The global plastics market size is expected to reach USD 752.16 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to the latest report by Reports and Data. Increase in demand for plastic from automotive, construction and electronics is driving the market revenue growth.
The major reason for high demand for plastics is the fact that they helps make lives easier, cleaner, and safe. There are various advantages associated with plastics like low-cost imperviousness to water, and ease of manufacturing, which have resulted in their widespread use in industries such as construction and automotive industry. Increase in demand for plastic packaging solutions to protect the products is driving market revenue growth.
Top Companies Operating in the Global Plastic for Non- Food Packaging Market:
Arkema, BASF SE, SABIC, Eastman Chemical Company, DowDuPont, Evonik Industries, Celanese Corporation, Sumitomo Chemicals, Lotte Chemical Corporation, and Chevron Phillips Chemical Co. LLC.
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Some Key Highlights in the Report
- In June 2021, Covestro and Nexeo Plastic partnered together for development and launch of Polycarbonate/ABS 3D printing filament – Addigy®FPB 2684 3D. The product performs well by resisting discoloration and avoiding fragility in extreme temperature. It also saves time and money in replacing parts as it is resilient and long-lasting.
- Polyethylene segment accounted for largest revenue share in 2020 as it has enhanced mechanical and physical properties and dimensional stability. Polyethylene is used in various applications, such as, films and membrane, packaging and cable coverings, buckets, toys, lids, and container bottles. It is also available in different grades like high-density polyethylene (HDPE) and low-density polyethylene (LDPE), which is also driving growth of the segment.
- Biodegradable segment revenue is forecast to grow at a rapid rate during the forecast period due to rising awareness about the adverse impact of plastic on the environment and associated growing popularity of biodegradable plastics, whose components are derived from renewable raw materials, which contributes to the growth rate witnessed by this segment.
- Packaging segment accounted for largest revenue share in 2020 as most of the food and medical product packages are made of plastics. Demand for packaging has increased during COVID-19 pandemic in e-commerce, groceries and healthcare products. Advent of bioplastics has played a significant role in pharmaceutical and food and beverage packaging applications.
- North America accounted for a significant revenue share in 2020 due to high demand from the U.S. Well established healthcare sector, packaging and electronic industries is also driving growth of Plastic for Non- Food Packaging Market in the region. Presence of major market players in the region such as Eastman Chemical Company, DowDuPont and Celanese Corporation is also contributing to the growth of the market.
- An increase in construction activities, rising demand for automotive parts, food packaging and containers are driving demand for plastics in Europe. Germany is the largest producer of plastic in the region and accounts for almost a quarter of plastic demand in the region. The presence of key market players such as BASF and LyondellBasell is also contributing to market growth.
Read full Report Description @ https://www.reportsanddata.com/report-detail/plastic-market
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Plastic for Non- Food Packaging Market Segmentation
By Product Type Outlook:
- Polyethylene
- Polypropylene
- Polyurethane
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Polyphenylene Oxide
- Polyvinyl chloride
- Polyethylene terephthalate
- Polybutylene terephthalate
- Liquid crystal polymers
- Epoxy polymers
- Polyamide
- Polysulfone
- PEEK
- PPSU
- Others
By Application Outlook:
- Bottled Water
- Sheet Film
- Food Packaging
- Non-Food Packaging
- Carbonated Soft Drinks
- Others
By Degradability Outlook:
- Non-biodegradable conventional plastics
- Biodegradable plastics
By End-Use Outlook:
- Packaging
- Agriculture
- Consumer Goods
- Medical Devices
- Automotive
- Furniture and Bedding
- Construction
- Others
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