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Plastics Market Trends

2025-01-16

Increasing Demand for Engineering Plastics Due to their Properties to Favor the Market Growth

Engineering plastics being more robust and durable than regular ones have increased product demand. They provide better thermal and mechanical properties and are lightweight and cost-effective. The rising need for greater polymer solutions for different end-use industries, such as componentry, machinery, and construction, supports the market expansion. Moreover, the rising demand for metal substitution increasingly leads to broader usage of engineering polymers in various industries. These materials offer more decisive benefits over metal structures in automotive engineering, construction, solar, and water industries. As per DSM, several global OEMs are replacing metal parts with engineered plastic components and materials. For instance, the crankshaft covers for Volkswagen earlier, made from aluminum, are now made from polymers. This resulted in about 40% weight reduction of the part.

PLASTICS MARKET GROWTH FACTORS

1. Rising Demand from the Packaging Industry to Drive the Consumption of Plastics

Plastic demand is advancing in widespread industries, such as food & beverage, consumer goods, automotive, and electrical & electronics. The increasing need for packaging from the food & beverage industry drives product consumption globally. Food manufacturers prefer packaging that minimizes food quality degradation and avoids contamination. The ability of plastics to act as a hurdle between food products and the external environment is fueling the demand.

Besides, the ability of polymers to defend against physical stress and offer high durability is increasing their usage in sports goods, fashion wear, toy-making, and polymer clay. Moreover, they are easy to mold and offer flexibility to produce packaging in any size and shape. Their utility is surging in the textile industry due to their high durability, elasticity, and enhanced visual appeal. Moreover, polymers are rigid, making them suitable for packing automotive and electrical spare parts. Thus, the increasing application across food & beverage, electrical & electronics, textile, automobile, and consumer goods industries is augmenting the plastics market growth.

2. Rise in the Demand for Electric Vehicles to Drive the Plastic Market

The hike in the price of fossil-based fuels such as petroleum and diesel has created a demand for alternative energy sources in the automotive industry. Therefore, automotive manufacturers have come up with electric energy-based vehicles that deliver nearly the same output as traditional vehicles. These EVs are capable of providing great efficiency owing to the utilization of advanced plastic materials and high-power electric motors. The consumption of plastic makes the vehicle lighter, faster, and energy efficient. On the other side, the emerging trend of EVs resolves the greenhouse gas and additional toxic gas emissions in nature. Therefore, the governments of different countries are providing subsidiaries for hybrid electric vehicles (HEVs) and EV holders. These factors lead to an escalating consumption of plastic in the automotive industry.