The report further mentions that the Plastics market analysis Market size is projected to reach USD 647.48 billion by 2026, thereby exhibiting a CAGR of 4.9% during the forecast period. However, it stood at USD 441.55 billion in 2018.
Increasing Demand from Food & Beverage Industry to Accelerate Growth
In several industries, namely, consumer goods, automotive, food & beverage, and electrical & electronics, the demand for plastics is increasing at a rapid rate. Above all, in the food & beverage industry, plastics are used at a large scale because of the increasing demand for packaging materials. As per one of our lead analysts, “Plastics are capable of acting as the stumbling blocks between the external environment and the food items. Therefore, the existing manufacturers are inclining more towards enhanced plastic packaging to reduce quality degradation and possibility of food contamination.” These factors are set to drive the Plastics Market growth during the forthcoming years.
Fortune Business Insights™ lists out some of the most renowned companies present in the Plastics Market. They are as follows:
Reliance Industries Limited
China Petroleum Corporation
Formosa Plastics Group
Other key players
Get a detailed summary of Plastics Market insights: https://www.fortunebusinessinsights.com/plastics-market-102176
Availability of Cost-effective Raw Materials to Favor Growth in Asia Pacific
In terms of region, the polymers market is grouped into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Amongst these, North America acquired USD 72.90 billion Plastics Market revenue in 2018 and is likely to showcase significant growth throughout the forecast period. This growth is attributable to the increasing demand for plastics in the U.S. from industries, namely, healthcare & pharmaceuticals, automotive, packaging, and more. Europe is expected to experience considerable growth in the near future on account of the high demand for plastics from the infrastructure & construction industry.
Asia Pacific, on the other hand, is likely to be the fastest-growing region owing to the large consumption of plastics by India and China. China would lead because of the availability of raw materials at lower rates in this country. It is, in turn, minimizing the hindrances involved in the plastic production process. Apart from that, the demand for plastics from the consumer goods industry is skyrocketing because of their increasing usage in the production of textiles, toys, and sports goods.