{"id":33605,"date":"2022-12-21T10:42:54","date_gmt":"2022-12-21T10:42:54","guid":{"rendered":"https:\/\/siit.co\/guestposts\/?p=33605"},"modified":"2022-12-21T10:42:54","modified_gmt":"2022-12-21T10:42:54","slug":"plastics-market-size-to-grow-at-a-cagr-of-3-18-during-2023-2028","status":"publish","type":"post","link":"https:\/\/siit.co\/guestposts\/plastics-market-size-to-grow-at-a-cagr-of-3-18-during-2023-2028\/","title":{"rendered":"Plastics Market Size To Grow at a CAGR of 3.18% during 2023-2028"},"content":{"rendered":"

The latest research study \u201cPlastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028<\/strong>\u201d by IMARC Group, finds that the\u00a0global plastics\u00a0market<\/a>\u00a0size reached US$ 615.2\u00a0Billion in 2022. Looking forward, IMARC Group expects the market to reach\u00a0US$ 747.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.18% during 2023-2028.<\/strong><\/p>\n

Plastics represent polymeric materials made from semi-synthetic or synthetic organic compounds that are malleable and can be molded into selected shapes using heat and pressure. Commonly used polymeric materials include polypropylene (PP), polyvinyl chloride (PVC), polyethylene (PE), and liquid crystal polymers. Plastics are widely used for manufacturing cups, cases, bottles, food wraps, bags, tableware, wire insulations, and non-stick surfaces. They are lightweight, cost-effective, and durable and offer high thermal and electrical insulation, corrosion resistance, and inertness to biological materials. As a result, plastics find widespread applications across various sectors, such as packaging, agriculture, automotive, electronics, construction, healthcare, and textile.<\/p>\n

Note:<\/strong>\u00a0We are regularly tracking the direct effect of\u00a0COVID-19<\/strong> on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.<\/p>\n

Request a Free PDF Sample for more detailed market insights:\u00a0<\/strong>https:\/\/www.imarcgroup.com\/plastics-market\/requestsample<\/strong><\/a><\/p>\n

Plastics Market Trends and Drivers:<\/strong><\/p>\n

The escalating product utilization in packing pickles, processed vegetables and fruits, syrups, jams, baby food, and dairy items is among the primary factors driving the plastics market. Besides this, the elevating requirement for polymeric materials in the automotive industry to manufacture vehicle components and improve fuel efficiency, reduce weight, enhance safety, minimize noise, and lower production costs is further augmenting the market growth. Moreover, the introduction of bioplastics with potential applications in food packaging, agriculture, horticulture, medical devices, and cosmetics, owing to their lower carbon footprint, non-toxicity, safety, and bio-inertness, is also catalyzing the global market. Apart from this, the growing popularity of engineering polymeric materials that offer excellent load capacity, thermal stability, mechanical strength, and durability is acting as another significant growth-inducing factor. Furthermore, the increasing product demand for manufacturing composite materials as a replacement for metals, including steel and aluminum, for industrial engineering, building, construction, and machinery is anticipated to propel the plastics market over the forecasted period.<\/p>\n

Plastics Market 2023-2028 Analysis and Segmentation:<\/strong><\/p>\n

Competitive Landscape:<\/strong><\/p>\n

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.<\/p>\n

Arkema S.A, BASF SE, Celanese Corporation, Chevron Phillips Chemical Co. LLC, Chimei Corporation, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, Sumitomo Chemical Co. Ltd. and Toray Industries Inc.<\/p>\n

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure:\u00a0<\/strong>https:\/\/www.imarcgroup.com\/plastics-market<\/strong><\/a><\/p>\n

The report has segmented the market on the basis of<\/p>\n

Breakup by Type:<\/strong><\/p>\n