Plastic polymers are organic compounds that are derived from petroleum or natural gas. They are widely used in manufacturing industries such as automotive, construction, packaging, and electronics. The global plastic polymer market size was valued at $1.5 trillion in 2017, growing at a CAGR of 4% during 2016-2022.
This report provides an overview of the current state of the plastics industry, including market drivers, restraints, opportunities, and trends. The study also identifies key players operating in the market and analyzes their strategies, financial performance, and recent developments.
The report includes the following sections:
Market Overview
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Market Drivers
The following are the key drivers influencing the market during 2017-2021.
- Increasing demand for high-quality and low-cost products in the automotive sector. The global automobile industry is expected to witness steady growth of around 5% over the forecast period. In addition the increasing application of advanced materials in automobiles is expected to create new business opportunities for manufacturers. For instance, in April 2014, Toyota Motor Corporation launched a vehicle equipped with a carbon fiber reinforced plastic body shell. This move is aimed at reducing weight and improving fuel efficiency.
- Rising awareness regarding environmental issues and adoption of eco-friendly technologies: According to a survey conducted by the University of Michigan Transportation Research Institute, approximately 70 percent of Americans believe that the environment affects their health. As a result, the number of people who want to buy environmentally friendly products has increased significantly.
Market Restraints
The following is a list of the most significant market restraints that are currently affecting U.S. manufacturers and suppliers:
1) The U.S. dollar continues to be under pressure as foreign currencies strengthen against the greenback, particularly the British pound and Canadian dollar. The strong currency is forcing many U.S. exporters to increase the prices of their goods, which in turn is creating a competitive disadvantage for them.
2) A large portion of the population still does not have broadband internet connections. This poses a significant challenge for marketers because they need to reach consumers through digital platforms.
3) High costs of raw materials and labor force are among the factors restraining the growth of the plastics industry.
4) Lack of a skilled workforce is another restraint. According to the Bureau of Labor Statistics, the job outlook for skilled workers is projected to remain stagnant over the next decade.
5) The lack of government incentives to encourage the development of new technology is one of the major challenges the U.S. plastics industry faces.
6) Many small and medium-sized businesses do not have enough capital or financial resources to invest in research and development activities.
Market Opportunities
The global polypropylene market is expected to grow at a CAGR of 3.2% during the forecast period 2018-2023, according to a new report by Grand View Research. Inc titled “Polypropylene Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2023”. The report states that the global market for polypropylenes was valued at $12.8 billion in 2012 and is estimated to reach $24.9 billion by 2020. Growing at a compound annual growth rate (CAGR) of 3.2%. The global market for propylene resins is expected to reach $27.7 billion by 2020.
Market Trends
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Financial Performance
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