The North American plastics market is anticipated to project a CAGR of 2.4%, during the forecast period. The key factors contributing to the growth of the plastic market include cohesive government regulations, rising demand for efficiently moldable packaging across the food & beverages, cosmetic and personal care industry in the region, and increased per capita consumption in the major countries of the region including the US and Canada. 

Moreover, North America is known to motivate manufacturers of the region to produce a high-end pharmaceutical packaging solution within the region. Moreover, in February 2019, the American Chemical Council’s Plastics Division and the European Union (EU) had announced the target of 100.0% use of recyclable, reusable, and compostable plastics by 2025 and 2040, respectively in their regions. These regulations are expected to shape the plastic packaging industry of the region in the future.

The North American 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. Plastic packaging has become ubiquitous in North America, owing to the advantages offered by it over other forms of packaging.

Geographically, the North American plastics market is segmented into the US and Canada. The US accounted for a major share in the market in 2019 due to the high consumption rate of plastics across the end-use market in the US. Higher per capita income, high usage of plastics in the packaging of personal care & cosmetics, food & beverages, and pharmaceutical industries, is driving the plastics market in the US. The Canadian plastics market tends to grow at a CAGR of around 2.1% during the forecast period. 

Furthermore, some of the global players operating in the North American market include Exxon Mobil Corp., Saudi Basic Industries Corp. (SABIC), The Dow Chemical Co., Celanese Corp., Formosa Plastics Corp., BASF SE, and others. 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 July 2020, Celanese Corp. declared the establishment of a European Compounding Center of Excellence at the Company’s Forli, Italy facility This comprises the intended consolidation of its compounding operations in Kaiserslautern, Germany; Wehr, Germany; and Ferrara Marconi, Italy. This move is being aimed to further optimize the manufacturing footprint across the globe for its engineered materials facilities.

Research Methodology

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

The Report Covers:

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