According to a research report titled ‘Global Plastics Market Size study, by Type (Polyethylene (PE), Polypropylene (PP), Polyurethane (PU) and Others), Application (Injection Molding, Blow Molding, Roto Molding and Others), End-Use (Packaging, Construction, Electrical & Electronics and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global plastics market, worth USD 560.64 billion in 2019, is anticipated to register a CAGR of 3.4% during 2020-2027 and amass a valuation of USD 732.57 billion by the forecast period end.
 

As per the findings of the report, increasing application of plastic in end-user industries such as automotive, construction, industrial packaging, and electrical & electronics, owing to its unique qualities, such as chemical & water resistance and durability are stimulating worldwide plastics industry growth. Rapid urbanization, growing investments in industrialization, and easy availability of plastic are also adding substantial traction to the industry’s growth.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3793416/
 

Furthermore, the advent of bio-based plastic is also driving global plastics market growth. Citing an instance, Kolon Industries partnered with SK Global Chemical to create an eco-friendly, biodegradable plastic called PBAT to manufacture recycled products using waste plastic as raw materials.
 

Parallelly, government initiatives towards promoting recyclability of conventional materials are also adding momentum to overall industry expansion.
 

Despite the positive market outlook, environmental deterioration caused by non-biodegradable plastic is hampering the business dynamics.
 

Considering the regional landscape, North America, Latin America, Asia Pacific, and Europe are the key contributors to global plastics market value. Europe captured a significant share in the market owing to substantial levels of exports, easy availability of the product, and presence of developed automotive and manufacturing facilities.
 

Meanwhile, Asia-Pacific is slated to exhibit a hefty compound annual growth over the forecast period 2020-2027. This can be attributed to availability of lower production and labor costs, rapid urbanization, rising per capita income, and influx of companies setting up manufacturing bases in the region.
 

Major contenders in global plastics market are Chevron Phillips Chemical Co. LLC, Eastman Chemical Company, Celanese Corp., Arkema S.A., Sumitomo Chemical Co. Ltd., Evonik Industries A.G., DuPont de Nemours Inc., Dow Inc., Saudi Basic Industries Corp. (SABIC), and BASF SE.