July 07, 2022 04:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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NEWARK, Del, July 07, 2022 (GLOBE NEWSWIRE) -- The global plastic market is set to witness an impressive growth rate of 3.7% over the forecasted years of 2022 to 2032. The plastic market size is anticipated to reach a valuation of around US$ 885 Billion by the end of year 2032 from the current valuation of US$ 695 Billion in 2022.

The main causes of the increased sales of plastic in several economies are the expanding for the ensuing need for ultralight constituents to increase automobile load capacity and decrease the cost of semiconductor devices. Compared to other materials, corrugated plastic has a specific gravity that is 85% lower providing for weight reductions of around 80% and component cost reductions of 30% to 50% when employed in the construction and automotive sectors.

The demand for plastic in infrastructure and building applications would be driven by rising government construction spending, notably in China and India. Additionally, the expanding need for metal substitutes drives an expansion of the use of engineering plastic or composite polymers across a range of sectors.

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The plastic market key trends supported by the building industries is projected to decline as a result of strict rules regulating the use and recyclability of traditional plastic materials. In comparison to metal or wood, polymer fittings are often considered sustainable and ecofriendly that got hold of a considerable amount of global plastic market opportunities in the recent past.

Key Takeaways from Market Study

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Some of the well-known plastic market players are BASF SE, SABIC, Dow Inc, DuPont de Nemours, Inc, Evonik Industries, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, Lotte Chemical Corporation, Exxon Mobil Corporation, Formosa Plastic Corporation, Covestro AG, Toray Industries, Inc., and Mitsui & Co. Plastic Ltd. among others.

Recent Developments in the Global Plastic Market:

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Table of Content 1. Executive Summary

        3.5.1. Supply Side Participants and their Roles

            3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)

        3.5.2. Value Added and Value Created at Node in the Supply Chain

        3.5.3. List of Raw Material Suppliers

        3.5.4. List of Existing and Potential Buyer’s

    3.8. PESTLE and Porter’s Analysis

4. Global Plastic Market Analysis 2017-2021 and Forecast, 2022-2032

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Tile Adhesive Market Sales: Tile adhesive market projected to grow at a CAGR of 6.9% over the forecast period, reaching a valuation of US$ 4.8 Bn by 2032.

Antimicrobial Car Care Products Market Forecast: Antimicrobial car care products market to grow at a robust CAGR of 7.3% between 2022 and 2030

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years. 

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