The global plastic industry market is expected to grow at a steady growth rate over the forecast period 2019-2025. Rising demand for plastics in various applications including construction, automotive, and electrical and electronics industries is fueling the market growth. Moreover, the expansion of the construction industry across emerging economies such as Brazil, China, India, and Mexico is also addressing a substantial demand for plastics, which is also augmenting the growth of the market. Further, increased foreign investment in these economies is also driving the global plastic market. However, due to rising environmental concern associated with the disposal of plastics is hampering the market growth. 

However, amid the COVID-19 outbreak, the plastic industry is soaring at a rapid pace. Single-use plastics are less likely to spread germs than frequently reused fabric carriers. Therefore, governments and regulatory bodies, including in the US states of New York and Maine, are lifting the ban on the use of single-use plastics such as retail shopping bags. Demand for other certain types of plastic-intensive is also expanding these days in various applications such as respirators and ventilators as well as personal protective equipment (PPE) for healthcare workers such as masks, gowns, and goggles.

The report analyzes the global plastic industry on the basis of product, application, and geography. Based on the product, the market is analyzed into PE, PP, PVC, PET, polystyrene, and others. Based on the application, the market is classified into packaging, construction, electrical & electronics, automotive, medical device, and others. Packaging and medical device application segments are expected to register significant demand for plastic in the near terms due to coronavirus outbreak as the demand for single-use disposal plastics surges. Moreover, automotive application segment is expected to address substantial demand for plastic over the forecast period. Automakers are focusing to decrease gross vehicle weight to improve fuel efficiency and eventually reduce carbon emissions have promoted the use of plastics as a substitute to metals, including aluminum and steel, for the manufacturing of automotive components.

Geographically, the market is analyzed into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia-Pacific is expected to dominate the global plastic industry and also expected to grow at the fastest CAGR over the forecast period. Soaring demand for plastic in the region is attributed to the rapid industrialization and growth of the regional manufacturing sector. Major economies that are fueling the plastic industry growth in the region include China, India, South Korea, and Japan. Further, the market consists of several players that are influencing the global plastic industry. Some of the key players of the market include Arkema SA, BASF SE, Celanese Corp., DowDuPont Inc., Evonik Industries AG, Formosa Plastics Corp., Lanxess AG, LG Chem Ltd., and several others. 

Research Methodology

The study on the Plastic Industry is incorporated by extensive primary and secondary research conducted by the research team. In secondary research, different approaches have been adopted to derive the market value, market growth rate, and analyze trends in the industry due to the COVID-19 pandemic. In the report, the analysis of the country is provided by analyzing various regional players, laws & policies, consumer behavior, macro-economic factors, and impact of the pandemic. 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. 

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on 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 integrating different models.

The Report Covers

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