Plastics Market - Increasing Demand for Long Fiber Polypropylene Compound to Drive the Market

The global plastics market accounted for $621.9 billion in 2019 and is expected to reach $758.6 billion by 2025. The market is anticipated to grow at a CAGR of 3.37% during the forecast period 2020-2025
 
FREMONT, Calif. - Aug. 9, 2021 - PRLog -- Plastics are organic materials, just like wood, paper, or wool. Plastics are made from natural products such as cellulose, coal, natural gas, salt, and, of course, crude oil. Plastics are highly flexible materials that can be used in a number of consumer and industrial applications. Since most plastics have a low density, plastic products are lightweight. Furthermore, although most plastics have excellent thermal and electrical insulation properties, some plastics can be made to conduct electricity when necessary.

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Plastics' market success as a packaging material is attributed to a combination of their versatility, resilience, lightness, stability, impermeability, and ease of sterilization. Because of these qualities, plastics are an outstanding packaging material for a wide variety of commercial and industrial users in both flexible and rigid formats. Plastic food packaging, for example, has no effect on the flavor or consistency of the food.

The demand for plastics varies according to various regions. The market holds a prominent share in various countries of North America, China, and Europe. Asia-Pacific and Japan is currently the largest revenue-generating country in the plastics market, predominantly backed by demand for premium plastic products. Industrial advancements, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major display manufacturing companies are some of the major drivers that are propelling the growth of the market in the country.

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Additionally, due to the wide-scale production of bio-based and recycled plastics as well as technological advancements pertaining to plastics technology, the market is expected to grow at a steady rate. Apart from Asia-Pacific, China, North America, and Europe are expected to display significant growth potential on account of an excessive industrial base, encouraging government policies, and financial support for research and development offered in the various countries of the entire region.

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Tags:Plastics Market
Industry:Business
Location:Fremont - California - United States
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