The demand for plastics varies according to various regions. The market holds a prominent share in various countries of North America, China, and Europe. Asia-Pacific and Japan is currently the largest revenue-generating country in the plastics market, predominantly backed by demand for premium plastic products. Industrial advancements, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major display manufacturing companies are some of the major drivers that are propelling the growth of the market in the country. Additionally, due to the wide-scale production of bio-based and recycled plastics as well as technological advancements pertaining to plastics technology, the market is expected to grow at a steady rate. Apart from Asia-Pacific, China, North America, and Europe are expected to display significant growth potential on account of an excessive industrial base, encouraging government policies, and financial support for research and development offered in the various countries of the entire region.
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The plastics industry is witnessing a gradual shift from conventional plastics to bio-based and recycled plastic products due to various factors such as the need to curb pollution, stringent government regulations on carbon emissions and waste management, and the growing inclination toward a circular economy. In addition, there is an increased installation of plastic production lines, primarily due to an increase in the demand from the packaging industry, which is predicted to propel the market over time. Moreover, the growing demand for bio-based plastics coupled with the increasing awareness to maintain a cyclic economy is expected to drive the novel plastics market during 2020-2025.
The report consists of an extensive study of plastics. The report includes a thorough analysis of various products, end-use industries, substrate type, state of the product, regions, and countries. In this study, the impact of the coronavirus outbreak on various end-use industries for various regions/countries has been considered.
The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and predictive models.
Plastics are among the most affordable materials that provide a wide range of properties, such as mechanical strength, tensile strength, and shelf life. As compared to its alternatives, plastics have comparatively lower prices. Due to factors such as cost, lightweight, structural strength, and easy moldability, plastics have shown a surge in demand from industries such as automotive and aerospace for better fuel efficiencies and lower production costs. Plastics such as polycarbonate have extended their usage from glass sheets to usage in in-home IoT devices due to their impact-resistant, flame retardant, and heat-resistant capabilities.
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Polyurethanes have shown a boost in demand from sectors such as automotive, packaging and seating, and mattresses due to their ability to provide better acoustic and thermal insulation, sustainable resource utilization and memory foam, and better comfortability, respectively. Bioplastics, such as PLA, have also shown increasing utility in the medical industry. For instance, PLA has observed a boost in demand from hearing device manufacturers due to the sustainability and mechanical strength factors provided by the plastic.
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