PUBLISHER: Grand View Research | PRODUCT CODE: 1751205
PUBLISHER: Grand View Research | PRODUCT CODE: 1751205
The global industrial plastic market size is anticipated to reach USD 143.03 billion by 2030, registering a revenue-based CAGR of 6.0% over the forecast period, according to a new report by Grand View Research, Inc. Developments in the building and construction. electrical and electronics industries are projected to positively impact the demand for industrial plastics. Industrial plastics reduce weight in various equipment, thus improving their performance and reducing the overall maintenance cost. Rising demand for environmentally friendly and energy-saving products and solutions is expected to drive the market for industrial plastics. Moreover, increasing investments by the government and private institutions in the aerospace and defense sector are projected to contribute to the demand for these industrial plastics.
Most global companies are expected to enhance their product offerings for their consumers in Asia Pacific, Central and South America, and the Middle East and Africa. This can be attributed to significant growth opportunities for these companies in the electrical and electronics and building and construction industries. Strategic partnerships, capacity expansion, and new product development are among the major strategies adopted by most players operating in the market. Demand for products that are lightweight, durable, and efficient is increasing in various applications, including automotive, electrical and electronics, building and construction, and others. New product launches have enabled consumers to pick application-specific products from a wide range of options. Expansion of distribution channels has also made industrial plastics readily available to the users, thus acting as a driving force for the growth of this market.