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Chemicals & Plastics

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Chemicals & Plastics

The global chemicals & plastics market is something that impacts hugely on a wide variety of industries & everyday life. It is an essential industry that has grown rapidly over the years & its importance can not be underestimated to the global economy.

Plastics are a wide array of semi-synthetic or synthetic organic solids that are transformed or molded into several useful products. Plastics are usually organic polymers derived from petrochemicals or sometimes occur naturally and have high molecular weights. The global plastic market is governed by the end user industry application. Owing to their low cost, ease of manufacture, availability of raw materials and flexibility of use, plastics have displaced many conventional materials including wood, paper, metal, ceramic, leather and glass in the majority of their uses. The increasing demand for sustainable and durable products in various end-user industries is driving demand for various plastics globally.

The growth of major end use industries (mainly packaging and construction) and versatile properties of plastics including better heat and pressure resistance, make them more applicable in various industries. Volatility prices of key raw materials coupled with growing environmental concerns regarding plastic disposal are expected to hinder market growth over the forecast period. To overcome such challenges, the industry has shifted its focus towards developing bio-based alternatives to conventional (petroleum-based) plastics.


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