Plastics Market
The global Plastics Market is projected to witness a growth rate of 3.4% over the forecast period (2021-2028). The increasing application of plastics in the construction, automotive, and electronic industries and the strategic norms to decrease the overall weight of the vehicle are the chief forces supplementing the market growth.
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Plastics Market Dynamics
The increasing implementation of plastics in electronic industry, such as TVs, washing machines, and the mobile phones is the driving force complementing the growth of the global plastics market. Plastics have a barrier property that impedes food and beverages from defilement and damage at all points in the retail process. Also, as per the Plastics Market report, the plastics can easily be moulded and provide extensive elasticity to withstand physical stress and offer high strength. Thus, this has further propelled the market growth. Besides this, the growing demand for plastics in the packaging of food and beverage sector is the prime force supplementing the Plastics Market size. The demand for plastics has substantially increased from electronics industry because of the need to reduce the weight of the vehicle and enhance fuel effectiveness. As per the plastics Industry Association, durable goods, in 2020, gauged for 23% of share in plastics market, whereas transportation tools accounted for 12.5% and furniture for 2.4%. However, the rigorous norms regarding the usage of plastics will restrain the market growth. Various countries and producers are promoting the adoption of eco-friendly substitutes, such as wood, paper, natural fiber cloth, and cardboard to decrease the pollution caused y the plastics.
Type Segment Drivers
Based on the type, the polypropylene (PP) segment is likely to witness a remarkable growth over the forecast period. Polypropylene is a thermoplastic polymer extensively used in automotive parts, microwave containers, food packaging, constructions, banknotes, and pipes. Also, the Plastics Market research report projects that the expansion in packaging and automotive industry will steer he market demand. For instance, as per a report published by PlasticEurope, in 2019, PP type plastics registered the highest demand, i.e., 19.4% of the total European plastics demand.
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