According to the MRFR analysis, the Global Plastics Market was valued at USD 545.2 billion in 2018 and is expected to reach over USD 804.6 billion by 2032 at a CAGR of 4.3%.
The plastics is one of the most evolving markets in the past few years. Plastic products are used in various industries such as automotive & transportation, building & construction, consumer appliances, electrical & electronics, packaging, and medical. The increasing demand for reinforced plastics is projected to drive the growth of the global plastics market during the forecast period. Moreover, biodegradable plastics are also gaining popularity in various industries since they are all sourced from plants and vegetable extracts. The biodegradable plastics market is projected to value more than USD 804.6 billion by 2032.
Opportunity Analysis
The automotive industry is one of the major consumers of plastics. Therefore, the change in the plastic material selection can have major implications on the demand for plastic and financial performance of plastic manufacturers. At present, approximately one-third of the parts used in automobiles are made of plastics. Moreover, more than 35 types of plastic materials are used in the manufacturing of automobile parts and more than 70% of the plastic materials are polyurethane, polyamides, polypropylene, and PVC.
The emergence and rapid expansion of the electric vehicles segment are projected to play a major role while considering the market outlook of the automotive industry. While the overall production of electrical vehicles remains at low on the global level, electrification of vehicle fleet has gained massive momentum in the past few years. Despite robust growth of the electric vehicles segment across the world, internal combustion engine based automotive is projected to acquire largest proportion of the vehicle fleet.
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Read More About This Report: Plastics Market Share