Plastic Market Growth Drivers and Challenges:
Growth Drivers
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Worldwide Growth in Production Rate of Plastic - Plastic is being widely used in all sectors of manufacturing processes as a result of rapid industrialization and its numerous advantages The versatility of plastic has propelled the population to produce more plastics which is further projected to fuel the drive market growth. As per the reports provided by the Organization for Economic Co-operation and Development, it was estimated that global plastic production rose from 2000 to 2019 and stood up at approximately 460 million tons.
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High Demand for Plastic Products - The recent data disclosed in 2022 disclosed that around 1 million plastic bottles are purchased every minute, and around 5 trillion plastic bags are used every year across the world.
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Global Expansion of the Automotive Industry - For instance, as per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach around USD 9 trillion.
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Notable Elevation in the Packaging Industry - The latest reports, revealed that the packaging industry in the United States was valued at USD 190 Billion in 2021 and is forecasted to reach USD 220 Billion by 2027.
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Worldwide Growth in Chemical Industry - Latest reports stated that the revenue garnered by the global chemical industry in the year 2021 was approximately 4 trillion dollars, a considerable increment from the previous year with 3 trillion dollars.
Challenges
- Stringent Governmental Rules Regarding Environmental Protection - Governments of nations have taken various steps and several governmental policies and rules have been declared to protect the environment from the hazardous effects of plastic polymers. Currently, the government of several nations has adopted non-plastic alternatives at a significant proportion to protect the environment. Therefore, this factor is anticipated to hamper the market growth over the projected time frame.
- Adverse Effect on Humans and the Environment
- Rising Awareness About Plastic Waste
Plastic Market Size and Forecast:
|
Base Year |
2025 |
|
Forecast Period |
2026-2035 |
|
CAGR |
4.1% |
|
Base Year Market Size (2025) |
USD 707.47 billion |
|
Forecast Year Market Size (2035) |
USD 1.06 trillion |
|
Regional Scope |
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