The global plastic market is projected to attain a valuation of USD 712 billion in 2023 and is expected to reach USD 1050 billion by 2033, expanding at a CAGR of 4% during the forecast period.
Fast urbanization and industrialization in emerging economies have proliferated the sales of plastic in the global market despite its several shortcomings.
Plastics are used to make a broad array of items ranging from beads to spaceships due to their adaptability, ease of production, dimensional stability, easy fabrication, impervious properties, and cost-effectiveness. During the projection period of 2023 to 2033, it is anticipated that rising activities in the infrastructure, automobile manufacturing, and consumer electronics sectors might promote the plastic market growth.
One of the main factors propelling plastic market opportunities is the huge requirement for high-performance plastic wrapping applications for the protection of finished goods. Further, sales of plastic are surging with its increased use as a replacement for metals, such as aluminum and steel, in the production of composite materials in response to regulations. Further, these regulations aim to improve the payload capacity which might increase fuel economy and ultimately conserve energy.
The demand for plastic products has risen since engineering polymers are strong and lasting compared to standard ones. As per the global market study on plastic consumption, they are significantly portable and even affordable while also offering greater physical and thermal qualities.
In a variety of industries, including industrial engineering, building, solar, and automobile industries, polycarbonate sheet provides certainly many more benefits than metal sheets used for construction. Further, the demand for improved polymer solutions for a variety of applications, including building, equipment, and componentry, is on the rise which could prove to be incisive for the plastic market key trends and opportunities in the future days.
| Report Attributes | Details |
|---|---|
| Expected Market Value (2023) | USD 712 billion |
| Anticipated Forecast Value (2033) | USD 1050 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 4% |
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The market of plastics was worth USD 615 billion in 2018 and it reached a valuation of USD 695 billion in 2022 while expanding at a CAGR of 3.1% during the forecast period.
Regulations aiming to enhance fuel efficiency and mitigate carbon emissions are prompting the adoption of plastics as substitutes for metals like aluminum and steel in automotive component manufacturing. This shift toward reducing gross vehicle weight is expected to fuel the demand for plastic materials in the forthcoming period.
The burgeoning construction industry in emerging markets like Brazil, China, India, and Mexico is playing a significant role in fueling the increased use of plastics.
The market's expansion can be credited to a rise in foreign investment in domestic construction markets. Also, this increase in investment is a direct consequence of relaxed Foreign Direct Investment (FDI) norms and requirements, which aim to improve both public and industrial infrastructure.
The burgeoning population, along with increasing urbanization and industrialization in emerging economies, has compelled federal governments to ramp up their construction spending to meet the escalating infrastructure demands. Notably, increased construction spending by governments, especially in China and India, is expected to significantly boost the demand for plastics in various infrastructure and construction applications.
The demand for plastics is projected to rise with a CAGR of 4% during the forecast period due to these factors.
What are the Key Driving Factors for the Plastic Market?
The demand for polyethylene is anticipated to increase because of the growing global trend for processed foods, platters, containers for milk and fruit juices, boxes, barrels, and some other water-based food packs. Further, several provincial administrations of many nations have been compelled to expand their infrastructure footprint to meet the rising demand for housing and public buildings that could be instrumental in creating plastic market opportunities in ample amount.
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Controls over the use and sales of plastic are anticipated to have a serious impact on market progression. As worries about the environmental harm that polymers cause have grown, strict regulatory norms and other measures have been implemented in several parts of the world.
Additionally, many industries and organizations are working toward environment-friendly and non-plastic alternatives in an effort to discourage plastic adoption trends.
Typically, fossil fuel and petroleum are the only sources of it. However, in recent years, plastic manufacturers are now using alternative renewable sources as a result of diminishing polymer supplies.
Biodegradable plastics or biopolymers are plastics produced from renewable cellulosic biomass such as maize starch, sawdust, plant-source fats and oils, and food scraps.
In the prevailing plastic market scenario, numerous multinational OEMs are switching out metal parts for manufactured plastic ones. To give an example, Volkswagen's crankshaft shields, which were once made of aluminum, are now constructed of polymers, which reduces the component's load by around 40%.
The demand for plastic tools in medical applications is categorical that was figured out to have favorably impacted the plastic market growth during the rising occurrences of COVID-19 emergency cases throughout the world. Otherwise, the pandemic has had a severe negative impact on the general-purpose plastic market size it is still recovering too.
The longstanding microelectronics and semiconductor fabrication bases in Taiwan, China, and South Korea are expected to emerge as lucrative sectors for the global plastic market share.
There are several varieties of polymers of PE, including HDPE, LDPE, and LLDPE, depending on their molecular weight. By the global market study on plastic demand for polyethylene, product type accounts for more than one-quarter of the total revenue share.
As evident from the emerging trends in the plastic market, acrylonitrile butadiene styrene compound or ABS is getting recognized to be the most promising product category.
The demand for acrylonitrile is expected to rise with a CAGR of 4.2% during the forecast period. It is mostly utilized in the production of single-use plastic (SUP) particularly includes geomembranes, bin bags, bubble wrap, and bottles & cutleries.
ABS plastic is widely applied in industrial products and construction activities due to its superior resilience, max hardness, and good mechanical properties. So even though the contribution of ABS to the plastic business has remained limited owing to its unfitness against high-temperature environments.
In the year 2022, as per the plastic market statistics, the injection molding application segment captured a high cut of revenue, accounting for nearly 43.2% of the industry. The demand plastic for injection molding is anticipated to rise with a CAGR of 4.5% during the forecast period.
Custom plastic parts are frequently made using the injection molding process and it is typically employed in the manufacturing of medical equipment, mechanical tools, and vehicle parts. With the significant growth in the requirement for such products worldwide, this segment is poised to remain dominant in the global plastic market in the upcoming years as well.
One of the other promising application areas in the plastic industry is calendaring which is employed to transform synthetic fibers into sheets and rolls. Poly vinyl chloride or PVC and a few similar repurposed thermoplastics are its primary uses that are set to drive the plastic market future trends in several verticals.
In-line lamination and embossing of the physical characteristics are the key attraction for this segment. With the growing appeal of acrylic sheets and polycarbonate sheets for the expanding packaging sector the calendering segment is prophesied to expand at a notable rate over the forecasted timeline of 2023 to 2033.
Among all the end-use segments covered by the plastic market analysis report of FMI, with a little more than 36.8% of the total demand in 2022 was shared by the packaging category. It is a highly penetrated end-use segment that still has a lot of potential in the global plastic market adoption trends.
The demand for plastic from the packaging industry is projected to rise with a CAGR of 4.7% during the forecast period. In the contemporary market, the whole gamut of the packaging sector is heavily dependent on plastic bag supplies. Additionally, the introduction of bio-based polymers is expected to further redefine the plastic market trends and forecasts in the coming period.
Packaging for beverages and consumable items is anticipated to provide profitable plastic market expansion chances. While the demand for luxury, commercial, and certain B2B mass transit packaging is anticipated to decline as a result of the cessation or adoption of reusable alternatives.
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The expansion of the infrastructure sector in developing nations like China, India, and Brazil has significantly increased sales of plastic building materials. Since loosened FDI regulations and demands for better public and industrial infrastructure, there has been a surge in foreign investment in certain building material sectors including the plastic market share.
In 2023, the United States of America’s plastic market size is likely to be worth nearly USD 90.5 billion. The market in the United States is projected to expand with a CAGR of 4.1% during the forecast period.
The existence of very well automakers, aeronautical & military, and electrical goods sectors are responsible for the nation's strong plastic market position. These elements have presented a wide range of investment possibilities in the latest days, which are anticipated to lead to increased sales of plastic products in the United States of America and adjoining nations.
As per the new market research report on the plastic business, the environmental concerns in the United States of America are at slow risk along with a steady demand that can retain the dominance of the target market in the coming years.
Following the plastic market survey conducted by FMI in 2022, the global target market is majorly driven by the Asia Pacific region, which represents up to 44.1% share of the global revenue. The sales of plastic in the region are anticipated to increase with a CAGR of 4.3% during the forecast period.
By virtue of its significantly expanding industrial sector, the sales of plastic in the packaging sectors of several regional economies are getting abound. Furthermore, due to technological diffusion from overseas countries into this geographical region in recent years, there has been a rise in the use of plastic components in automobile manufacturing.
China's Plastic market is the region's major manufacturer and supplier of plastic parts. The Asia Pacific plastic market is expanding as a result of rapid urbanization, better financial conditions, and rising infrastructure activity.
Start-ups are crucial in identifying growth prospects and fostering industry growth, thanks to their ability to efficiently convert inputs into outputs and adapt to volatile market conditions. Within the plastic market, numerous start-ups are actively involved in manufacturing and offering related services.
The market for plastic is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
The key industry players working in the market are 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 Plastic Corporation, Covestro AG, Toray Industries, Inc., Mitsui & Co. Plastic Ltd.
Recent Developments in the Plastic Market:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 712 billion |
| Market Value in 2033 | USD 1050 billion |
| Growth Rate | CAGR of 4% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By product, By application, By end-use, By region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| Key Companies Profiled |
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 Plastic Corporation; Covestro AG; Toray Industries, Inc.; Mitsui & Co. Plastic Ltd. |
| Customization | Available Upon Request |
The projected revenue of the market by 2033 is USD 1,050 billion.
The market CAGR for 2033 is projected to be 4%.
Sinopec, LyondellBasell, and Dow Chemical are the key Plastic market players.
The market is estimated to secure a valuation of USD 712 billion in 2023.
North America is growing fast due to the increasing demand for plastic products.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Polyethylene (PE) 5.2. Polypropylene (PP) 5.3. Polyurethane (PU) 5.4. Polyvinyl chloride (PVC) 5.5. Polyethylene terephthalate (PET) 5.6. Polystyrene (PS) 5.7. Acrylonitrile Butadiene Styrene (ABS) 5.8. Polybutylene Terephthalate (PBT) 5.9. Polyphenylene Oxide (PPO) 5.10. Epoxy Polymers 5.11. Liquid Crystal Polymers 5.12. Polyether Ether Ketone (PEEK) 5.13. Polycarbonate (PC) 5.14. Polyamide (PA) 5.15. Polysulfone (PSU) 5.16. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Injection Moulding 6.2. Blow Moulding 6.3. Roto Moulding 6.4. Compression Moulding 6.5. Casting 6.6. Thermoforming 6.7. Extrusion 6.8. Calendering 6.9. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 7.1. Packaging 7.2. Construction 7.3. Electrical & Electronics 7.4. Automotive 7.5. Medical Devices 7.6. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. BASF SE 18.2. SABIC 18.3. Dow Inc 18.4. DuPont de Nemours, Inc 18.5. Evonik Industries 18.6. Sumitomo Chemical Co., Ltd. 18.7. Arkema 18.8. Celanese Corporation 18.9. Eastman Chemical Company 18.10. Chevron Phillips Chemical Co., LLC 18.11. Lotte Chemical Corporation 18.12. Exxon Mobil Corporation 18.13. Formosa Corporation 18.14. Covestro AG 18.15. Toray Industries, Inc. 18.16. Mitsui & Co. Ltd. 19. Assumptions & Acronyms Used 20. Research Methodology
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Plastic Market
