Plastics Market - In-Depth Research on Market Size, Share, Analysis, Growth, Trends, Industry Report | 2020-2025
The global plastics market is mainly attributed to the increased demand for plastic in packaging products such as bottles, films, containers, among others. Additionally, the implementation of government laws and regulations across the globe limits the production and plastics. Moreover, in several countries such as Germany, the U.S., and Canada, laws regarding the ban on single-use plastics have also been implemented, thereby discouraging the demand for plastics on a global scale. The increasing emphasis on advanced and innovative technologies and products in the plastics industry, such as bio-based plastics and recycled plastics, creates several opportunities for the manufacturers to expand their revenue stream and product portfolios.
The global Plastics Market accounted for $621.9 billion in 2019 and is expected to reach $758.6 billion by 2025. The market is anticipated to grow at a CAGR of 3.37% during the forecast period 2020-2025. The market growth is mainly attributed to the rising number of applications for plastics, increasing adoption and awareness rates of bio-plastics and recycled plastics, and heavy investments made in the research and development of bio-based plastic products and solutions. In addition, governments are coming up with policies and laws to encourage the development and usage of bioplastics in a transparent manner, which is expected to drive market growth during the forecast period.
COVID-19 has hit the plastics industry hard in terms of import of raw-material, transportation, and in maintaining a smooth supply-demand. The unavailability of sufficient raw material has created an imbalance in supply for medium-scale manufacturers as well as small-scale and medium-scale end users. Moreover, the price imbalance created in the oil and gas sector due to COVID-19 resulted in volatility in petroleum-based plastic prices.
Competitive Landscape -
Continuous product expansions (launches and enhancements) are some of the business strategies executed in the plastics market. Several companies, including BASF SE, Lanxess AG, LyondellBasell Industries N.V., and INEOS have been involved in product launches and enhancements.
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