USD 599.25 billion
Report ID: SQSG15H2002 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 73 | Figures: 69
Plastic Market was valued at USD 599.25 billion in 2021 and it is expected to reach at USD 752.16 billion by 2028, at a CAGR of 3.3% over the forecast period (2022-2028).
The COVID-19 pandemic has had an unprecedented and disastrous impact on the world, and demand for plastic has been lower than expected in all regions compared to pre-pandemic levels. Due to its adaptability, ease of manufacturing, moldability, light weight, waterproof properties, and low cost, plastics, also known as polymers, are used to make a wide array of products ranging from paper clips to spaceships. Traditionally, natural gas and petroleum have been used to make them. Manufacturers are now using renewable sources as a result of the diminishing polymer sources. Bioplastics are plastics produced from renewable biomass sources such corn starch, sawdust, vegetable fats and oils, and food waste. Additionally, growing knowledge of the harm that polymers do to the environment encourages producers to create recyclable goods. High-performance plastic packaging solutions for product protection are in high demand. Following the COVID-19 pandemic, the demand for plastic in the automotive and building & construction sectors has sharply decreased. This drop was linked to reduced industrial activity in various sectors as well as global shutdown limitations. Additionally, the sharp dip in crude oil prices brought on by a decline in demand and a reduction in storage space for excess supplies stunted market expansion. Instead, the market will be driven by the demand from the medical sector for Personal Protective Equipment (PPE) such face masks, shields, goggles, respirators, gloves, gowns, and coveralls. For instance, between February and July 2020, health and social care workers in England received roughly 2.3 billion PPE products, according to the National Health Service trust in Lincolnshire, England.
US Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 599.25 billion
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The global plastic market is segmented based on the type, end -use, and region. Based on the type , the global plastic market is segmented as Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA) ,Polycarbonate (PC), Polyurethane (PU), Polystyrene (PS). Based on the end-use, the Plastic Market is segmented packaging, automotive & transportation, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceuticals, electrical & electronics, textile. Based on region, Plastic Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Plastic Market Analysis by Segment
Polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, polyurethane, polystyrene, and others market segments are divided based on type. Due to their rising demand from end-users including packaging and the automotive industry, polyethylene and polypropylene (PP) are the two most prevalent varieties among them. Due to their durability and ability to function as a barrier between moisture and the product, polymers are frequently used by producers to package their goods. As vehicle weight is being reduced by manufacturers to improve economy and reduce carbon emissions, utilisation is rising in the automotive sector. Due to its many beneficial qualities, including its high modulus of elasticity, electrical insulation, chemical resistance, and thermal insulation, polyvinyl chloride (PVC) is primarily employed in the production of pipes and fittings. PVC goods, including doors, windows, and frames, are used in the building sector because of their extended lifespans, improved aesthetics, and ease of material supply. PET is a polyethylene terephthalate that is widely used for packaging and bottling purposes. Because it is non-toxic, lightweight, sturdy, and easily recyclable, it has seen significant demand from the food and beverage packaging industries. PET is a popular material for 3D printing since it is sturdy and flexible. Due to its sturdy and flexible characteristics, polyamide finds extensive usage in the textile sector. It is wrinkle-proof, has high tensile strength, and good flexibility. It is appropriate for use in clothing, rugs, and other products because of these advantages.
The global plastic market is divided into the following end-use industries: packaging, consumer goods and lifestyle, infrastructure and construction, healthcare & pharmaceutical, electrical & electronics, textile, and others. Due to the significant demand for polyethylene from the food and beverage packaging industry, the packaging category is anticipated to hold the largest plastic market share for plastic over the evaluation period. The demand for items from the infrastructure and construction end-use industries is increasing due to the increasing usage of construction-related products in their production, such as flooring, window films, and fittings and pipes. Similar to how the consumer goods and lifestyle end-use industries are anticipated to significantly contribute to the plastic market’s growth during the forecast period. The market is expanding as a result of the increasing use of polymers in the automotive sector to extend the lifespan of vehicle parts and improve vehicle efficiency. These polymers are the most popular material for producing a variety of products, including iceboxes, containers, kitchenware, toys, and packaging material. They are also simple to shape, highly durable, and flexible.
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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.
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Plastic Market Driver
Numerous industries, including food & beverage, consumer goods, automotive, and electrical & electronics, are experiencing an increase in product demand. Global product consumption is being driven by the food and beverage industry's rising demand for packaging materials. Food producers prefer to utilize packaging that prevents contamination and minimizes food quality deterioration. The need is being fueled by plastic's capacity to serve as a shield between food products and the outside world. In addition, the use of polymers is expanding in sports, fashion, polymer clay, and toy manufacturing due to their excellent resilience and resistance to physical stress. Additionally, they are versatile and simple to mould, allowing for the production of packaging in any shape or size. Due to their excellent elasticity, durability, and usability in the textile industry.
Plastic Market Restraint
Regulations regarding product use are anticipated to have an impact on plastic market growth. As worries about the environmental harm that polymers cause have grown, strict government laws and other measures have been implemented. Many businesses and governments have worked to adopt more environmentally friendly and non-plastic alternatives in an effort to lessen the environmental damage brought on by the use of plastic. For instance, the UN Environment Program (UNEP) launched the Clean Seas campaign in more than 50 countries in 2017 to push industry to reduce the amount of packaging made of polymers and to reform their products. Furthermore, a large number of nations, including India, have made a commitment to ban single-use plastics from the market by 2022. Conventions against the use of plastic and the shift toward non-polymer items jointly hinder market growth. Additionally, heads of state, environment ministers, and other delegates from 175 nations endorsed the historic decision to eliminate plastic waste and create an international legally binding agreement by the end of 2024 in March 2022 at the UN Environment Assembly held in Nairobi.
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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.
Top Players in the Global Plastic Market
Plastic Market Recent Developments
In Feb 2022, In Ruwais, United Arab Emirates, Borouge opened its fifth polypropylene factory (PP5). By boosting polypropylene production, this development will let the firm to better service the infrastructure, recyclable advanced packaging, and other industrial sectors.
In Feb 2021, In Texas, United States, ExxonMobil finished the first phase of a plant trial for an innovative, patented recycling process. Plastic waste will be converted using this procedure into the basic components needed to make polymers. This breakthrough demonstrates the company's efforts to boost resource recovery and decrease environmental plastic waste.
The demand for the product has risen since engineering polymers are stronger and more durable than standard ones. They are significantly lighter and more affordable while also offering greater thermal and mechanical qualities. The demand for improved polymer solutions for a variety of applications, including building, equipment, and componentry, is on the rise. Additionally, the expanding need for metal substitutes drives an expansion of the use of engineering polymers across a range of sectors. In a variety of industries, including automobile engineering, building, solar, and water, these materials provide more certain benefits over metal constructions. According to DSM, a number of international OEMs are switching out metal parts with designed plastic ones. For instance, polymers are now used to manufacture Volkswagen's crankshaft covers, which were formerly composed of metal
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Plastic Market Analysis, research report offers a thorough overview of the industry and focuses on important factors including the top players, sources, products, and applications. The research also identifies significant advancements in the industry and provides insights into market trends and the competitive environment. The study includes a number of aspects, in addition to those already mentioned, that have assisted in the market's expansion in recent years.
|Market size value in 2021||USD 599.25 billion|
|Market size value in 2028||USD 752.16 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Plastic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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