification and versatility influencing consumption dynamics. Other factors such as socio-political, production process, and feedstock availability events also have a significant impact on industry trends.
Rapidly developing construction and automobile markets in Asia Pacific will increase the demand for plastics in interiors, exteriors, and under hood components. Its major applications include under hood components in the automotive industry, building interior and exteriors in the construction and infrastructure industries, and various applications in electronics and durables.
Asia Pacific is likely to witness the highest growth in the construction industry across the globe, wherein China is at the forefront of the growth. Growing population coupled with rapid industrialization and urbanization in emerging economies have influenced regional governments to increase their construction spending in order to cater to growing infrastructure needs. Increasing construction spending by governments, particularly in China and India, will fuel the demand in infrastructure and construction applications.
Plastics are also witnessing substantial growth in the pipes and fittings segments on account of their lightweight, long life span, corrosion resistance, and reduced cost structures.
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Further key findings from the report suggest:
Raw materials used in plastic include hydrocarbon fuels (coal, natural gas and crude oil), salt, and sand. PE production in North America is dependent mainly on natural gas, which is available at a very low cost in the region. PE producers in the region are, thus, highly competitive
Automotive is the fastest growing application segment in the global arena during the forecast period. Increasing incorporation of plastics as opposed to metals and alloys in automotive components has been a major factor contributing to the growth of the segment
Polyether Ether Ketone is expected to witness a CAGR of 6.4% in terms of volume during the forecast period. They are widely used in engineering applications owing to their characteristics, which include being colorless and organic
PVC is one of the major plastic constituents in various building materials and construction activities. The plastic is modified as per requirement to meet structural designs and application specifications.
Grand View Research has segmented the global plastics market on the basis of product, application, and region:
Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Polyvinyl chloride (PVC)
Polyethylene terephthalate (PET)
Acrylonitrile butadiene styrene (ABS)
Polybutylene terephthalate (PBT)
Polyphenylene Oxide (PPO)
Liquid Crystal Polymers
Polyether ether ketone (PEEK)
Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Electrical & Electronics
Furniture & Bedding
Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
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