Plastic Market to Exceed Valuation of USD 752.16 Billion by 2028

According to a recent report by Reports and Data, the latest projections suggest that the global plastics market is poised to reach a value of USD 752.16 billion by 2028. The report forecasts a compound annual growth rate (CAGR) of 3.3% in terms of revenue over the forecast period. The increased demand for plastic from sectors such as automotive, construction, and electronics is a key driver of this market growth.

Plastics are highly sought after due to their ability to simplify and improve our lives, as well as provide cleanliness and safety. They offer several advantages, including low cost, water resistance, and ease of manufacturing, which have resulted in their widespread use in industries such as construction and automotive. The rising demand for plastic packaging solutions, aimed at protecting products, is also contributing to the growth of the market.

The development of engineered plastics, which are more durable and robust, has further fueled the demand for these products. Engineered plastics offer superior mechanical and thermal properties, are lightweight, and cost-effective. They find applications in construction, automotive, and machinery industries. While there are numerous advantages associated with the use of plastics that support market growth, factors such as stringent regulations and increasing awareness of the adverse environmental impact of plastics may hinder the market's progress.

Market players have undertaken various initiatives to support market growth, such as launching new projects. For example, in February 2018, SABIC announced new projects in Asia and the Netherlands aimed at expanding the company's global capacity for two high-performance engineering thermoplastic materials, Noryl and Ultem resins.

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The report highlights some key events and trends in the plastics market. In June 2021, Covestro and Nexeo Plastic partnered to develop and launch a Polycarbonate/ABS 3D printing filament called Addigy® FPB 2684 3D. This product exhibits excellent resistance to discoloration and fragility in extreme temperatures, and its resilience and long-lasting properties save time and money in part replacements.

In terms of revenue, the polyethylene segment dominated the market in 2020, thanks to its enhanced mechanical and physical properties and dimensional stability. Polyethylene finds applications in various sectors, including films, packaging, cable coverings, toys, and container bottles. The segment's growth is further fueled by the availability of different grades like high-density polyethylene (HDPE) and low-density polyethylene (LDPE).

The biodegradable segment is expected to witness rapid growth during the forecast period due to increasing awareness of the environmental impact of plastic and the growing popularity of biodegradable plastics derived from renewable raw materials.

In 2020, the packaging segment accounted for the largest share of revenue as plastic is widely used in the packaging of food and medical products. The demand for packaging has increased during the COVID-19 pandemic, particularly in e-commerce, groceries, and healthcare products. The advent of bioplastics has played a significant role in pharmaceutical, food, and beverage packaging applications.

North America held a significant revenue share in 2020, driven by high demand from the United States and well-established healthcare, packaging, and electronics industries. The presence of major market players in the region, such as Eastman Chemical Company, DowDuPont, and Celanese Corporation, is also contributing to market growth.

Europe is experiencing increased demand for plastics due to rising construction activities, automotive parts, and food packaging and containers. Germany, in particular, is the largest producer of plastic in the region, accounting for nearly a quarter of the regional demand. The presence of key market players like BASF and LyondellBasell further contributes to market growth.

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