Plastics are synthetic or semi-synthetic unrefined solids. They are modified or molded to various helpful products. The worldwide plastics market is estimated to attain about USD 654.4 billion by 2020. Some of the consumer industries of plastics include construction, packaging and automotives. Expansion in these industries in the developing countries of India, China and Brazil is predicted to be a significant factor, positively impacting the plastics market.
For Market Research Report on ÂPlastics MarketÂ Visit - http://www.grandviewresearch.com/industry-analysis/global-plastics-market
Moreover, increased demand for thermoplastics with high performance in the industry of automotives is also estimated to positively affect market growth. Varying costs of raw materials and rising ecological concerns with respect to the dumping and sustenance of plastics are projected to serve as major obstacles for the plastics market. To steer clear of the same, dominating participants of the market are studying ways and means of growing bio-substitutes over conventional plastics.
The worldwide plastics market is administered by its consumer and application sectors. Plastics are economical, simple to make and supple to use. These features work in favor of the market and add income to the same. The other versatile feature that does well for the plastics market and steers further growth is improved resistance to pressure and heat. Environmental policies in regard to plastics also hinder the pace of the market to some extent.
The plastics market is segmented in view of three categories. These include products, applications and regions. The products market is segmented on account of polypropylene, polyethylene, PET, PVC, engineering plastics and polystyrene. The various applications include injection moldings, films and sheets, packaging, fabrics, construction and conveyance. Rising demand for plastics in all the aforementioned sectors is also projected to drive increased demand for the plastics market. The regions market is divided, taking into consideration four geographies. These include Asia Pacific, rest of the world, North America and Europe.
The products plastics market was dominated by polyethylene in 2013. Polyethylene captured nearly 35 percent of the total market that year. PET is estimated to be the most rapidly developing product during the forecast period. Packaging and construction are the major applications. They generate maximum revenue for the plastics market.
The regions sector was dominated by Asia Pacific in 2013. The region occupied around 44.5 percent of the market in the same year. Further development in the consumer industries of plastics in India and China is predicted to drive the demand for the plastics market in the region. North America and Europe are reasonably developed and estimated to rise slower in comparison to others. The plastics markets of Europe and North America are propelled ahead by rising demand for plastics which are both bio-friendly as well as possess high performance.
South and Central America are estimated to be the most swiftly developing regions. They are likely to grow at about 6 percent CAGR during 2014 to 2020. Boosting demand for construction and vehicles in Argentina and Brazil is also anticipated to add revenue to the worldwide plastics market and drive it ahead.
Information Source: Grand View Research