Plastics Market was valued at USD 633.3 billion in 2023 and is projected to grow from USD 657.3 billion in 2024 to USD 876.9 billion by 2031, exhibiting a CAGR of 4.20% during the forecast period. The growing demand for plastics is driven by their wide range of applications across the automotive, packaging, construction, electrical and electronics, and healthcare industries.
Major Giants: BASF, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Celanese Corporation, Sumitomo Chemical Co., Ltd., Reliance Industries Limited, LOTTE Chemical CORPORATION, Covestro AG, Braskem, Ducor Petrochemicals, and others.
Browse Full Report Details for Accurate Information @ https://www.kingsresearch.com/plastics-market-1168
Key Industry Developments:
November 2023 (Expansion): LyondellBasell (LYB) built its first industrial-scale catalytic advanced recycling plant in Wesseling, Germany. Utilizing the company's proprietary MoReTec technology, this facility will be the first commercial-scale advanced recycling plant designed to convert post-consumer plastic waste into feedstock for new plastic production. With an annual capacity of 50,000 tons, the plant will recycle the amount of plastic packaging waste generated by over 1.2 million people in Germany annually, with construction set for completion by late 2025.
Comments (0)