PUNE, India, February 13, 2017 /PRNewswire/ --

The report "Top 10 Plastics Market by Type (Polyethylene, Polypropylene, Expanded Polystyrene, Polyethylene Terephthalate, Polyvinyl Chloride), Application (Automotive, Building & Construction, Packaging, Electronics & Consumer, Textile) - Global Forecast to 2021", published by MarketsandMarkets, the global market is projected to reach USD 586.24 Billion by 2021, at a CAGR of 6.84%. By volume, the market is projected to reach 332.4 Million tons by 2021, at a CAGR of 4.68%.

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Browse 34 market data Tables and 17 Figures spread through 151 Slides and in-depth TOC on "Top 10 Plastics Market"

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This progress is fueled by the growth in key end-use industries, such as automotive, building & construction, packaging, electrical & electronics, and construction; substitution of metal-based products with various plastic materials; and rising disposable income of middle class in emerging economies.

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Polyethylene (PE): The largest type segment of the top 10 plastics market 

Polyethylene is the largest type segment of the global top 10 plastics market, followed by the polypropylene segment. The high demand for polyethylene is mainly due to its effective and substantial usage in consumer products, especially in packaging materials. Properties, such as flexibility, thermal & electrical insulation, and chemical & thermal resistivity, make its usage widespread in applications such as packaging, construction, electrical, electronics, automotive, and so on. Polyethylene is also lightweight, easy to manufacture, and easily available, which further boost its demand in the aforementioned applications.

Packaging: The largest application segment of the top 10 plastics market 

Packaging is currently the largest application segment of the Top 10 Plastics Market. Plastics provide a much cleaner, tougher, and aesthetically appealing form of packaging, especially for the food & beverage industry and the electronics industry. This is anticipated to fuel its demand in the packaging application segment. The extensive use of plastics in bags, pouches, and sachets as well as in conventional packaging methods is also expected to drive the growth of the packaging segment.

Asia-Pacific: The largest market for top 10 plastics 

The Asia-Pacific region was the largest market for top 10 plastics, in terms of value and volume, in 2015. The steady growth in construction spending of countries this region, such as India, Vietnam, Indonesia, and Thailand, has led to increased investments in industrial and public infrastructure where plastics products are widely used. The extensive use plastics in electronics & consumer products and automotive applications and the growing preference of people for urbanized lifestyle are also key factors responsible for making Asia-Pacific the largest market for the top 10 plastics.

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The Dow Chemical Company (U.S.), ExxonMobil Chemical Company, Inc. (U.S.), and SABIC (Saudi Arabia) are the most important players in the global top 10 plastics market. These companies witnessed the highest strategy adoptions in the market, and accounted for the largest share of the overall activities from 2011 to 2016.

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