Plastic Market

Global Plastic Market Size, Share, Growth Analysis, By Type(Polypropylene, Polyethylene Terephthalate), By Technology(Injection Molding, Blow Molding), By End-Use Industry(Packaging, Consumer Goods) - Industry Forecast 2024-2031


Report ID: SQMIG15H2065 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 109 | Figures: 76

Global Plastic Market Insights

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.

Market snapshot - 2024-2031

Global Market Size

USD 684.1 Billion

Largest Segment

Polypropylene (PP)

Fastest Growth

LDPE and LLDPE

Growth Rate

3.96% CAGR

Global Plastic Market ($ Bn)
Country Share for North America Region (%)
Global Plastic Market Size By Type ($ Bn)
Global Plastic Market Size By Type (%)

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Global Plastic Market Segmental Analysis

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.

Global Plastic Market By Type (%), 2022 (%)

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Global Plastic Market Regional Insights

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.

Global Plastic Market By Geography, 2024-2031
  • Largest
  • Fastest

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Global Plastic Market Dynamics

Plastic Market Driver

Increasing Demand for Plastic from the Packaging Sector

  • 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.

Technological Advancements in Plastic Manufacturing:

  • The technological breakthroughs in plastics manufacturing, materials development, and recycling technologies are the key drivers of the growth across the global plastic market. Continuous research and development processing results in the generation of new types of plastic with improved properties, performance and the lowest possible environmental impact. Modern manufacturing technologies like injection molding, extrusion and blow molding play a significant role giving the option to develop complex plastic components with a high degree of precision and speed thus meeting the numerous industry demands. Therefore, technology advances in recycling processes as well as circular economy programs are among other ways of not only minimizing plastics waste but also improving sustainability in this sector. Such technological innovations contribute not only to market development but lay a foundation for the adoption of eco-friendly plastics and sustainable practices that also overcome the environmental problems related to the plastic production and use.

Plastic Market Restraint

Environmental Concerns and Regulatory Pressures

  • As public awareness of the ecological harm done by plastics, and specifically single-use plastics, intensifies, the regulatory system becomes more rigorous and demands for stricter legislation and consumer activism become louder. Governments around the globe are implementing severe measures to reduce the use of plastic, notify the people, and declining the pollution. Moreover, rising public consciousness about the problems of marine pollution, microplastic contamination, and wild animals damage helps to make the industry facing other difficulties. These regulatory pressures and environmental concerns create material but competition and demanding environment for plastic producer and users, affect production process, product design and the market.

Less Availability of Plastic Waste Management Solutions:

  • The increasing quantity of plastic waste, and the lack of enough waste management infrastructures and recycling plants left only to plastic market to tackle the critical challenge. Although some regions are progressing to what is on move towards the idea of recycling and waste management systems, even with increased awareness, it is evident that many areas are still lacking in this area. For example, say, during a daily waste generation process, the country like India produces the staggering load of 26,000 tonnes of plastics. Solving this problem requires the use of well-rounded interventions and practices that will handle waste collection, separation, recycling, and disposal. Indian proponents started at the point of reducing plastic pollution by the end of December 2023. They accomplished this by adopting new waste disposal strategies, putting up recycling infrastructure, making communities aware, and topping it all with collaboration among the government departments, businesses, and local groups. However, the absence of efficient waste management solutions is a major challenge limiting the development of the plastic farming. This problem impedes the extension of sustainable development on the planet and creates ecological concerns as well.

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Global Plastic Market Competitive Landscape

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

  • ExxonMobil Chemical
  • SABIC
  • Thermofisher 
  • BASF SE 
  • LyondellBasell Industries N.V. 
  • DuPont de Nemours, Inc. 
  • Formosa Plastics Corporation 
  • INEOS Group Holdings S.A. 
  • TotalEnergies SE 
  • Mitsubishi Chemical Holdings Corporation 
  • Covestro AG 
  • Sumitomo Chemical Co., Ltd. 
  • Reliance Industries Limited 
  • Arkema S.A. 
  • Braskem S.A. 
  • LG Chem Ltd. 
  • Borealis AG 
  • Huntsman Corporation 
  • Solvay S.A. 
  • Chevron Phillips Chemical Company LLC

Plastic Market Recent Developments

  • In February 2024, Polymer LLC announced the launch of its new large-format polyethylene film production facility in the Smolensk region. This state-of-the-art line is designed to manufacture large-format polyethylene films with an impressive width ranging from 6 to 18 meters and a thickness spanning 180 to 250 microns. 
  • In February 2024, Pregis introduced new protective foam packaging, which incorporates certified-circular polyethylene (PE) resins. This product is the result of a collaboration between Pregis and ExxonMobil.  
  • In June 2023,  TotalEnergies announced the commercial launch of a new high-density polyethylene (HDPE) resin for tethered cap applications, allowing to reduce material usage, enhance recovery and improve recycling.

Global Plastic Key Market Trends

  • Engineering Plastics are Gaining Traction Boosting Market Growth: 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

Global Plastic Market SkyQuest Analysis

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 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, LDPE and LLDPE, HDPE, Polyamide, Polyurethane, Polystyrene, Polychloride, and Others
  • Technology
    • Injection Molding, Blow Molding, Compression Molding, Roto Molding, and Others, Healthcare & Pharmaceuticals, Electrical & Electronics, Textile
  • End-Use Industry
    • Packaging, Consumer Goods, Food & Beverage, Healthcare, Automotive & Transportation, Consumer Products, Building & Construction, Electrical & Electronics, Textiles, and Others
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
  • ExxonMobil Chemical
  • SABIC
  • Thermofisher 
  • BASF SE 
  • LyondellBasell Industries N.V. 
  • DuPont de Nemours, Inc. 
  • Formosa Plastics Corporation 
  • INEOS Group Holdings S.A. 
  • TotalEnergies SE 
  • Mitsubishi Chemical Holdings Corporation 
  • Covestro AG 
  • Sumitomo Chemical Co., Ltd. 
  • Reliance Industries Limited 
  • Arkema S.A. 
  • Braskem S.A. 
  • LG Chem Ltd. 
  • Borealis AG 
  • Huntsman Corporation 
  • Solvay S.A. 
  • Chevron Phillips Chemical Company LLC
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Plastic Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Plastic Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

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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FAQs

Global 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.

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 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. 'ExxonMobil Chemical', 'SABIC', 'Thermofisher ', 'BASF SE ', 'LyondellBasell Industries N.V. ', 'DuPont de Nemours, Inc. ', 'Formosa Plastics Corporation ', 'INEOS Group Holdings S.A. ', 'TotalEnergies SE ', 'Mitsubishi Chemical Holdings Corporation ', 'Covestro AG ', 'Sumitomo Chemical Co., Ltd. ', 'Reliance Industries Limited ', 'Arkema S.A. ', 'Braskem S.A. ', 'LG Chem Ltd. ', 'Borealis AG ', 'Huntsman Corporation ', 'Solvay S.A. ', 'Chevron Phillips Chemical Company LLC'

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.

Engineering Plastics are Gaining Traction Boosting Market Growth: 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

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.

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