Sid Avasthi Reports and Data’s latest research study on the Plastics market gives a thorough analysis of it. In this report, the global Plastics market is analyzed historically and currently to assess its potential future development. In order to identify opportunistic business opportunities for stakeholders, the study provides detailed information on the key growth factors, restraints, and key trends that are paving the way for future growth in the Plastics market.
The global Plastics market size is expected to reach USD 752.16 Billion in 2028 and register a revenue CAGR of 3.3% during the forecast period. Increase in demand for plastic from automotive, construction and electronics is driving the market revenue growth.
Increasing population, rapid urbanization and industrialization are driving plastics market revenue growth. The major reason for high demand for plastics is the fact that they help 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.
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Market Overview:
Different businesses in the chemicals and materials industries differ in size, geography, business style, and end-market focus. These businesses are part of a larger ecosystem that includes oil, gas, coal, minerals, and bio-based products as raw materials on one hand and a wide range of application industries on the other. It is traditional to divide the chemical industry into three major categories: petrochemicals, diversified manufacturers, and specialized industries.
While the wider patterns discussed in the previous section apply to the entire sector, the complexities of the distinctions among the various players indicate the need to analyze trends by segment of the industry. As part of its multiverse series, Deloitte classified chemical sector stakeholders into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups usually has its own strategic imperatives. It is common for vertically integrated natural owners to prioritize continuous improvement over innovation when operating their businesses. By focusing on supply chain efficiency, market innovation, and cost optimization, differentiated commodities flourish in a highly fragmented and complex industry. This is exactly what solution providers do: they focus on maximizing the value of their unique products as well as their application expertise and services.
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Moreover, the report provides insight into how the Plastics market will develop between 2023 and 2028. Companies operating in the Plastics market can benefit from the in-depth dynamics presented in the report, thereby making strategic development decisions that will help them succeed. During the forecast period, the Plastics market is expected to undergo significant changes that will highly configure its growth.
Furthermore, the report highlights the growth prospects of the Plastics market and estimates market progress in terms of value (USD million) and volume (thousand units).
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Competitive Landscape
Competitive landscape of the global Plastics market is consolidated with moderate number of key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolio and gain a robust footing in the global market. Major companies in the market include Arkema, BASF SE, SABIC, Eastman Chemical Company, DowDuPont, Evonik Industries, Celanese Corporation, Sumitomo Chemicals, Lotte Chemical Corporation, and Chevron Phillips Chemical Co. LLC.
Initiatives taken by market players are driving growth of the market, for instance:
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 temperatures. It also saves time and money in replacing parts as it is resilient and long-lasting.
In December 2020, Trinseo acquired Arkema’s polymethyl methacrylates and activated methyl methacrylates business. This acquisition will act as a catalyst for portfolio transformation towards a high margin and less cyclical solution provider. The acquisition will generate approximately USD 50 million in annual pretax cost synergies by 2023.
Research Methodology: Plastics Market
The research methodology adopted by analysts to compile the Plastics market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Plastics market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Plastics market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Plastics market.
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