Global Plastics Market Will Grow at a Steady Rate of 5.3% from 2014 to 2020: Grand View Research, Inc

The global market for plastics is expected to reach USD 654.38 billion by 2020, according to a new study by Grand View Research, Inc. Growth of major end-use industries such as packaging, construction and automotive particularly in emerging markets of China, India and Brazil is expected to remain a key driving factor for global plastic demand. In addition, the need for high performance thermoplastics from automotive industry in order to reduce the overall vehicular weight to gain fuel efficiency is also expected to have positive influence on market growth. Volatile raw material prices coupled with growing environmental concerns regarding plastics disposal and sustainability is expected to pose a serious challenge to market participants. In order to overcome such challenges leading industry participants have been actively investigating the route to develop bio-based alternatives to conventional plastics.

Polyethylene (PE) emerged as the leading product segment for plastics and accounted for 34.9% of total market volume in 2013. PE is used in high volumes across various industries such as film and sheet, injection molding, blow molding and pipe manufacturing. Increasing PE capacity addition, particularly in the Middle East and Asia Pacific has led to overcapacity in the market which has seen the prices decline. PET is expected to be the fastest growing product segment for plastics, at an estimated CAGR of 8.5% from 2014 to 2020.

The report “Global Plastics Market Analysis By Product (PE, PP, PVC, PET, Polystyrene, Engineering Thermoplastics), By Application (Film & Sheet, Injection Moulding, Textiles, Packaging, Transportation, Construction) And Segment Forecasts To 2020” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/global-plastics-market

Further key findings from the study suggest:

• Global plastics demand was 233.75 million tons in 2013 and is expected to reach...