The market for magnesium chloride attained a market size of US$ 1.4 billion by the conclusion of 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 6.3% in order to achieve a market valuation of US$ 2.74 billion by the year 2032. The global magnesium chloride market is witnessing substantial growth, propelled by its diverse applications across various industries. Magnesium...
Plastics are made from natural materials such as cellulose, coal, natural gas, salt, and crude oil through a polymerization or polycondensation process. Fossil fuel-based plastics are polymers made from petrochemicals, whereas bio-based plastics are made from plant-based sources, like starch and cellulose. More than 99% of the plastic sourced from chemicals comes from fossil fuels. This showcase a strong link between fossil fuel and plastic industries. Indeed, the fracked gas boomed a massive plastic infrastructure expansion in the United States and beyond.
The fossil fuel-based plastics market is segmented based on product, application, and region. Based on type, the market is segmented into Polyethylene (PE), polypropylene (PP), polyvinyl chloride, polyethylene terephthalate, polystyrene. Polyethylene (PE) and polypropylene (PP) are the most widely produced types of plastic, which can be found in many daily use products, including plastic bags and food packaging. Ethylene and propylene are particularly critical in the production of plastic packaging which is the largest and fastest-growing category of plastics products.
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Fossil Fuel-Based Plastics Market: Competition Outlook
Major players operating in the market include BASF SE, SABIC, Dow Inc., DuPont de Nemours, Inc., Evonik Industries, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, Lotte Chemical Corporation, Exxon Mobil Corporation, Formosa Plastics Corporation, Covestro AG, Toray Industries, Inc., Mitsui & Co. Plastics Ltd. Growing innovations in the fossil fuel-based plastics by players is projected to fuel the growth of the fossil fuel-based plastics market over the forecast period.
Segmentation Analysis of Global Fossil Fuel-Based Plastics Market
Global Fossil Fuel-Based Plastics Market is bifurcated into three major categories: product, application, and region.
Based on the product, the global market for fossil fuel-based plastics is divided into:
- Polyethylene (PE)
- polypropylene (PP)
- polyethylene terephthalate
Based on application, the global market for fossil fuel-based plastics is divided into:
- Medical Devices
- Furniture & Bedding
- Consumer Goods
Based on the region, the global market for fossil fuel-based plastics is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Fossil Fuel-Based Plastics Market: COVID-19 Impact Insights
The COVID-19 pandemic and subsequent halt in manufacturing activities created an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade also gravely impacted the availability of chemical stocks in import-dependent countries. This is the most affected verticals due to COVID-19 outbreak. The extensive use of fossil fuel-based plastics not only limits to the production of storage, household, automotive, medical and many other products.
The restrictions and lockdowns imposed across the globe with strict social distancing measures restrained the growth of fossil fuel-based market. The chemical and oil & gas industry was also witnessing a slump in their growth during the pandemic. This disrupted the supply chain starting from the procurement of raw materials to the manufacturing of fossil fuel-based plastics. The companies faced a shortage of raw materials and a decrease in their inventory levels.
The high range of properties offered by fossil fuel-based plastics make it an essential product for the manufacturing of secondary items. This drove the revival of the fossil fuel-based market after being incorporated in the production of PPE kits, gloves, facemasks, shields, goggles and shoe covers. However, the fossil fuel-based market will soon revive owing up to its uses in major industries and release of the lockdowns during the forecast period.
Fossil Fuel-Based Plastics Market: Regional Outlook
The Asia Pacific dominated the market and accounted for a 35.5% share of global revenue in 2019. The major demand for fossil fuel-based plastics is expected to rise from China, India, and Japan. Increasing industrialization and urbanization in these regions is expected to drive market growth over the coming years. Favorable government policies and regulations to promote the development of renewable energy technologies are projected to propel market growth over the forecast period.
North America is the second-largest plastic producer accounts to the potential growth of fossil fuel-based market in the forecast period. However, government rules and regulations prohibiting the use of fossil fuel-based plastics makes it difficult for manufacturers to find end-users. Also, the manufacturers tend to invest more in the corporate social responsibility activities so as to manage the waste that is produced by fossil fuel-based plastics.
European countries also fall into the major segment of the fossil fuel-based market. The countries with a high level of recycling of plastics, such as Austria, Wales, and Switzerland are expected to lead the market players to develop efficient fuel plastics. Moreover, soon, the European Union and local policymakers are developing a favourable regulatory environment for the fossil fuel-based plastics industry. The spread of waste produced by fossil fuel-based plastics in the form of masks and sanitizer bottles discourage the use among consumers.
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The Global Fossil Fuel-Based Plastics Market Report Covers Exhaustive Analysis On:
- Fossil Fuel-Based Plastic Market Segments
- Fossil Fuel-Based Plastic Market Dynamics
- Fossil Fuel-Based Plastic Market Size & Demand
- Fossil Fuel-Based Plastic Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Fossil Fuel-Based Plastic Market Value Chain
The Global Fossil Fuel-Based Plastics Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, RoE)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, ANZ, Rest of Oceania)
- MEA (GCC Countries, South Africa, Turkey, Rest of MEA)
The fossil fuel-based plastics market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The global fossil fuel-based plastics market report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The global fossil fuel-based plastics market report also maps the qualitative impact of various market factors on market segments and geographies.
The Global Fossil Fuel-Based Plastics Market Report Highlights:
- A Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth Fossil Fuel-Based Plastic market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Fossil Fuel-Based Plastic market performance
- Must-have information for market players to sustain and enhance their market footprint
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