A research study titled, “Plastics Market by Product Type and by Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the plastics market is projected to be around $1050.00 billion by 2025.
The global plastics market was worth USD 492.32 billion in the year of 2016 and is anticipated to reach approximately USD 1050.00 billion by 2025 while registering itself at a compound annual growth rate (CAGR) of 8.78% over the forecast period.
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Growth Factors Outlook and Trend Analysis:
The global plastics market is anticipated to grow at a prominent rate with lucrative compound annual growth rate during the forecast period. Approaching technologies that recover, reprocess and reuse plastics are expected to be the key driving factor supporting the growth of global plastics market.
Major plastics manufacturers are investing into cooperative ventures and sharing possessions with biotechnology organizations so as to manufacture bio-based plastics. Plastics are progressively substituting metal from automotive and construction industries owing to their versatile and desired properties such as durability, designing flexibility, high strength-to-weight ratios, and low densities etc.
However, growing concerns regarding the ecological effects of plastics might hamper the growth of the global plastics market during the forecast period.
Competitive Insights and Product Segmentation:
The key market manufacturers for the global plastics market are Saudi Basic Industries Corporation, E. I. du Pont de Nemours and Company, Exxon Mobil Corporation, Formosa Plastic, Indorama Corporation Pte., Ltd., Nan Ya Plastics Corporation, DAK Americas LLC, M&G Chemicals S.A., Octal Petrochem, BASF SE, Dow Chemicals and Total SA.
By application, the market industry is classified as; Film & Sheet, Injection Molding, Textiles, Packaging, Transportation, and Construction. According to product types, the global market is split into; Polypropylene (PP), PET, Polyethylene (PE), PVC, Engineering Plastics, and Polystyrene.
Read More- https://www.crystalmarketresearch.com/report/plastics-market
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