Plastic Granules Market to grow at a CAGR of 3.3% during 2024-2028
The Plastic Granules Market is expected to grow at a CAGR of 3.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9796.6 million. The global plastic granules market is experiencing a notable trend towards the utilization of biodegradable plastic granules, driven by heightened environmental consciousness and the pressing requirement to minimize plastic waste. Derived from renewable resources such as corn starch, sugarcane, and other plant-based materials, these eco-friendly raw materials naturally decompose into water, carbon dioxide, and biomass when exposed to environmental conditions like moisture and microorganisms. Biodegradable plastic granules are employed in the manufacturing of a range of sustainable products, including packaging materials, disposable cutlery, agricultural films, and compostable bags. These products provide an environmentally friendly alternative to traditional plastics, aligning with the expanding consumer and industrial preference for sustainable practices.
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Technavio analysts predict that the Polyethylene subsegment will lead the Type segment during 2024 and 2028 The global plastic granules market is experiencing notable progress in the realm of polyethylene (PE) innovation, driven by a commitment to sustainability and groundbreaking research. Dow Inc., a leading player in the plastic granules market, is at the forefront of this development, providing long-chain branched PE for the architecture sector. This advanced PE variant offers increased asset flexibility and the potential to decrease carbon emissions in large-scale PE production. Dow Inc. aims to develop materials and solutions that tackle pressing global issues, including climate change, resource depletion, and plastic waste, while catering to customer demands. Low-density polyethylene (LDPE), a historical plastic innovation first introduced 90 years ago, remains essential in the integration of long-chain branched PE.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising demand for plastic granules in automotive industry
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The Plastic Granules Market encompasses various types of thermoplastic granules, including Polystyrene, Polycarbonate, LDPE (Low-Density Polyethylene), HDPE (High-Density Polyethylene), PE (Polyethylene), and PP (Polypropylene). These granules are essential in manufacturing plastic products, such as packaging, automotive components, and construction materials. However, the production and use of plastic granules contribute to plastic pollution and the release of Volatile Organic Compounds (VOCs). PVC (Polyvinyl Chloride) is another significant plastic resin type, but its production and disposal pose environmental concerns. Recycling technologies, such as closed-loop recycling and machine learning algorithms, are being employed to reduce plastic waste and minimize the need for crude oil in plastic production. Bioplastics, derived from renewable resources, are gaining popularity as a sustainable alternative to traditional plastic granules. HDPE, PET (Polyethylene Terephthalate), and other resin types are also being recycled into granules for reuse in various applications. Sustainable packaging is a growing trend, and recycled plastic granules are playing a crucial role in reducing the carbon footprint of plastic products. In conclusion, the Plastic Granules Market is evolving, with a focus on sustainable practices and the reduction of plastic waste. The use of machine learning and artificial intelligence in recycling technologies is expected to revolutionize the industry, making it more efficient and eco-friendly.
The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this sector excludes chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio, the market's size is determined by the consolidated revenue generated by manufacturers of industrial and basic chemicals. Key growth drivers for the commodity chemicals market include the escalating demand for plastic packaging, with plastic being the predominantly used material in the packaging industry worldwide. The increasing preference for lightweight, corrosion-resistant materials has instigated continuous innovation, significantly influencing the application of chemicals in the production of plastic packaging materials.
The Plastic Granules Market is experiencing significant growth, fueled by the rising demand for plastic granules in automotive industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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