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Plastics Market to Reach $647.48 Billion at CAGR of 4.8% till 2026 | Fortune Business Insights™
Jul 28, 2020 (The Expresswire) --

The global plastics market size is expected to hit USD 647.48 billion by 2029 while exhibiting a CAGR of 4.9% between 2019 and 2026. This is ascribable to factors such as increasing demand for recycling waste plastic and growing focus by the key players to develop innovative solutions to reuse the product across the globe. Fortune Business Insights, publishes this information in its latest report, titled

The novel coronavirus, COVID-19, has cast an unprecedented effect on several businesses across industries. While some industries are experiencing significant loss owing to the lockdown announced by the federal governments globally, collective efforts from the government as well as the industries will ensure that the testing times may soon pass away.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Plastic is either synthetic or semi synthetic type of organic polymer that consist of hydrogen and carbon particles. Plastic is found everywhere and has multiple applications in several industries such as automotive, construction, packaging, and construction, among others. Industrial plastic is mainly produced by using petrochemicals and the commonly used plastic across the globe is polyethylene. They can further be produced using renewable biomass sources such as sawdust, cornstarch, food waste, and vegetable oil and waste, among others.

The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

Plastic is produced using polyethylene terephthalate and is completely indestructible. It takes thousands of years to decompose and this has resulted in a major plastic issue across the globe. Several federal government agencies have announced a ban on plastic use to limit the destruction caused due to it. In addition to this, the major companies are coming up with innovative solutions by introducing biodegradable plastics that consists of several chemicals assisting in breaking down of plastic when exposed to light and air.

Amid COVID-19, several companies are coming up with product innovation that is driving the demand for global plastics market during the forecast period. For instance, in June 2020, Takataka Plastics, the Uganda-based startup, introduced a new process to effectively turn plastic waste into something more significant. The startup manufactured smaller machines that are capable of sorting, shredding, and melting plastic to produce construction material. Additionally, the company started producing recycled and reusable plastic face shields to assist medical professionals to fight against the deadly novel coronavirus pandemic.

Among all regions, Asia Pacific is anticipated to witness significant growth while registering high global plastics market revenue during the forecast period. This is ascribable to factors such s increasing availability of affordable raw materials in countries such as China and India. The presence of major packaging and construction industries manufacturers in Asia-Pacific is likely to favor market growth. North America, on the other hand, is anticipated to witness considerable growth in the forthcoming years. This is attributable to factors such as increasing demand for plastics in healthcare and pharmaceuticals, automotive, and packaging industries between 2019 and 2026.

In June 2019, Huntsman Tecnoelastomeri, a global differentiated chemicals manufacturer, announced its launch of new urethane elastomers, TECNOTHANE VTER. According to the company, the new elastomers are capable of working under extreme conditions and require minimal energy to operate. Additionally, they can be customized and provide high-level performance. The introduction of the product is expected to strengthen its position in the global marketplace. Adoption of strategies such as introduction of new products, merger and acquisitions, expansion of facilities, and partnership will aid in the global plastics market growth during the forecast period.

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