MOSCOW (MRC) -- Global plastics market is projected to grow at a CAGR of 7.03% from 2017 to 2025, as per Plastemart with reference to Orian Research.
Plastics are used in a variety of industries: construction, packaging, appliance, automobile, textile, transportation, and many others. A large number of manufacturers supply many different products to numerous end-users for a multitude of applications. The major drivers for plastics market would be its low cost, flexibility of use, easy manufacturing capabilities, growing construction in Asia-Pacific region among others. Thus, plastics can be regarded as synthetic or semi-synthetic organic solids which can be transformed into several useful products. Also, the paradigm shift of technology to recycle plastics for end-use applications provide significant opportunities to the entire supply chain of the plastics market.
Polyethylene (PE) is derived from polymerization of ethylene and has the properties like chemical & thermal resistivity, flexibility, electrical & thermal insulation among others. Due to its light weight and easy manufacturing capability, polyethylene has found applications in various industries such as construction, electronics, and automotive.
The polyethylene market is projected to grow at a considerable CAGR in the emerging economies. Also, the demand from different domains such as injection moulding, food & beverages and packaging has fuelled the demand. On the other hand, Polyethylene terephthalate (PET) is projected to grow at a significant CAGR during the forecast period (2017-2025).
Asia Pacific plastics market is projected to account for a share of around 45% of the global plastics market by 2025. The growing automotive and construction sectors in countries such as India and China with the adoption of rapid technological advancement has significantly boosted Asia-Pacific's plastics market. Presence of major automotive industries in Germany and France should drive European plastics market along with the growing demand for high performance and environmental friendly plastics materials such as bio-based plastics and engineering thermoplastics. Also, the Central & South American region is projected to grow at a considerable CAGR during the forecast period.
We remind that, as MRC wrote earlier, the global bio-based PET market is expected to grow at 68.25% CAGR by 2019, as per report by ReportsnReports.