The expansion of the construction industry in emerging markets such as Brazil, China, India and Mexico has helped increase the demand for plastics
Despite aggressive bans expected to be passed in various parts of the world, the global plastics market is expected to grow at a CAGR of around 4.3% between 2020 and 2027, reaching a market value of more than $ 580 billion. by 2027.
According to the report “Plastics Market: Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”, this market segment would be one of the most profitable of the next decade.
Asia-Pacific at the forefront of the global plastics market
Currently, the Asia-Pacific region controls the majority of the global plastics market. A well-established electrical and electronic product manufacturing base in Taiwan, China and South Korea is expected to provide an additional boost to the market.
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India has a strong chemical manufacturing industry, which contributes to the country’s plastic production. Rapid urbanization, improving economic conditions, and increased infrastructure activities are driving market growth in Asia Pacific.
Dynamics of the global plastics market
According to the report, increased plastic consumption in the construction, automotive and electrical and electronics industries is expected to drive market growth during the forecast period. Regulations that require the reduction of gross vehicle weight to improve fuel efficiency and eventually reduce carbon emissions are driving the use of plastic as a substitute for metals such as aluminum and steel in the manufacture of automotive components.
The expansion of the construction industry in emerging markets such as Brazil, China, India and Mexico has helped increase the demand for plastics. The increase in foreign investment in these domestic construction markets as a result of the easing of FDI rules and requirements for better public and industrial infrastructure can be attributed to the growth of the market.
