USD 684.1 Billion
Report ID:
SQMIG15H2065 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
109 |
Figures:
76
Global Plastic Market was valued at USD 684.1 Billion in 2022 and is poised to grow from USD 711.2 Billion in 2023 to USD 970.3 Billion by 2031, at a CAGR of 3.96% during the forecast period (2024-2031).
The plastic market across the globe is likely to see the most growth in the next few years, as a broad set of factors, including industrialization, urbanization and technological development, drive the market forward. Current studies show that there is a definite surge in demand cutting across different sectors, these being the packaging, automotive, construction, electronics, and healthcare, which have become the key drivers of growth already. According to Environmental Action, an organization reported that the output of plastic will double in the next couple of years, which will tell the immensity of production expected in the industry. This increase in plastic production underlines the important place of plastics in modern economies and the need for sustainable actions to counter environmental damage.
According to SkyQuest's comprehensive analysis, the rapid proliferation of both lightweight and durable plastics represents a groundbreaking development, particularly in sectors like automotive and electronics, where material innovation plays a pivotal role in enhancing efficiency and fostering product differentiation. From a geographical perspective, the Asia Pacific region is poised to maintain its dominance in the plastic market, fueled by ongoing industrialization, urbanization, and the continual expansion of the middle-class demographic.
However, regulatory measures addressing the adequacy of single-use plastics, coupled with increasing consumer awareness of environmental sustainability, are significantly influencing market dynamics. These factors are compelling manufacturers to explore alternative materials and adopt recycling initiatives. Despite presenting a spectrum of challenges and opportunities, the global plastic market underscores the importance of collaboration among all stakeholders across the value chain. Prioritizing innovation, circular economy initiatives, and sustainable objectives is imperative to drive positive change and foster long-term sustainability in the global plastic market.
US Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 684.1 Billion
Largest Segment
Polypropylene (PP)
Fastest Growth
LDPE and LLDPE
Growth Rate
3.96% CAGR
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The global plastic market is segmented based on the type, technology, end-use industry, and region. Based on the type, the global plastic market is segmented as Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, LDPE and LLDPE, HDPE, Polyamide, Polyurethane, Polystyrene, Polychloride, and Others (ABS, ASA, SAN, and other thermoplastics). By technology, the market is segmented into injection molding, blow molding, compression molding, roto molding, and others. Based on the end-use industry, the market is segmented into packaging, consumer goods, food & beverage, healthcare, automotive & transportation, consumer products, building & construction, electrical & electronics, textiles and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Within the global plastics market, Polyethylene (PE) has emerged as as the most dominant market segment. Polyethylene is dominating the global market mainly because of its versatility, affordability and high-volume usage in sectors of packaging, construction, and automotive. In the PE segment, together, both LDPE and HDPE are responsible for a large proportion of the contribution from this field. LDPE that is found broadly in the packaging of foodstuffs, films in agriculture, and a variety of disposable goods because of its remarkable flexibility and ability to withstand impact. While the HDPE is for high strength and rigidity applications such as bottles, containers, pipes and automobiles components, the LDPE is for low strength and rigidity applications such as packaging, movies, clothing and toys.
On the other hand, Polypropylene (PP) is the fastest growing segment in the global market of plastic. Polypropylene unique properties, which include high strength, chemical resistance, and a thermal stability in its nature, that is why it keeps on expanding to all sectors. Consumers and producers are becoming increasingly aware of their individual footprint, and the PP segment continues to grow as applications within packaging, automotive, textiles, and consumer goods drive demand. PP, due to its lightweight and superior sealing properties, is well suited to flexible packaging, caps and closures, and containers in the packaging area.
Analysis by End Use Industry
In the global plastic market, packaging is emerging as the dominant segment, which is being propelled by its extensive use in several industries that include food & beverage, consumer goods, healthcare and automotive. Plastics emerged as one of the most-used materials in packaging solutions, its multi-functionality, economy, and performance, and has been widely adopted by both consumers and manufacturers. Plastic packaging, bottles, containers and films make up the largest product sector within this market, and are used for a broad range of applications, and consequently generate very strong demand globally.
On the other hand, the fastest-growing segment by type is likely to be healthcare. Plastics are necessary in the healthcare sector because they serve as medical devices, packaging for pharmaceuticals, surgical tools, and many healthcare equipment due to their sterility, biocompatibility, and durability. It is projected to see a massive upsurge in demand for plastics. In addition, the COVID-19 pandemic has shown the use of plastic in the medical field, for instance, PPE, diagnostic kits, and the storage of vaccines, therefore, this segment experiences high growth. All around the world healthcare systems are focused on curbing infections, upholding patient safety and advancing medical innovation, thereby creating a good selling market for plastic manufacturers and suppliers to diversify and meet the ever-changing conditions.
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In the global plastic market, North America is the largest market region, it is a well-established region for manufacturers and has a solid industry and a well-developed manufacturing infrastructure as well as a high consumer demand across different industries. The plastics market is largely led by industries like packaging, automotive, consumer goods, and healthcare that are consuming a lot of plastics. Due to this fact, North America is taking a dominant position in the global plastics market. The area's high-tech economies together with the strong concentration on technology innovation and product development are the other elements that make the place take the lead in the international plastic market. Also, among the factors is that North America holds to its regulatory standards and sustainability initiatives that have seen the adoption of environmentally friendly plastics and recycling practices Mold market dynamics and responsible growth in the region.
The Asia Pacific region represents the fastest-growing region in the global plastics market, and it is driven by the rapid pace of industrialization, urbanization, and economic development. Being the primary manufacturer of the world, the Asia Pacific region goes through an increase in call for the plastics in almost all the sectors such as packaging, automotive & transportation, consumer products, building & construction, and electrical & electronics. Increasing incomes, expanding middle-class populations and changing lifestyles of consumers all lead to shifting consumption patterns which in turn cause demand for plastics products and packaging within the respective region to rise. In addition, governments' activities to promote infrastructure development, urbanization projects, and innovation of new technologies offer momentum to the industry's expansion, transforming Asia Pacific into a central driver of global plastic market growth for the upcoming years.
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Plastic Market Driver
Increasing Demand for Plastic from the Packaging Sector
Technological Advancements in Plastic Manufacturing:
Plastic Market Restraint
Environmental Concerns and Regulatory Pressures
Less Availability of Plastic Waste Management Solutions:
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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. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge. Moreover, companies are heavily investing in product advancements and regulatory approvals to ensure the safety and efficacy of their products. The market also witnesses intense competition in terms of pricing, as players strive to offer cost-effective solutions without compromising on quality.
Top Players in the Global Plastic Market
Plastic Market Recent Developments
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 analysis, we found that the global plastic market is witnessing remarkable growth, with packaging emerging as the dominating segment, particularly driven by escalating demand in North America. An increase in market size is triggered mainly by the need for consumer goods packaging like edibles, drugs, water, alcohol and so on. The increasing market share of engineering plastics is on the rise which can be attributed to an overall improved performance e.g. durability, strength and is therefore suitable for such applications as automotive parts and building materials. With the fast expanding dynamic Asian-Pacific region playing a pivotal role of a driver for market growth via industrialization and urbanization, relevant actors including industry, governments, and research institutions alike have joint tasks to handle current upheavals and also lay the groundwork for what makes recovery possible and the other opportunities that come along with the changing paradigm in the global plastic market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 684.1 Billion |
Market size value in 2031 | USD 970.3 Billion |
Growth Rate | 3.96% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
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.
Customization Options
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.
Regional Analysis: Further analysis of the Global Plastic Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONGlobal Plastic Market size was valued at USD 593 billion in 2019 and is poised to grow from USD 614.94 billion in 2023 to USD 852.79 billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).
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'
Increasing Demand for Plastic from the Packaging Sector
Engineering Plastics are Gaining Traction Boosting Market Growth
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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Product ID: SQMIG15H2065