Product ID: SQMIG15H2065
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.
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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