Market Synopsis

According to the MRFR analysis, the Global Plastics Market Report was valued at USD 545.2 billion in 2018 and is expected to reach over USD 791.2 Billion by the end of 2025 at a CAGR of 4.3%.

The plastics is one of the most evolving markets in the past few years. Plastic products are used in various industries such as automotive transportation, building construction, consumer appliances, electrical electronics, packaging, and medical. The increasing demand for reinforced plastics is projected to drive the growth of the global plastics market during the forecast period. Moreover, biodegradable plastics are also gaining popularity in various industries since they are all sourced from plants and vegetable extracts. The biodegradable plastics market is projected to value more than USD 6.5 billion by 2025.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/plastics-market-8347  

Opportunity Analysis

The automotive industry is one of the major consumers of plastics. Therefore, the change in the plastic material selection can have major implications on the demand for plastic and financial performance of plastic manufacturers. At present, approximately one-third of the parts used in automobiles are made of plastics. Moreover, more than 35 types of plastic materials are used in the manufacturing of automobile parts and more than 70% of the plastic materials are polyurethane, polyamides, polypropylene, and PVC.

The emergence and rapid expansion of the electric vehicles segment are projected to play a major role while considering the market outlook of the automotive industry. While the overall production of electrical vehicles remains at low on the global level, electrification of vehicle fleet has gained massive momentum in the past few years. Despite robust growth of the electric vehicles segment across the world, internal combustion engine based automotive is projected to acquire largest proportion of the vehicle fleet.

SEGMENTATION

By Type

• Polypropylene (PP): The polypropylene (PP) product segment held the second-largest market share in 2018. The growing preference for PP products as an alternative to other traditional materials such as metals is projected to fuel the product demand over the forecast period.

• Polyethylene Terephthalate (PET): The PET product segment is projected to witness significant market growth in the global market owing to the rising demand in the food beverage industry and easy recycling of PET products.

By Application

• Packaging: The increasing demand for packaging in various industries such as healthcare, food beverage, cosmetics, personal care, and electronics is expected to propel the growth of the plastics market during the forecast period.
• Automotive Transportation: Stringent regulations pertaining to carbon emissions and increasing need to reduce the weight of the vehicle to enhance the vehicle efficiency are expected to fuel the demand for plastic materials over the forecast period.
• Building Construction: The infrastructure development in emerging countries such as China, India, Brazil, and South-East Asia is driving the demand for plastic in the construction industry.

Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/8347 

By Region

• North America: The growth is driven by the well-established automotive industry.

• Europe: The market is projected to witness steady growth.

• Asia-Pacific: The largest and fastest-growing regional market.

• Latin America: A small but growing automotive industry in Brazil, Mexico, and Argentina will drive the plastics market growth.

• Middle East Africa: Ready supply of raw materials is exhibiting high growth opportunities in the region.

About Market Research Future - 

 At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles. 

MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

 In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.

 Contact: 

Market Research Future®

 99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

 Phone: +1 628 258 0071(US) +44 2035 002 764(UK)

 Email: [email protected]

 Website: https://www.marketresearchfuture.com