Plastics Market Market Size, Share, Growth & Forecast By 2027 | Top Key Players

Posted by asmita rai on April 21st, 2021

Plastics Market Analysis

According to the MRFR analysis, the Global Plastics Market was valued at USD 545.2 billion in 2018 and is expected to reach over USD 791.2 Billion by the end of 2025 at a CAGR of 4.3%.

The plastics is one of the most evolving markets in the past few years. Plastic products are used in various industries such as automotive & transportation, building & construction, consumer appliances, electrical & electronics, packaging, and medical. The increasing demand for reinforced plastics is projected to drive the growth of the global plastics market during the forecast period. Moreover, biodegradable plastics are also gaining popularity in various industries since they are all sourced from plants and vegetable extracts. The biodegradable plastics market is projected to value more than USD 6.5 billion by 2025.

The automotive industry is one of the major consumers of plastics. Therefore, the change in the plastic material selection can have major implications on the demand for plastic and financial performance of plastic manufacturers. At present, approximately one-third of the parts used in automobiles are made of plastics. Moreover, more than 35 types of plastic materials are used in the manufacturing of automobile parts and more than 70% of the plastic materials are polyurethane, polyamides, polypropylene, and PVC.

The emergence and rapid expansion of the electric vehicles segment are projected to play a major role while considering the market outlook of the automotive industry. While the overall production of electrical vehicles remains at low on the global level, electrification of vehicle fleet has gained massive momentum in the past few years. Despite robust growth of the electric vehicles segment across the world, internal combustion engine based automotive is projected to acquire largest proportion of the vehicle fleet.

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Report : https://www.marketresearchfuture.com/reports/plastics-market-8347

Regional Analysis

• North America: The growth is driven by the well-established automotive industry.

• Europe: The market is projected to witness steady growth.

• Asia-Pacific: The largest and fastest-growing regional market.

• Latin America: A small but growing automotive industry in Brazil, Mexico, and Argentina will drive the plastics market growth.

• Middle East & Africa: Ready supply of raw materials is exhibiting high growth opportunities in the region.