Global plastics market worth $654.38 billion by 2020

CALIFORNIA-Expanding global plastics market is projected to grow annually by 8.1% to reach US$654.38 billion by 2020, according to a study by Grand View Research. Global plastics demand hit 233.75 million tons in 2013, and is expected to reach 334.83 million tons by 2020, growing annually by 5.3% from 2014 to 2020.

Major end-use industries, such as packaging, construction and automotive in emerging markets of China, India and Brazil are expected to drive global demand for plastics.

The need for lightweight, yet high performance materials in automotive industry to reduce overall vehicular weight to gain fuel efficiency is a positive influence. However, environmental issues on proper disposal and sustainability are being met by leading industry players who actively develop bio-based alternatives to conventional plastics.

Polyethylene (PE) remains the leading product segment for plastics and accounted for 34.9% of total market volume in 2013. PE is used in high volumes in the production of films and sheets, injection molding, blow molding and pipe manufacturing.  

Asia Pacific emerged as the largest regional market for plastics and accounted for over 44.6% of total market volume in 2013. Central & South America is expected to be the fastest growing regional market for plastics, at annually growth of 6.3% from 2014 to 2020.