Asia-Pacific plastics market is projected to grow a CAGR of 3.6%, during the forecast period. The rising demand for plastics in packaging, automotive, consumer electronics, among other domains, are offering growth to the plastics market in the region. There is an increasing application of flexible plastic packaging in pharmaceutical, food & beverage, and personal care products across the Asia-Pacific economies such as China and India. 

Asia-Pacific plastics market is segmented based on type and application. Based on type, the market is broadly categorized into thermoplastics and thermoset plastics. The thermoplastic plastic segment includes the analysis of polyethylene (PE), polypropylene (PP), polystyrene (PS), polyvinylchloride (PVC), polyethylene terephthalate (PET), and others. The thermosetting plastics include polyurethane (PUR), epoxy resins, phenolic resins, acrylic resins, and others such as unsaturated polyester, melamine resins, and vinyl ester resins. Based on application, the market is segmented into packaging; building & construction; automotive; electrical & electronics; household, leisure & sports; agriculture; and others. The packaging is the major application of plastics and is estimated to contribute a significant share to the market. 

Geographically, the Asia-Pacific plastics market is segmented into China, Japan, India, and the Rest of Asia-Pacific. China contributed a major share in the Asia-Pacific plastics market and is estimated to retain its position during the forecast period. China contributes over 55% of the Asia-Pacific plastics market and is exhibiting a CAGR of 3.7% during the forecast period. China is the largest producer and consumer of plastics, backed by the largest automotive manufacturing industry, and the electronics industry across the globe. 

Furthermore, some of the key players covered in the report include Mitsubishi Chemical Corp., Reliance Industries Ltd., Sumitomo Chemical Co., Ltd., Kuraray Co. Ltd., and Toray Group. These companies are using several strategies to expand market share and gain a competitive advantage over their competitors. The strategies include new product launches, mergers and acquisitions, partnerships, and collaborations. For instance, in June 2020, Mitsubishi Chemical and AM Polymers entered into a partnership agreement on PBT powder products for 3D printing. This partnership provides Mitsubishi Chemical and AM Polymers an opportunity to further expand its product portfolio for 3D printing.

Research Methodology

The market study of the Asia-Pacific plastics market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.
• Authentic public databases 
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for plastic manufacturers, raw material suppliers, resellers, traders, and distributors, construction industry, packaging industry, food & beverage industry, electrical & electronics industry, other end-users, government organizations, regulatory bodies, research institutes, and other market participants for overall market analysis and competitive analysis. The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions. 

Market Segmentation:

1. Asia-Pacific Plastics Market Research and Analysis by Type
2. Asia-Pacific Plastics Market Research and Analysis by Application

The Report covers:

• Comprehensive research methodology of the Asia-Pacific plastics market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• Exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Asia-Pacific plastics market.
• Insights about market determinants which are stimulating the Asia-Pacific plastics market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.