New report shares details about the Global plastics market that is expected to reach CAGR of 5.3% from 2014 to 2020

North America and Europe are relatively mature markets for plastics and are driven by new technology and innovation in the field of bio-based and sustainable alternatives. North America plastic demand is expected to grow at an estimated CAGR of 4.3% from 2014 to 2020.

Polyethylene (PE) emerged as the leading product segment for plastics and accounted for 34.9% of total market volume in 2013. PE is used in high volumes across various industries such as film and sheet, injection molding, blow molding and pipe manufacturing.

Increasing PE capacity addition, particularly in the Middle East and Asia Pacific has led to overcapacity in the market which has seen the prices decline. PET is expected to be the fastest growing product segment for plastics, at an estimated CAGR of 8.5% from 2014 to 2020.

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Further key findings from the study suggest:

• Global plastics demand was 233.75 million tons in 2013 and is expected to reach 334.83 million tons by 2020, growing at a CAGR of 5.3% from 2014 to 2020.

• Asia Pacific emerged as the largest regional market for plastics and accounted for over 44.6% of total market volume in 2013. Increasing construction spending coupled with growth of the regional automotive industry is expected to drive plastic demand in Asia Pacific. Central & South America is expected to be the fastest growing regional market for plastics, at an estimated CAGR of 6.3% from 2014 to 2020. Rise in disposable income coupled with the growth of major end use markets in Brazil and Argentina is expected to drive the demand over the next six years.

• Some of the companies operating in the global market include BASF, E. I. du Pont de Nemours and Company, Dow Chemical Company, SABIC, LyondellBasell Industries, ExxonMobil Corporation, Formosa Plastic Group, Total SA, Bayer Material Science, Arkema, Celanese Corporation, Chi Mei Corporation, Eastman Chemical Company and Mitsubishi Chemical Holdings Corporation.

Browse the Full Global PlasticsMarket - Global Scenario, Industry Outlook, Share, Industry analysis, Size, Trends and Forecast, 2014 To 2020 Report at - http://www.grandviewresearch.com/press-release/global-plastics-market-analysis

For the purpose of this study, Grand View Research has segmented the plastics market on the basis of product, application and region:

    • Global Plastics Product Outlook (Volume, Million Tons; Revenue, USD Million, 2012 - 2020)
            • Polyethylene (PE)
            • Polypropylene (PP)
            • PVC
            • PET
            • Polystyrene
            • Engineering Plastics

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Category: Industry Reports & Market Analysis Profile: Grand View Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries including Technology, Chemicals, Materials, and Energy. With a deep-seated understanding of many business environments, Grand View Research provides strategic objective insights. We ...