USD 684.1 Billion
Plastic Market Size, Share, Growth Analysis, By Product(PE, PP, PU, PVC, PET, PS, ABS, PBT, PPO, Epoxy Polymers, LCP, PEEK, PC, PA, PSU, PPSU, Others), Application(Injection Molding, Compression Molding, Casting, Thermoforming, Extrusion, Others), End Use, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG15H2065 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
109
|Figures:
76
Plastic Market Insights
Global Plastic Market size was valued at USD 599 billion in 2022 and is poised to grow from USD 624.16 billion in 2023 to USD 867.43 billion by 2031, growing at a CAGR of 4.2% during the forecast period (2024-2031).
The increasing use of plastics as a replacement for glass, metals, wood, natural rubber, and other materials is expected to boost the global plastics market over the next few years. Further, the plastic resins market is one of the most strictly controlled markets globally due to the negative impact it has on the environment. Many small and big players are involved in the resins market and venturing into offering different types of plastic resins. Polypropylene is the most widely used resin in different end use segments such as packaging, automotive, toys and many industrial applications. They include chemical and electrical resistance, hardness, high melting point, and stress resistance besides flexibility. The higher use of polypropylene in automotive and construction applications is seen as the key to expanding resin production. This growth in consumer spending has boosted the need for individual vehicles hence the growth of the automotive industry and by extension the market. Another factor, which creates opportunities in the plastic market, is the high level of demand for effective plastic wrapping for finished products. Further, the utilization of plastics has also continued to increase as these have been used as substitutes for metals such as aluminum and steel in the fabrication of composite materials. This is considering rules for improving payload capacity that can help save energy for fuel consumption and in turn save energy.
The US accounted for the largest market share in North America and is expected to continue doing so during the forecast period. The demand for plastic in the country is expected to be high due to the growth in the automotive industry and construction business. Some of the other factors likely to fuel the market for plastics compounding in the United States include Additional capacities and plant enlargements by automotive industries in the country. Food and beverage packaging is expected to be a major driver of PET growth in the United States and is an identified segment in the US plastics market. PET is mainly used in bottles manufacturing and is among the dominant materials in the plastics market. This is because PET processors in the US are paying more attention to and following the principle of GMPs with an aim of improving the usage of resources and conserving them while at the same time improving their efficiency in production. With these initiatives, the market for PET is expected to continue growing over the forecasting period.
US Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Polypropylene (PP)
Fastest Growth
LDPE and LLDPE
Growth Rate
3.96% CAGR
Global Plastic Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Plastic Market Segmental Analysis
The global plastic market is segmented into Product, Application, End Use, and region. Based on Product, the market is segmented into Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polybutylene Terephthalate (PBT), Polyphenylene Oxide (PPO), Epoxy Polymers, Liquid Crystal Polymers (LCP), Polyether Ether Ketone (PEEK, Polycarbonate (PC), Polyamide (PA), Polysulfone (PSU), Polyphenylsulfone (PPSU). Based on Application, the market is segmented into Injection Molding, Blow Molding, Roto Molding, Compression Molding, Casting, Thermoforming, Extrusion, Calendaring, and Others. Based on End Use, the market is segmented into Packaging, Building & Construction, Electrical & Electronics, Automotive, Medical devices, Agriculture, Furniture & Bedding, Consumer Goods, Utility, and Others. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product
PE is expected to grow over the forecasting period. Polyethylene (PE) dominate the product segmentation in 2023, by having a market revenue share of over 24%. The demand for polyethylene in the agriculture sector would remain high as drippers, micro tubes, nozzles and emission pipes in the irrigation systems increasingly gains demand. In agriculture, plastic sheets are used to cover the seeds to minimize loss of moisture and control soil temperature to improve production.
Polypropylene (PP) is the fastest growing market for plastic with a market revenue share of over 20% in 2023. This has been due to the expansion of the automotive industry, especially regional markets such as Asia and Latin America. The demand for plastic polymers in automotive applications is expected to grow substantially during the envisaged period because of the growing vehicle manufacturing capacities and the regulatory changes that encourage low vehicle weight reducing fuel consumption.
Analysis by Application
In application the injection molding segment accounted for over 43% of the market revenue in 2023. This process involves the use of machine, plastic material and moulds whereby the plastic material in the form of pellet is fed to the machine to produce the final product by injecting molten plastic into the mould cavity and allowing it to cool. Automobile manufacturing, medical tools and devices, containers, and other things are some of the products that use injection molding.
Thermoforming was the second largest market in terms of the revenue share generating more than 27% in 2023. This manufacturing process involved the use of thermoplastic sheets which are heated until they become flexible and then shaped using processes such as vacuum forming and pressure forming. In the packaging industry, thermoforming is commonly used for products such as blister packs, clamshells, and trays due to its effectiveness and affordability. In the world plastic processing industry, thermoforming acts as another key process for the development of new and more efficient packaging solutions and the growing needs of industries for lightweight, durable, and individual plastic parts.
Global Plastic Market Size By Application (%)
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Plastic Market Regional Insights
In 2023, Asia-Pacific emerged as the dominant force in the market, commanding a revenue share of over 22%. Asian nations like Vietnam, Indonesia, Thailand, China, Japan, and India are poised to become key growth markets for plastics in the region over the forecast period. The expanding manufacturing sector is anticipated to drive demand for plastic compounds across automotive, industrial machinery, construction, packaging, and electrical & electronics industries. India and China have experienced a surge in automotive production. Additionally, Taiwan, China, and South Korea boast well-established manufacturing bases for electrical & electronics, further boosting the plastics market. India's robust chemical manufacturing industry strengthens its position in plastic production. Factors such as rapid urbanization, improving economic conditions, and increasing infrastructural activities are bolstering the growth of the plastics market in Asia Pacific.
In North America, the plastic market is primarily fueled by the rising demand for epoxy polymers in the medical devices segment, particularly for manufacturing disposables like catheters and surgical instruments. Post-pandemic, the demand for plastics across various application segments, including packaging, construction, electrical & electronics, automotive, agriculture, furniture & bedding, consumer goods, and utility, is expected to see growth.
Global Plastic Market Size By Geography
- Largest
- Fastest
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Plastic Market Dynamics
Plastic Market Driver
Increasing Demand for Plastic
- The usage of plastic is increasing, and it is not only in the packaging industries but in the food and beverages, consumer products, automobiles, electrical and electronics industries as well. The use of plastic packaging is essential in protecting the quality of foods and from contamination; this boosts the consumption of plasticspackaging in the world. However, the flexibility and sturdiness of polymers are encouraging their application in various areas such as athletics, fashion, polymer clay, and toys. They are useful because they can withstand physical stress and offer strength and durability; besides, their flexibility enables the formation of packaging in diverse shapes and sizes. Polymers are especially used in the textile industry due to their flexibility, strength, and ability to give a nice appearance. Furthermore, due to their stiffness, they can be used to package spare parts of automobiles and electric appliances.
Increasing Demand for Engineering Plastics
- The demand for engineering plastics is also high because of its enhanced strength, durability and lighter weight as compared to conventional plastics. They provide better thermal and mechanical characteristics, but at an even more economical price. The requirement for enhanced polymer solutions across these areas of application, such as construction equipment, and parts, also indicates this market advancement. Further, the movement to replace metals with engineering polymers is growing in automotive engineering, construction, solar, water systems and so on.International OEMs are increasingly sourcing engineered plastic materials and components over metal parts to enjoy the benefits that include weight savings, for instance, Volkswagen Company replacing metal crankshaft covers with polymers to record a weight saving of about 40%.
Restraints
Stringent Regulations Regarding Plastic Usage
- The market is expected to be affected by the strict policies that have been put in place concerning the use of plastics. There are many reasons for this, one being that the government has set stringent environmental laws and regulations regarding plastics. Several organizations and governments are turning to environmentally friendly and non-plastic options to fight the issues arising from plastics. For instance, in 2017, the United Nations Environment Program launched Clean Seas in over 50 countries to call for reduction in plastic use, encourage non-plastic packaging materials, and engage in product changes. Also, some countries like India have set specific goals, especially in banning single use plastics from the market in the next two years. The shift of consumers from using plastic and the setting up of regulations on the use of plastics are among the restraints that limit market growth. For Instance, in March 2022, during the UN Environment Assembly in Nairobi, the leaders of the states, ministers of environment, and delegates of 175 countries supported another historic resolution to end the pollution by plastics and develop an international legally binding agreement by the end of 2024.
Higher Cost Compared to Outmoded Plastics
- Rules concerning the use of the product will have an influence on the market. There is growing concern among the public regarding the negative impact of polymers on the environment and as such, there are regulatory measures put in place by the government. As a result, governments and companies have resorted to using non-plastic and earth-friendly materials to solve the problem of plastic pollution. For example, the UN Environment Program (UNEP) initiated the Clean Seas campaign in over 50 countries in 2017, demanding governments to adopt and implement policies on reducing plastics in the market, encouraging industries to reduce polymer-based packaging and products. Also, the examples of various countries including India have committed to banning single-use plastics. The transition of consumers to buy products that are sustainable as opposed to the excessive use of plastic also limits market expansion. For instance, in March 2022, environment ministers and delegates from 175 countries supported the resolution at the UN Environment Assembly in Nairobi to end plastic pollution too and to create a global treaty by 2024.
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Plastic Market Competitive Landscape
The Global Plastic Market is highly competitive, characterized by significant investments in research and development aimed at innovating and improving plastic products to comply with stringent environmental regulations and meet the diverse demands of various industries. The market's competitiveness is further enhanced by the presence of numerous regional players, particularly in the rapidly industrializing Asia-Pacific region, which is experiencing substantial growth in the manufacturing sector. Strategic collaborations, mergers and acquisitions, and the continuous pursuit of sustainable and high-performance plastic solutions also shape the competitive landscape, as companies strive to gain a competitive edge and expand their market share.
Top Players in the Plastic Market
- BASF SE (Germany)
- SABIC (Saudi Arabia)
- Dow, Inc. (US)
- DuPont (US)
- Evonik Industries AG (Germany)
- Sumitomo Chemical Co., Ltd. (Japan)
- Arkema (France)
- Celanese Corporation (US)
- Chevron Phillips Chemical Co., LLC (US)
- Lotte Chemical Corporation (South Korea)
- Exxon Mobil Corporation (US)
- Covestro AG (Germany)
- Toray Industries, Inc. (Japan)
- Mitsui & Co. Plastics Ltd. (Japan)
- TEIJIN LIMITED (Japan)
- INEOS Group Holdings S.A. (UK)
- LG Chem (South Korea)
- LANXESS (Germany)
- CHIMEI (Taiwan)
- Huntsman International LLC (US)
Plastic Market Recent Developments
-
In December 2023, Biesterfeld AG and Celanese Corporation announced an expansion of their distribution partnership to enhance their plastics reach across Europe, the Middle East & Africa, Southeast Asia, and Brazil.
-
In June 2023, MKS Plastics announced a USD 14 million investment to expand its production facility in Tangipahoa Parish. The company expects this expansion to double its production capacity and better serve customers in the petroleum and chemical industries.
-
In December 2022, SABIC introduced a novel high-density polyethylene (HDPE) containing mechanically recycled content as part of its TRUCIRCLE™ initiative, reinforcing the company's commitment to promoting a circular economy for plastics.
Plastic Key Market Trends
- Expansion of the Construction Industry: The expansion of the construction industry in emerging economies like Brazil, China, India, and Mexico is fueling demand for plastics, offering promising prospects for the plastics market. These countries are experiencing robust growth rates, attracting significant foreign investment primarily due to simplified FDI regulations and the pressing need for upgraded public and industrial infrastructure. This influx of foreign capital has catalyzed advancements in these domestic construction markets, leading to an overall enhancement of the market landscape. The construction sector's growth not only stimulates the demand for plastics in materials like pipes, insulation, and fittings but also generates opportunities for innovative plastic solutions in construction applications, contributing to the overall expansion of the plastics industry.
Plastic Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global plastic market is witnessing robust growth driven by increasing demand from various end-use industries such as packaging, automotive, construction, electronics, and healthcare. Factors such as rapid urbanization, population growth, rising disposable incomes, and technological advancements are fueling the demand for plastic products worldwide. Additionally, the shift towards lightweight and sustainable materials, along with the growing focus on recycling and circular economy initiatives, are reshaping the market landscape. However, challenges such as environmental concerns regarding plastic pollution, regulatory pressures, and volatility in raw material prices pose significant hurdles to market growth. Despite these challenges, ongoing innovations in material technologies, coupled with strategic partnerships and investments in sustainable practices, are expected to drive the global plastic market forward in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 599 billion |
| Market size value in 2031 | USD 867.43 billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 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
- Exhibit: Impact analysis of DROC, 2021
- 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 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the 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 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 Plastic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
Plastic Market Report Snapshots
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