Plastics Market Size to Reach USD 647.48 Billion by 2026; Increasing Production of Recyclable Products to Propel Growth, says Fortune Business Insights™

Pune, Feb. 14, 2020 (GLOBE NEWSWIRE) — The global Plastics Market size is anticipated to gain momentum from the rising initiatives by the manufacturers to adopt renewable sources for making plastics. At the same time, the governments of various countries are conducting awareness programs regarding the environmental hazards taking place because of the usage of plastics.

Hence, companies are mainly producing recyclable plastics. This information is published by Fortune Business Insights™, in a recent report, titled, “Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-Use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the Plastics 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.

Highlights of the Report

  • Country-wise analysis of significant geographical regions.
  • Extensive analysis of polymers market expansion and market-entry strategies.
  • Competitive landscape, such as new product launches, agreements, contracts, investments, strategic collaborations, and mergers and acquisitions.
  • In-depth information about the Plastics Market trends, opportunities, challenges, growth drivers, and barriers.

Get a Sample PDF Brochure of Plastics Market Report:

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:

  • Borouge
  • LyondellBasell
  • Braskem
  • Covestro AG
  • Dow
  • Reliance Industries Limited
  • ExxonMobil Chemical
  • China Petroleum Corporation
  • Inoac Corporation
  • Total S.A.
  • DuPont
  • Formosa Plastics Group
  • Other key players

Get a detailed summary of Plastics Market insights:

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 …

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