The Global Plastic Market size is expected to reach USD 752.16 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to the latest report by Reports and Data. Increase in demand for Global Plastic from automotive, construction and electronics is driving the market revenue growth.

The major reason for high demand for Global Plastics is the fact that they helps make lives easier, cleaner, and safe. There are various advantages associated with Global Plastics like low-cost imperviousness to water, and ease of manufacturing, which have resulted in their widespread use in industries such as construction and automotive industry. Increase in demand for Global Plastic packaging solutions to protect the products is driving market revenue growth.

Development of engineered Global Plastics has become more durable and robust, which has increased demand for product. They offer better mechanical and thermal properties and are much lighter and cost-effective. These Global Plastics finds its application in construction, automotive, and machinery. Though there are various advantages associated with the use of Global Plastics, which support the growth of the market, adverse market factors like stringent regulations on the use of Global Plastics and raising awareness about the adverse impact of Global Plastics on the environment may slow down the market growth.

Various initiatives taken by the market players are supporting the growth of the market. One such initiative is the initiation of new projects. For instance, SABIC, announced new projects in Asia and the Netherlands, in February 2018. The focus of this initiative was to expand the company's global capacity for two high-performance engineering thermoGlobal Plastic materials, Noryl and Ultem resins. 
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Top companies profiled in the report include:

Arkema, BASF SE, SABIC, Eastman Chemical Company, DowDuPont, Evonik Industries, Celanese Corporation, Sumitomo Chemicals, Lotte Chemical Corporation, and Chevron Phillips Chemical Co. LLC.

Some Key Highlights in the Report

In June 2021, Covestro and Nexeo Global Plastic partnered together for development and launch of Polycarbonate/ABS 3D printing filament – Addigy^® FPB 2684 3D. The product performs well by resisting discoloration and avoiding fragility in extreme temperature. It also saves time and money in replacing parts as it is resilient and long-lasting.

Polyethylene segment accounted for largest revenue share in 2020 as it has enhanced mechanical and physical properties and dimensional stability. Polyethylene is used in various applications, such as, films and membrane, packaging and cable coverings, buckets, toys, lids, and container bottles. It is also available in different grades like high-density polyethylene (HDPE) and low-density polyethylene (LDPE), which is also driving growth of the segment.

Biodegradable segment revenue is forecast to grow at a rapid rate during the forecast period due to rising awareness about the adverse impact of Global Plastic on the environment and associated growing popularity of biodegradable Global Plastics, whose components are derived from renewable raw materials, which contributes to the growth rate witnessed by this segment.

Packaging segment accounted for largest revenue share in 2020 as most of the food and medical product packages are made of Global Plastics. Demand for packaging has increased during COVID-19 pandemic in e-commerce, groceries and healthcare products. Advent of bioGlobal Plastics has played a significant role in pharmaceutical and food and beverage packaging applications.

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Market Insights:

Rising global energy demand, increasing regulatory & environmental pressure and highly volatile oil & gas prices have put great "deal" to other alternative energy sources. There is increased awareness and commitments across firms regarding "Green" energy sources. The demand for green has been driven by environmental pollution caused by conventional energy sources. The energy industry is largely controlled by utilities sector and government in most of the emerging nations like BRIC nations .However, dynamics are drastically changing driven by new policy changes, relaxing the FDI norms in the sector, increased privatization, new capital investments of power projects by both public & private, smart grid to better manage services & reduce transmission losses, use of smart metering and and growing electricity demand.

Global Global Plastic Market Segmentation:

By Types:

Polyethylene

Polypropylene

Polyurethane

Polycarbonate

Acrylonitrile Butadiene Styrene (ABS)

Polyphenylene Oxide

Polyvinyl chloride

Polyethylene terephthalate

Polybutylene terephthalate

Liquid crystal polymers

Epoxy polymers

Polyamide

Polysulfone

PEEK

PPSU

Others

 By Applications:

Bottled Water

Sheet & Film

Food Packaging

Non-Food Packaging

Carbonated Soft Drinks

Others

 Regional analysis covers:

North America (U.S.A., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of Europe)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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