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 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.

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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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