NEW YORK — PRNewswire — The global plastics market size is expected to reach USD 721.14 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.0% during the forecast period. Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency will drive the plastic market over the forecast period. Plastics facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials such as metals or rubber.
Since the last decade, there has been a substantial demand for the products as replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery.The growth of the market criticality lies on various factors such as ever-increasing requirement of end users in terms of product specification and versatility influencing consumption dynamics.
Other factors such as socio-political, production process, and feedstock availability events also have a significant impact on industry trends.
Rapidly developing construction and automobile markets in Asia Pacific will increase the demand for plastics in interiors, exteriors, and under hood components. Its major applications include under hood components in the automotive industry, building interior & exteriors in the construction and infrastructure industries, and various applications in electronics and durables.
Asia Pacific is likely to witness the highest growth in the construction industry across the globe, wherein China is at the forefront of the growth.Growing population coupled with rapid industrialization and urbanization in emerging economies have influenced regional governments to increase their construction spending in order to cater to growing infrastructure needs.
Increasing construction spending by governments, particularly in China and India, will fuel the demand in infrastructure and construction applications.
Plastics are also witnessing substantial growth in the pipes and fittings segments on account of their lightweight, long life span, corrosion resistance, and reduced cost structures.
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