The global top 10 plastics market is projected to reach USD 586.24 Billion by 2021, at a CAGR of 6.84% from 2016 to 2021. The market size is projected to reach 332.4 Million tons by 2021, at a CAGR of 4.68%. Growth in key end-use industries, such as automotive, building & construction, packaging, electrical & electronics, and construction; and the substitution of metal-based products with various plastic materials are the key factors driving the global top 10 plastics market.
Polyethylene (PE) was the largest type segment of the top 10 plastics market in 2015, owing to the extensive use of PE in applications, such as packaging, construction, electrical, electronics, automotive, and so on. Its cost-effective nature, ability to be easily remolded according to requirements, and flexibility makes its large scale utilization possible in the packaging bottles, polyethylene tubing, and polyethylene sheets.
Packaging is estimated to be the largest application segment of market. Industrial growth and infrastructure development, along with the rapidly growing demand for articles that employ plastic packaging, offer lucrative opportunities for the packaging segment to flourish. Manufacturing of plastic containers and films that are used in the packaging of food, beverages, pharmaceuticals, and personal care products further contributes to making packaging the largest application segment of the global top 10 plastics market.
The Asia-Pacific region led the global top 10 plastics market, in terms of both value and volume, in 2015. The growing construction sector, increasing R&D activities initiated by major players, easy availability of raw materials, and urbanization are among the key growth drivers for the top 10 plastics market in this region.
Although the global top 10 plastics market is growing rapidly, a few factors restrain its growth. Apprehensions regarding the disposal of plastic waste and fluctuation in crude oil prices are some of the factors restraining and challenging the growth of the global top 10 plastics market.
The Dow Chemical Company (U.S.), ExxonMobil Chemical Company, Inc. (U.S.), and SABIC (Saudi Arabia) have led the global top 10 plastics market in the last five years. Diverse product portfolios, strategically positioned R&D centers, adoption of various development strategies, and technological advancements are some of the factors that helped strengthen the market position of these companies in the global top 10 plastics market.
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