Kenneth Research recently added a report on the Global Plastics Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Plastics Market is valued approximately at USD 560.64 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.4% over the forecast period 2020-2027. Plastics have witnessed an increasing product application scope in various industries like automotive, industrial packaging, construction, electrical & electronics and others, due to its unique qualities, such as durability, chemical & water resistance. Further, increasing investment in industrialization, rising urbanization and easy availability of plastic along with the customization has led the adoption of Plastics across the forecast period. For Instance: In Feb 2020, DSM expanded the capacity of its high-performance materials compounding plant in Evansville, IN., to meet increased regional demand for materials such as Akulon polyamide (PA) 6 and 66, Arnite PET/PBT, Arnitel thermoplastic copolyester (TPC), EcoPaXX PA 410, ForTii PA 4T/PPA and Stanyl PA 46. As per the World Bank data of 2019, China is the largest exporter of plastics, due to abundant availability of raw materials and the low cost of production in China,thus increasing the market globally. However, environmental degradation due to non-biodegradable plactics impedes the growth of the market over the forecast period of 2020-2027. Also, the advent of bio-based plastic drives the market growth, for instance Kolon Industries, partnered with SK Global Chemical to produce an eco-friendly biodegradable plastic product called PBAT for the production of recycled products using waste plastic as raw materials. With the favorable government initiatives for the recyclability of conventional materials, the adoption & demand for Plastics is likely to increase.
The regional analysis of global Plastics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europoe is the leading/significant region across the world in terms of market share owing to the easy availability, export of products around the world, developed automotive and well-established manufacturing base. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2022-2031. Factors such as rising disposable income, urbanization and due to low cost of raw materials & labor many companies setting up their manufacturing base in Asia would create lucrative growth prospects for the Plastics market across Asia-Pacific region.
Major market player included in this report are:
- BASF SE
- Dow Inc.
- DuPont de Nemours, Inc.
- Evonik Industries
- Sumitomo Chemical Co., Ltd.
- Celanese Corporation
- Eastman Chemical Company
- Chevron Phillips Chemical Co., LLC
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyurethane (PU)
- Injection Molding
- Blow Molding
- Roto Molding
- Electrical & Electronics
- North America
- South Korea
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2017, 2018
- Base year – 2019
- Forecast period – 2022 to 2031
Target Audience of the Global Plastics Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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