The global Plastic Market size was USD 41.04 Billion in 2022 and is expected to register a revenue CAGR of 8% during the forecast period. Rising need for hygiene and safety products across various sectors is one of the major factors driving market revenue growth.
Due to increased worries over the transmission of infectious illnesses, there is a rising demand for antimicrobial polymers across a variety of industries, including healthcare, food and beverage, and packa\ging.
Demand for antimicrobial packaging materials is also being driven by rising requirement for food goods to have longer shelf lives and to stay fresher for longer. While being transported and stored, food products' purity and safety are maintained thanks to the antimicrobial properties of plastics. As a result, use of antimicrobial polymers in the food and beverage sector has increased, which is expected to drive revenue growth of the market.
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Top Lading Players: BASF SE, DowDuPont, Bayer AG, Covestro AG, LyondellBasell Industries N.V., PolyOne Corporation, Clariant AG, King Plastic Corporation, Parx Plastics NV, and LG Chem.
Plastic Market Growth:
Plastic is a type of plastic that contains additives or coatings that inhibit the growth of microorganisms such as bacteria, fungi, and viruses. The market for Plastic is expected to grow due to the increasing demand for products with improved hygiene and safety in various industries.
The global Plastic market was valued at $1.7 billion in 2020 and is expected to reach $3.6 billion by 2028, growing at a CAGR of 9.3% from 2021 to 2028. The growth of the market can be attributed to several factors such as the increasing awareness about the spread of infectious diseases and the need for hygiene in healthcare facilities, public spaces, and food packaging.
Moreover, the increasing use of Plastic in consumer goods such as electronics, appliances, and household products is also expected to drive the growth of the market. The development of new technologies for Plastics and the increasing adoption of sustainable and biodegradable Plastics may also create new opportunities for the market in the future.
However, the growth of the market may be limited by factors such as the high cost of Plastics compared to traditional plastics and the potential for the development of antimicrobial resistance over time. In addition, the strict regulations related to the use of antimicrobial additives in certain applications may also pose a challenge to the growth of the market.
In conclusion, the Plastic market is expected to experience significant growth in the coming years due to the increasing demand for products with improved hygiene and safety in various industries and the development of new technologies for Plastics.
Some Key Highlights from the Report:
- The industry of Plastic can be classified into three product categories: commodity plastics, engineering plastics, and high-performance plastics. Among these, commodity plastics are anticipated to dominate the revenue share in the forecast period due to their extensive usage in packaging, consumer goods, and healthcare sectors. These polymers are reasonably priced, possess exceptional mechanical properties, and can be employed for producing a diverse range of products like medical equipment, water bottles, and food containers.
- The market for Plastic has been classified based on its usage into various segments such as building construction, automotive transportation, healthcare, packaging, food beverage, textile, consumer goods, and others. It is anticipated that the consumer goods segment will dominate the market in terms of revenue during the forecast period as there is an increasing demand for antimicrobial polymers in household items, appliances, and personal care products.
Segments covered in the report:
Product Outlook (Revenue, USD Billion; 2019 - 2032)
- Commodity Plastics
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Systems (ABS)
- Polyethylene Terephthalate (PET)
- Engineering Plastics
- Polyamide (PA)
- Polycarbonate (PC)
- Thermoplastic polyurethane (TPU)
- Others
- High Performance Plastics
End-use Outlook (Revenue, USD Billion; 2019 - 2032)
- Building Construction
- Automotive Transportation
- Healthcare
- Packaging
- Food Beverage
- Textile
- Consumer Goods
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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