Global Plastic Pellets Market to grow at 6.2 % CAGR during the forecast.
Global plastic pellets market is segmented by type, by application, and by region. In terms of type, global plastic pellets market is segmented into LDPE, PET, HDPE, PE, PVC, PP and others. Automotive, construction, electronics, machinery, packaging and others are application segment of the global plastic pellets market. Geographically, global plastic pellets market into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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The growth of global plastic pellets is linked to the demand for plastic products across the globe, as plastic pellets are the raw materials used for manufacturing plastic products. High demand for plastic from numerous end-use industries will thereby boost the growth for global plastic pellet market. Environmental concerns raised due to the harmful effects of plastics is hampering the growth of the global plastic pellet market. Alternatives of plastic are also foreseen to hinder market to some extent.
Polyethylene terephthalate (PET) is expected to be the rapid growing product segment over the forecast, growing at a CAGR of 8.5%. Growing PET demand for carbonated soft drink packaging industry is expected to drive the demand for PET over the next years.
Packaging application segment followed by automotive has a major share of the plastic pellet market. Increase in demand from fresh food & beverages, home & personal care goods, and pharmaceutical industries and growth of the retail have raised the growth of the packaging segment.
In 2017, the global plastic materials production was 280 million tonnes, of which the Asia Pacific accounted for a major share of the market followed by Europe and North America. This depicts the high potential of plastic pellet market in regions like the Asia Pacific and Europe. Such notable statistics are expected to fuel the growth of the global plastic pellets market and offer lucrative opportunities during the upcoming years.
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Dow, BASF, Dupont, ExxonMobil, Sabic, LG Chemical, Chevron Phillips Chemical, Lyondellbasell, Formosa, INEOS are key players included in the Global Plastic Pellets market.
Scope of Global Plastic Pellets Market:
Middle East & Africa
Key Player Analysed in the Global Plastic Pellets Market Report:
Chevron Phillips Chemical