USD 684.1 Billion
Report ID:
SQMIG15H2065 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
71
|Figures:
75
Plastic Market size was valued at USD 624.16 Billion in 2023 and is poised to grow from USD 650.37 Billion in 2024 to USD 903.86 Billion by 2032, growing at a CAGR of 4.2% during the forecast period (2025-2032).
Plastic has emerged as a massively popular material in almost all industry verticals in some or the other way. High use in packaging is projected to be the prime factor driving plastic market growth. Growing use of plastic in multiple industry verticals such as construction and automotive to create lightweight products is also estimated to bolster plastic demand in the future. Advancements in plastic recycling technologies will also create new opportunities for plastic companies over the coming years. The development of bioplastics is also a key opportunity for plastic manufacturers going forward. However, the imposition of bans on plastic use, volatility in raw material pricing, and high demand for sustainable alternatives are slated to be key restraints for plastic market development in the long run.
Global Market Size
USD 684.1 Billion
Largest Segment
Polypropylene (PP)
Fastest Growth
LDPE and LLDPE
Growth Rate
3.96% CAGR
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The Global Plastic Market is segmented into Product, Application, End Use, and Region. Based on Product, the market is segmented into Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polybutylene Terephthalate (PBT), Polyphenylene Oxide (PPO), Epoxy Polymers, Liquid Crystal Polymers (LCP), Polyether Ether Ketone (PEEK, Polycarbonate (PC), Polyamide (PA), Polysulfone (PSU), Polyphenylsulfone (PPSU). Based on Application, the market is segmented into Injection Molding, Blow Molding, Roto Molding, Compression Molding, Casting, Thermoforming, Extrusion, Calendaring, And Others. Based on End Use, the market is segmented into Packaging, Building & Construction, Electrical & Electronics, Automotive, Medical Devices, Agriculture, Furniture & Bedding, Consumer Goods, Utility, and Others. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by End Use
Packaging is projected to be the prime end user of plastic across the study period. The lightweight and highly affordable nature of plastic is what makes it a preferred packaging material for multiple products. Rapidly expanding e-commerce industry and growing demand for packaging materials are expected to help the dominance of this segment going forward.
On the other hand, the demand for plastic in the automotive industry is projected to surge at an impressive pace over the coming years. Growing emphasis on weight reduction of vehicles and rising demand for electric vehicles are projected to promote the use of plastic components in the automotive industry. Demand for special plastic resins and materials will help this segment boost market growth in the future.
Analysis by Application
Easy manufacturing of plastic products is what makes injection molding a dominant application segment. As the name suggests molten plastic is injected into molds to create plastic products using injection molding. This technique is used in multiple industry verticals such as automotive, medical device manufacturing, and other industries to create plastic components.
Meanwhile, the demand for plastic in thermoforming applications is projected to surge at an impressive pace across the study period. High product durability, flexible design, and cost-effective manufacturing are key benefits of thermoforming that are boosting market growth via this segment.
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The Asia-Pacific region is estimated to hold sway over global plastic demand outlook going forward. The presence of robust industrial activity and growing use of plastic in the same is helping this region maintain a high market share. India, China, Japan, and Vietnam are projected to be attractive markets in this region. Growing use of plastic in the manufacturing of multiple components is also helping this region maintain a high market share on a global level.
On the other hand, the demand for plastic in North America is projected to increase at the fastest CAGR over the coming years. Growing use of plastics for medical devices and electronics manufacturing is a key trend that will boost market growth. Recycled plastics are being extensively used in this region. High emphasis on sustainability will hamper market growth in this region but also push plastic manufacturers to innovate going forward. Canada and the United States are the most attractive markets for plastic companies in this region.
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Drivers
Booming Demand from Packaging Industry
High Demand for Lightweight Automotive Components
Restraints
Bans on Plastic Use
Demand for Sustainable Alternatives
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Plastic manufacturers should focus on the development of easily degradable plastic to maximize their business scope. Investing in plastic recycling and reuse facilities will also help plastic companies expand their business scope in the future. Offering recycled plastic products especially for the packaging industry will be a major strategy for all plastic providers across the forecast period and beyond.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high use of plastic in packaging, growing demand for plastic in different industry verticals and establishment of plastic recycling infrastructure are driving market growth. However, rising focus on sustainability, bans on plastic use, and rising awareness regarding ill-effects of plastic use are slated to be key constraints for plastic companies going forward. The Asia Pacific region is slated to spearhead plastic demand outlook owing to high use of plastics in different manufacturing facilities. Development of biodegradable and eco-friendly plastic will be the prime focus of plastic manufacturers in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 624.16 Billion |
Market size value in 2032 | USD 903.86 Billion |
Growth Rate | 4.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plastic Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plastic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plastic Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15H2065
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