SAN FRANCISCO, November 29, 2018
Growing requirement for raw materials that can be transformed easily into durable and sustainable products is anticipated to propel demand for plastics. Plastics are expected to an array of synthetics and semi-synthetic organic solids, which can be converted into various useful products. Such organic polymers can occur naturally or derived from petrochemicals. Flexible usage, low manufacturing cost, and abundance of raw materials can impel demand for plastics over conventional materials like metal, leather, wood, and glass.
Bio-PET to Save Environment
Major product variants of plastics are poly propylene (PP), polyethylene (PE), poly vinyl chloride (PVC), polystyrene, polyethylene terephthalate (PET), and engineering thermoplastics. In the coming years, polyethylene terephthalate segment is anticipated to witness fast growth owing to rising demand for packaging of carbonated soft drinks.
To cater to rising demand, most companies are likely to invest in R&D activities to develop new and innovative products. For instance, SCG Chemicals is expected to offer bio-polyethylene terephthalate (PET) under its eco products range. Bio-PET can be produced from plant based bio-MEG (mono-ethylene glycol) instead of petroleum based MEG. Bio-MEG can be produced from agricultural activities and can include hay, molasses, and bagasse. It can be used to manufacture products like soda and water bottles. The product is anticipated to be trusted by leading manufacturers of soft drinks like Coca-Cola (Japan).
Market Insights
The global plastics market is projected to grow at CAGR of 8.1% by 2020, according to a report by Grand View Research, Inc. Increasing adoption of advanced technologies to recycle various plastic products can augment market expansion in the forthcoming years. Plenty of raw materials required to manufacture different forms of plastics can further augment market expansion. Versatile properties of plastics including pressure and heat resistance are likely to expand scope of their application in various end-use sectors. This, in turn, can augment market expansion in the forthcoming years. Continual growth of construction and packaging sector demanding various forms of plastics can stimulate market growth during the forecast period. Rising demand for plastics over conventional materials like wood, paper, and ceramic in various applications can drive market growth during the forecast period (2012 to 2020).
Some of the leading companies operating in the plastics market are Bayer Material Science, Dow Chemical Company, Celanese Corporation, Formosa Plastics Group, and Eastman Chemical Company.
No comments:
Post a Comment