The global plastics 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 plastic from automotive, construction and electronics is driving the market revenue growth.
The major reason for high demand for plastics is the fact that they helps make lives easier, cleaner, and safe. There are various advantages associated with 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 plastic packaging solutions to protect the products is driving market revenue growth.
Development of engineered 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 plastics finds its application in construction, automotive, and machinery. Though there are various advantages associated with the use of plastics, which support the growth of the market, adverse market factors like stringent regulations on the use of plastics and raising awareness about the adverse impact of 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 thermoplastic materials, Noryl and Ultem resins.
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