USD 684.1 Billion
Plastic Market Size, Share, Growth Analysis, By Product(Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Olyvinyl Chloride (PVC)), By End Use(Packaging, Building & Construction, Electrical & electronics, Automotive), By Application(Injection Molding, Blow Molding, Roto Molding, Compression Molding), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15H2065 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
71
|Figures:
75
Plastic Market Insights
The Global Plastic Market size was valued at USD 599 Billion in 2022 and is poised to grow from USD 624.16 Billion in 2023 to USD 867.43 Billion by 2031, growing at a CAGR of 4.2% during the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Polypropylene (PP)
Fastest Growth
LDPE and LLDPE
Growth Rate
3.96% CAGR
Global Plastic Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Plastic Market Segmental Analysis
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.
Global Plastic Market By Application
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Plastic Market Regional Insights
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.
Global Plastic Market By Region
- Largest
- Fastest
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Plastic Market Dynamics
Drivers
Booming Demand from Packaging Industry
- Rapidly increasing e-commerce activity around the world has boosted the demand for packaging materials around the world and this is projected to primarily augment plastic market growth over the coming years as plastic remains a preferred packaging material.
High Demand for Lightweight Automotive Components
- Automotive companies are focusing on reducing the weight of their vehicles to reduce emissions and improve efficiency, which has led them towards high use of plastic products. Thus, growing demand for lightweight automotive components is slated to uplift plastic sales in the long run.
Restraints
Bans on Plastic Use
- In a bid to conserve the environment and reduce plastic waste, governments around the world are imposing bans on the use of different types of plastics that are causing global issues. These bans are projected to hamper plastic sales in the future.
Demand for Sustainable Alternatives
- As more and more people realize the detrimental effects of plastic on living beings and ecosystems, the demand for sustainable alternatives to plastics is reaching new heights. High adoption of these alternatives will inhibit plastic market growth through 2031 and beyond.
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Plastic Market Competitive Landscape
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
- BASF SE (Germany)
- Dow, Inc. (US)
- Evonik Industries AG (Germany)
- Sumitomo Chemical Co., Ltd. (Japan)
- Arkema (France)
- Celanese Corporation (US)
- Chevron Phillips Chemical Co., LLC (US)
- Lotte Chemical Corporation (South Korea)
- Exxon Mobil Corporation (US)
- Covestro AG (Germany)
- Toray Industries, Inc. (Japan)
- Mitsui & Co. Plastics Ltd. (Japan)
- TEIJIN LIMITED (Japan)
- INEOS Group (UK)
- LG Chem (South Korea)
- LANXESS (Germany)
- CHIMEI (Taiwan)
- RTP Company (US)
- Huntsman International LLC (US)
Recent Developments
- In April 2024, a new recycled plastic packaging was launched by Saudi Basic Industries Corporation (SABIC). The new launch was part of the company’s effort to promote circular economy practices and is the first product by SABIC that uses recycled post-consumer plastic.
- In a collaborative effort by Amcor, PepsiCo, and INEOS, a new recycled plastic film packaging product was launched in March 2024. This product is made from 50% recycled plastic and is part of these companies’ efforts to promote sustainability.
Plastic Key Market Trends
- Bio-based Plastic Development: almost all plastic companies are projected to focus on the development of bio-based plastic products. Focusing on this trend will help companies bypass the bans on plastic and ride the sustainability wave to maximize their revenue generation.
Plastic Market SkyQuest Analysis
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 2022 | USD 599 Billion |
| Market size value in 2031 | USD 867.43 Billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Plastic Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Plastic Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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