Plastics Market - Forecast 2019 - 2025
Plastics Market Overview: According to the International Trade Centre (ITC), the trade value of plastics and its products was $655.79 billion in 2018, after registering an annual growth of 9% over 2017. The increasing trade of plastics can be attributed to a myriad of applications in the residential, textile, packaging, building & construction, and other sectors. This resonates with the growing plastic market size that was gauged to be $516 billion in 2018. Owing to these varied applications, the demand for plastics is estimated to grow at a CAGR of 4% during the forecast period 2019-2025. APAC had the greatest plastics market share of 45% in 2018, which is attributed to increasing trade of plastics in countries such as China and India. Moreover, the end user industries of plastics such as automotive and electronics are booming in APAC, which has created demand for plastics in the region. According to the PlastIndia Foundation, India has 15,788 KTA production capacity of therm...