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Global Plastic Market was valued at USD 684.1 Billion in 2022 and is poised to grow from USD 711.2 Billion in 2023 to USD 970.3 Billion by 2031, at a CAGR of 3.96% during the forecast period (2024-2031).

The global plastic market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge. Moreover, companies are heavily investing in product advancements and regulatory approvals to ensure the safety and efficacy of their products. The market also witnesses intense competition in terms of pricing, as players strive to offer cost-effective solutions without compromising on quality. 'ExxonMobil Chemical', 'SABIC', 'Thermofisher ', 'BASF SE ', 'LyondellBasell Industries N.V. ', 'DuPont de Nemours, Inc. ', 'Formosa Plastics Corporation ', 'INEOS Group Holdings S.A. ', 'TotalEnergies SE ', 'Mitsubishi Chemical Holdings Corporation ', 'Covestro AG ', 'Sumitomo Chemical Co., Ltd. ', 'Reliance Industries Limited ', 'Arkema S.A. ', 'Braskem S.A. ', 'LG Chem Ltd. ', 'Borealis AG ', 'Huntsman Corporation ', 'Solvay S.A. ', 'Chevron Phillips Chemical Company LLC'

Numerous industries, including food & beverage, consumer goods, automotive, and electrical & electronics, are experiencing an increase in product demand. Global product consumption is being driven by the food and beverage industry's rising demand for packaging materials. Food producers prefer to utilize packaging that prevents contamination and minimizes food quality deterioration. The need is being fueled by plastic's capacity to serve as a shield between food products and the outside world. In addition, the use of polymers is expanding in sports, fashion, polymer clay, and toy manufacturing due to their excellent resilience and resistance to physical stress. Additionally, they are versatile and simple to mould, allowing for the production of packaging in any shape or size. Due to their excellent elasticity, durability, and usability in the textile industry.

Engineering Plastics are Gaining Traction Boosting Market Growth: The demand for the product has risen since engineering polymers are stronger and more durable than standard ones. They are significantly lighter and more affordable while also offering greater thermal and mechanical qualities. The demand for improved polymer solutions for a variety of applications, including building, equipment, and componentry, is on the rise. Additionally, the expanding need for metal substitutes drives an expansion of the use of engineering polymers across a range of sectors. In a variety of industries, including automobile engineering, building, solar, and water, these materials provide more certain benefits over metal constructions. According to DSM, a number of international OEMs are switching out metal parts with designed plastic ones. For instance, polymers are now used to manufacture Volkswagen's crankshaft covers, which were formerly composed of metal

In the global plastic market, North America is the largest market region, it is a well-established region for manufacturers and has a solid industry and a well-developed manufacturing infrastructure as well as a high consumer demand across different industries. The plastics market is largely led by industries like packaging, automotive, consumer goods, and healthcare that are consuming a lot of plastics. Due to this fact, North America is taking a dominant position in the global plastics market. The area's high-tech economies together with the strong concentration on technology innovation and product development are the other elements that make the place take the lead in the international plastic market. Also, among the factors is that North America holds to its regulatory standards and sustainability initiatives that have seen the adoption of environmentally friendly plastics and recycling practices Mold market dynamics and responsible growth in the region.

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Plastic Market

Product ID: SQMIG15H2065

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