What is the global market size of Plastic Market?

Global Plastic Market size was valued at USD 593 billion in 2021 and is poised to grow from USD 614.94 billion in 2022 to USD 852.79 billion by 2030, growing at a CAGR of 3.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Plastic Market?

The global plastic market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability. 'ExxonMobil Chemical', 'SABIC', 'Dow Inc.', 'LyondellBasell Industries Holdings B.V.', 'BASF SE', 'Formosa Plastics Corporation', 'INEOS Group AG', 'Total SE', 'China Petroleum & Chemical Corporation (Sinopec Corp.)', 'Chevron Phillips Chemical Company LLC', 'Mitsubishi Chemical Holdings Corporation', 'LG Chem Ltd.', 'Braskem S.A.', 'Sumitomo Chemical Co., Ltd.', 'Reliance Industries Limited', 'Saudi Basic Industries Corporation (SABIC)', 'Covestro AG', 'Arkema S.A.', 'Huntsman Corporation', 'Eastman Chemical Company'

What is the key driver of Global Plastic Market?

Increasing Demand for Plastic from the Packaging Sector

What is the key market trend for Global Plastic Market?

Engineering Plastics are Gaining Traction Boosting Market Growth

Which region accounted for the largest share in Global Plastic Market?

The biggest plastic market share is anticipated to be held by Asia Pacific over the forecast period. Due to the plentiful supply of low-cost raw materials, China is expected to maintain its position as the region's economic leader. The difficulties associated with producing plastic are being progressively reduced by this. The robust rise in the packaging and construction industries is another factor contributing to the expansion in Asia-Pacific. The market in the region is anticipated to be driven by expanding consumer products industry demand for the production of toys, textiles, and sporting goods. Due to rising product demand from the electrical & electronics, healthcare & pharmaceuticals, and packaging industries, the U.S. held the biggest market share in North America. The region has used recycled plastics more frequently as a result of worries about plastic pollution and the advancement of recyclable technologies. The demand for polymers is expected to expand significantly in Europe as a result of the region's expanding demand from the automobile industry. The use of polymers in Europe is additionally aided by qualities including high heat resistance, electrical insulation, corrosion inhibition, and low density. The expanding demand from the textile and packaging industries will be the main driver affecting growth in the Middle East and Africa. The regional market is expected to grow as a result of the rising demand for lightweight packaging and the substitution of polymers for glass and metal. Additionally, the predicted growth of Latin America is attributed to the region's increasing urbanisation and the rise of industrial-focused businesses.

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 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.

Plastic Market Report Snapshots

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FAQs

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 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. '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) '

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.

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.

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.

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Plastic Market Dynamics

Plastic Market Report Snapshots

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What is the global market size of Plastic Market?

Who are the key vendors in the Plastic Market?

What is the key driver of Plastic Market?

What is the key market trend for Plastic Market?

Which region accounted for the largest share in Plastic Market?

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