Plastic Market Analysis, By Type, Technology and End-Use- Global Forecast 2031
The Global Plastic Market is projected to witness notable growth owing to the increasing demand for medical protective equipment. This surge in demand is due to growing awareness about the need for protection against infectious diseases. Demand for masks, face shields, clothing, sunglasses, gloves, and body armor is on the rise, expanding the global plastic market. Increasing production in various sectors such as construction, transportation, textiles etc. drives the market. The market value stood at USD 684.1 Billion in 2022 and is expected to grow from USD 711.2 Billion in 2023 to reach USD 970.3 Billion by the end of 2031.
Packaging Sub-segment to Hold Growing Position in End-Use Segment
The packaging segment will hold the largest share of the global plastic market and grow at the highest CAGR during the industry forecast period. This growth is associated with increased demand from the food and beverage packaging industry. The increasing use of materials in the manufacture of building materials, such as films for windows, floor coverings, and pipes and fittings, is driving increasing use of materials in the infrastructure & construction industry.
Asia-Pacific is Growing with Major Revenue Generation from China
Asia-Pacific is estimated to account for the largest market share, at USD 278.15 billion by 2023. Due to the abundance of raw materials and the availability of low prices, China is expected to lead the region thus reducing barriers to plastics production. The Asia Pacific market growth is also driven by strong growth in the packaging and manufacturing sectors. Furthermore, increasing production of toys, clothes and toys from consumer goods is expected to drive the market.
The Global Plastic Market is semi-consolidated, occupied by major manufacturers such as BASF SE, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Lyondellbasell Industries Holdings B.V., Eastman Chemical Company, Saudi Basic Industries Corporation, The Dow Chemical Company, Celanese Corporation, LOTTE Chemical Corporation, Exxon Mobil Corporation, DuPont de Nemours, Inc., Toray Industries, Inc, INEOS Limited, Ducor Petrochemicals B.V, Repsol S.A., SABIC, Dow Inc, Arkema, Celanese Corporation, Chevron Phillips Chemical Co., LLC, Formosa Plastic Corporation, Covestro AG, Toray Industries, Inc., Mitsui & Co. Plastic Ltd., etc. catering to market needs.
Engineered Plastics are Gaining Traction in Market
Product demand has increased as engineered polymers are stronger than standard polymers. They are much lighter, more expensive and offer great thermo-mechanical properties. There is an increasing demand for advanced polymer solutions for various applications such as building, equipment and materials. In addition, the expanding need for alternative metals is driving the expansion of local applications of industrial polymers. In industries as diverse as automotive engineering, construction, solar, and water, these materials offer definite advantages over steel construction.
The global plastic market has witnessed phenomenal growth due to technological advancements in manufacturing, processing and recycling. Accordingly, the introduction of new manufacturing processes, which enabled the production of plastics with unique properties such as high strength or biodegradability, boosts the market growth in bioplastics.
To know more about the Global Plastic Market, refer to Global Plastic Market Size, Share, Growth & Trends Forecast 2024-2031 (skyquestt.com
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