Plastics are mostly used across all sections of our life and their demand is growing primarily because they offer cost effective and efficient alternatives to costly and continuously depleting metals. Plastics can be broadly categorised into product segments like polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene and engineering plastics. Of these plastic products, polyethylene which is majorly used in food and beverage packing, injection moulding, sheets and pipes controls the largest market share. Polyethylene terephthalate (PET) plastic is expected to witness higher growth primarily owing to growing carbonated soft drinks market which is the major consumer of PET.
Plastic additives help in enhancing properties of plastics so that they can be used in various forms across variety of applications and sectors like automobile, manufacturing, construction, telecommunication, etc. Additives make plastics tougher, safer, heat & UV resistant and anti-microbial. Accordingly, plastic additives market can be broadly segmented into plasticizers, flame-retardants, antioxidants, impact modifiers, anti-microbial and UV stabilizers. Of these categories, plasticizers dominates the market followed by flame retardants and impact modifiers. The manufacturers are now focusing on speciality chemicals that are used across construction and automobile equipment.
Global plastics industry is facing growing concerns pertaining to negative impacts of plastics on environment. Consequently, the plastics manufacturers have intensified their focus on recycled plastics. Plastic bottles are the leading source of raw materials used to recycle plastics. Growing demand for rigid plastics, like used in thermoformed packaging and bulk containers, are expected to enhance the growth of the recycled plastics market in near term.
Asia Pacific and Middle East are high-growth regions for plastics manufacturing. Many major manufacturers are shifting their base to these regions as they provide consistent demand for plastics and also help to reduce overall cost of manufacturing.
ASDReport.com offers an extensive repository of reports on plastics industry. The reports cover various products related to plastics market like engineered plastics, plastic pipes, plastic packaging, rigid transparent plastics and much more.