Plastics Market Revenue to Reach USD 4.4 billion by 2031| Says Transparency Market Research, Inc.

WILMINGTON, Del., Dec. 18, 2023 /PRNewswire/ -- Innovations in polymer technology and material science are leading to the creation of novel plastic compositions that improve durability and characteristics. Increased urbanization, a growing population, and growing environmental concerns are all driving the growth of the plastics business.

Transparency Market Research Inc. - The global plastics market was projected to attain US$ 1.9 billion in 2022. It is anticipated to garner a 9.6% CAGR from 2023 to 2031 and by 2031; the market is likely to attain US$ 4.4 billion by 2031.

Demand for natural, sustainable goods and environmentally friendly packaging is being driven by a growing desire for better lives and an increased knowledge of the advantages to the environment. The market for biodegradable plastics is being helped by this change, which is especially noticeable in the packaging industry.

Get a Sample Research PDF: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85884

Applications for bioplastics may be found in a wide range of sectors, such as consumer electronics, automotive, and packaging, and they are growing and diversifying rapidly. Biodegradable plastic is in high demand in the food packaging industry as consumers want for long-lasting, environmentally friendly products. The usage of biodegradable plastic bags is widespread in industries including food processing, lodging, and grocery stores, demonstrating the reach of this movement to retail items.

Plastics Market Report Scope:

Key Findings of the Market Report 

• The need for biodegradable plastics is being driven by governments throughout the world pushing biodegradable polymers in response to the rise in single-use plastic waste.
• Biodegradable polymers are being adopted as a solution to the global problem of plastic pollution.
• Bio-based waste and conventional garbage may be recycled together, making industrial composting a more practical choice for managing waste.
• For the sustainable use of resources and the environment, biodegradable product waste management systems must be effective.
• Biodegradable plastics are versatile enough to be recycled mechanically and organically.
• Turning waste biodegradable plastic into fuel through thermochemical and biological processes is becoming more and more popular as a sustainable waste management technique.

Market Trends for Plastics

• Renewable resources like crops, plants, or other biological components are the source of bio-based plastics. Bio-based plastics have an advantage over conventional plastics in that they are more sustainable and kinder to the environment. Traditional plastics are usually manufactured from fossil fuels.
• A popular feedstock for the manufacturing of bio-based plastics is sugarcane, specifically the bio-ethylene kind of this material. Polyethylene is a common material that are produced from bio-ethylene. Bioethanol derived from sugarcane is a vital component used to produce bio-ethylene.

Global Market for Plastics: Regional Outlook

• The Asia Pacific region dominates the global landscape for a number of reasons. Rapid development and urbanization have occurred in China and India. The need for plastics has grown across a number of industries, including consumer products, automotive, packaging, and construction.
• A sizable and developing middle class with rising spending power drives the demand for commodities that primarily rely on plastics, such as consumer goods, packaging materials, and vehicles.
• Asia Pacific is becoming the center of global manufacturing for many different sectors. The infrastructure and manufacturing capacity of the area support the manufacture and use of plastics in a variety of applications.

For Customization of this Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=85884

Global Plastics Market: Key Players

There are several small and medium-sized plastics manufacturers operating globally, and they are in competition with one another. Companies are heavily spending in extensive research and development operations, mainly to manufacture environmentally friendly products,

Two of the main tactics used by major companies in the plastics industry, including Corbion, Novamont, Futerro, BASF SE, NatureWorks LLC, and LyondellBasell Industries Holdings B.V., are product portfolio expansion, mergers, and acquisitions. The following companies are well-known participants in the global plastics market:

• Corbion
• Novamont
• Avantium
• Futerro
• BASF SE
• NatureWorks LLC
• Biome Bioplastics
• BRASKEM
• LyondellBasell Industries Holdings B.V.
• Kaneka Corporation
• Mitsubishi Chemical Group Corporation
• Eastman Chemical Company
• FKuR
• PTT MCC Biochem Co., Ltd.
• NaturePlast
• Others

Some prominent developments by the players in this market are:

Global Plastics Market Segmentation 

Material vs. Application

• Bio-based
  • Polypropylene (PP)
    • Food Containers
    • Trash Cans & Plastic Bags
    • Syringes
    • Medical Containers
    • Pipes
    • Others (Electrical Insulation, Consumer Goods, etc.)
  • Poly Lactic Acid (PLA)
    • Clamshells Containers
    • Round Plates
    • Food Cups
    • Trays
    • Cutlery
    • Flexible Packaging Film
    • Coating Paper
    • Implants & Medical Devices
    • Others (Fibers, Safety Helmets, etc.)
  • Polyethylene Terephthalate (PET)
    • Plastic Bottles
    • Films
    • Filter Cloth
    • Packaging Trays & Blisters
    • Microwavable Containers
    • Bracing Wires
    • Others (Engine Cover, Solar Junction Boxes, etc.)
  • Polystyrene (PS)
    • Test Tubes
    • Petri Dishes
    • Diagnostic Components
    • Compost Bins
    • Electronic Packaging
    • Temperature Controlled Packaging
    • Synthetic Corks
    • Others (Toys, Automotive Insulation)
• Bio-based Paper and Sugarcane
  • Paper/Cardboard
    • Packaging
    • Plates
    • Cups
    • Trays
    • Others
  • Sugarcane Fiber/Bagasse
    • Clamshells Containers
    • Round Plates
    • Others
• Petro-based
  • Polypropylene (PP)
  • Polyethylene Terephthalate (PET)
  • Polystyrene (PS)
  • Others
• Foamed Plastic
  • Expanded Polystyrene Foam (EPS)
  • Extruded Polystyrene Foam (XPS)
  • Expanded Polystyrene Beads
  • Polyethylene Foam (PE)
  • Polypropylene Foam (PP)
  • PS Low Foam
  • Foamed PLA
  • Others
• End Use
  • Packaging
  • Food & Beverages
  • Medical
  • Agricultural
  • Electrical & Electronics
  • Automotive
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Contact us for Special Discount and Pricing: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=85884

More Trending Report by Transparency Market Research:

3D Printing Materials Market- The global 3D printing materials market was worth US$ 1.9 Bn in 2021 and is projected to reach value of US$ 10.1 Bn by 2031. The global industry is anticipated to rise at a CAGR of 20.4% during the forecast period, from 2022 to 2031.

Lubricant Additives Market- The Global Lubricant Additives Market was worth US$ 17.1 Bn in 2021. The market is anticipated to expand at a CAGR of 2.8% during the forecast period, from 2022 to 2031. The market forecast projects the global market to touch a value of US$ 22.7 Bn by 2031.

Polymer Foam Market- A research report by Transparency Market Research (TMR) states that the global Polymer Foam Market is estimated to reach a value of US$ 144.4 Bn by the end of 2031. Besides, the TMR review notes that the market for polymer foam is expected to grow at a CAGR of 4.2% during the forecast period, from 2022 to 2031.

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com   
Blog: https://tmrblog.com   
Email: sales@transparencymarketresearch.com

Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg