Global Plastic Market to Grow at a CAGR of 4.2% During 2024-2032, Aided by the Increasing Use of Plastics in Healthcare Industry

The plastic industry is being aided by the extensive use of the product in the electronics and healthcare industries. As plastics do not conduct electricity, they have various applications in the electronics industry, which is propelling the industry growth. They are widely used to insulate electric wiring, switches, light fittings, and handles and in various electrical appliances, such as electric razors, hairdryers, and food mixtures, consequently invigorating the market growth. Moreover, plastics are widely used in the healthcare industry owing to their excellent barrier properties. They have diverse applications and are used in various equipment, such as sterile syringes, gloves, adhesive band strips, intravenous blood bags, and IV tubes, among others, which is aiding the growth of the plastic industry. Additionally, with the increasing research and innovations, plastics are also used as orthopaedic devices and prosthesis to align, support, or correct deformities, hence augmenting the market growth.

The leading companies are focussing on creating a sustainable environment by recycling plastic waste. Eastman Chemical Company (NYSE: EMN), one of the leading players, announced the development of world scale plastic to a plastic modular recycling facility in Kingsport in January 2021. The facility will convert polyester waste into durable products and address the global waste crisis and climate change. The company has invested nearly $250 million in the facility to convert nearly 100,000 metric tons of plastic wastes to produce premium and high-quality speciality plastic made of recycled products. Moreover, the company has committed to recycle more than 250 million pounds of plastic wastes annually by 2025. Such developments not only promote the sustainable use of plastics but also further aids the market growth for plastics.

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Market Analysis by Product, Application, End Use, and Region:

• The market, on the basis of product, can be divided into polyethylene (PE), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polybutylene terephthalate (PBT), and polycarbonate (PC), among others.

• Based on application, the industry can be divided into injection moulding, blow moulding, roto moulding, compression moulding, casting, thermoforming, extrusion, and calendering, among others.

• The end uses for plastic include packaging, construction, electrical and electronics, automotive, medical devices, agriculture, furniture and bedding, consumer goods, and utility, among others.

• The regional markets for plastic include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Plastics are increasingly used as metal substitutes in the transportation sector to improve fuel economy and promote green energy, which is catalysing the market growth.

• The market is being aided by the increasing use of plastics in the construction and packaging industries due to their cost-effectiveness and durability.

• The use of plastics in medical equipment such as masks, face shields, and PPE kits is increasing rapidly due to the coronavirus pandemic and is invigorating the market growth.

• Increasing innovations and the rising use of recyclable plastics owing to the growing environmental consciousness are providing impetus to the plastic industry. 

Key Offerings of the Report:

• The EMR report gives an overview of the global plastic market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, applications, end uses, and regions of plastic.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods. 

• The market report also analyses the trade data by covering the major importing and exporting countries. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for plastic are BASF SE, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Lyondellbasell Industries Holdings B.V., and Eastman Chemical Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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