China's plastics market is projected to grow at 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. Chinese auto parts industry has increased rapidly, fueled by the increasing presence of international automobile manufacturers in the country. Owing to the increase in the global demand, Chinese suppliers of automotive parts have started supplying their parts to the foreign markets.

China's 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.

Furthermore, some of the key players covered in the market report include Asahi Kasei Corp., Hanwha Group, Sumitomo Chemical Co., Ltd., Jam Petrochemicals Co., Toray Group, and Showa Denko K.K. 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, Showa Denko K.K. expanded manufacturing lines to produce synthetic resin emulsion and vinyl ester resin in the premises of Shanghai Showa Highpolymer Co., Ltd. (SSHP), SDK Chinese subsidiary. The company has enhanced the production of vinyl ester and synthetic resin-emulsion, which intends to expand the functional resin business of Showa Denko Group in China. 

Research Methodology

The market study of the China 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. China Plastics Market Research and Analysis by Type
2. China Plastics Market Research and Analysis by Application

The Report covers:

• Comprehensive research methodology of the China 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 China plastics market.
• Insights about market determinants which are stimulating the China plastics market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.