Plastics Market

Market Overview:

The global plastics market size reached US$ 615.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 747.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.18% during 2023-2028.

Plastics refer to polymeric materials made from synthetic or semi-synthetic organic compounds that are malleable and can be molded into desired shapes using heat and pressure. Some of the commonly used plastics include polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and liquid crystal polymers. Plastics are widely used for manufacturing bags, cups, cases, bottles, food wraps, tableware, wire insulations, and non-stick surfaces. They are cost-effective, lightweight, and durable and offer corrosion resistance, high thermal and electrical insulation, and inertness to biological materials. As a result, plastics find extensive applications across the packaging, construction, agriculture, automotive, electronics, healthcare, and textile industries.

Plastics Market Trends:

The increasing product utilization in the packaging industry is one of the key factors driving the market growth. Plastics are widely used to pack pickles, processed vegetables and fruits, syrups, jams, baby food and dairy products. In line with this, rising demand for ready-to-eat (RTE) food products due to hectic lifestyles and busy schedules is acting as another growth-inducing factor. Furthermore, the widespread product adoption in the automotive industry to manufacture vehicle components and improve fuel efficiency, reduce weight, enhance safety, minimize noise, and lower production costs is providing a considerable boost to the market growth. Apart from this, the introduction of bioplastics with potential applications in food packaging, agriculture, horticulture, medical devices, and cosmetics, due to their lower carbon footprint, non-toxicity, safety, and bio-inertness, is creating a positive outlook for the market. Additionally, the increasing demand for engineering plastics that offer excellent load capacity, thermal stability, mechanical strength, and durability is propelling the market growth. Moreover, the widespread product demand for manufacturing composite materials as a replacement for metals, such as steel and aluminum, for applications in industrial engineering, building, construction, and machinery is providing an impetus to the market growth. Other factors, including rapid industrialization, extensive research and development (R&D) activities, and rising investments by several governments in infrastructural development, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global plastics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end user.

Breakup by Type:

• Polyethylene
• Polypropylene
• Polyvinyl Chloride
• Others
   

Breakup by Application:

• Injection Molding
• Blow Molding
• Roto Molding
• Compression Molding
• Casting
• Thermoforming
• Extrusion
• Calendering
• Others
   

Breakup by End User:

• Packaging
• Automotive
• Infrastructure and Construction
• Consumer Goods
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Arkema S.A, BASF SE, Celanese Corporation, Chevron Phillips Chemical Co. LLC, Chimei Corporation, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, Sumitomo Chemical Co. Ltd. and Toray Industries Inc.

Report Coverage: