Plastic Market Regional Analysis:
APAC Market Insights
Asia Pacific region is anticipated to hold over 51.8% market share by 2035, driven by increased automobile demand and chemical industry contribution. As per the statistics of the International Organization of Motor Vehicles, the total production of vehicles in the APAC region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. In the same way, the total sales in the region were 42,663,736 units in 2021, a rise from 40,322,544 in 2020. Such an upsurge in the production of vehicles over the past years, especially during 2020-21 is estimated to push the market growth further throughout the forecast years, as people are expanding more on lifestyle comfort, coupled with the rising economic condition of various emerging nations of this region. Also, the high consumption of chemicals is another growth driver for the plastic market in the region over the forecast period. For instance, till 2020, the chemical industry of the Asia Pacific region contributed to at least 60% of the revenues generated by the global chemical industry. Further, the rising demand for lightweight electronic components is also anticipated to boost the market growth during the forecast period. Besides this, the surging urbanization in the region is propelling the consumption of ready to eat food items. These food items also need to be packed in sturdy plastic packaging. This as a result is also projected to accelerate the further growth of the plastic market in the APAC region over the projected time frame.
North American Market Insights
Furthermore, the North American plastic market is projected to display notable market growth by the end of 2035. The growth of the market can be attributed to the increased demand for products from the electrical and electronics sectors, along with the escalation in the pharmaceutical & healthcare industries. For instance, in 2020, the healthcare industry in the United States generated more than USD 1 trillion in revenue. Moreover, surging growth in the packaging industry is another prominent factor that is anticipated to boost the growth of the plastic market in the region over the projected time frame.
