The global plastic market is anticipated to grow at a compound annual growth rate (CAGR) of 4% during the forecast period, reaching a valuation of US$ 712 billion in 2023 and US$ 1050 billion by 2033. Plastic is in high demand in a variety of industries, including consumer products, automotive, food & beverage, and electrical & electronics. Global product consumption is being pushed by the food and beverage industry’s increasing demand for packaging materials.
Food manufacturers seek packaging that preserves food quality and prevents contamination, and plastic’s barrier properties make it a favored choice, bolstering its demand. Further, the versatility and durability of polymers are driving their use in sports, fashion, polymer clay, and toy-making. They are easily moldable, allowing flexible packaging in various shapes and sizes.
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In textiles, their high elasticity, durability, and visual appeal contribute to their rising utility. Additionally, their rigidity makes them suitable for packaging automotive and electrical spare parts. Further, these expanding applications across multiple industries, including food & beverage, textile, electrical & electronics, automotive, and consumer goods, are fueling the growth of the plastics industry.
The demand for engineering polymers has surged due to their superior strength and durability compared to standard polymers. These light, cost-effective materials also offer enhanced thermal and mechanical properties. Increasingly, industries seek better polymer solutions for applications in building, machinery, and componentry. While the need for metal substitutes further drives the use of engineering polymers.
Various sectors, including automotive engineering, building, solar, and water, benefit from the advantages these materials provide over metal constructions. Leading international OEMs, like Volkswagen, have already adopted engineered plastic materials as replacements for metal parts, leading to significant weight reductions, such as a 40% decrease in weight achieved with Volkswagen’s crankshaft covers.
The substitution of metals with plastics, due to their strength, flexibility, and reliability, is driving market growth. Moreover, advanced and cost-effective plastics are finding increased applications across industries, further supporting market expansion.
Plastics can be tailored with superior physical and chemical qualities compared to metals through specialized design processes, contributing to industrial growth. Their lightweight nature makes them ideal for transportation applications, improving fuel efficiency and stimulating market growth.
Key Takeaways
- The demand for plastic in the Asia Pacific is projected to rise with a promising CAGR of 4.3% during the forecast period.
- The market in the United States is anticipated to expand with a CAGR of 4.1% during the forecast period.
- The market in the United States is projected to be worth over US$ 90.5 billion in 2023.
- By end-use, the packaging industry segment is expected to generate demand with a CAGR of 4.7% during the forecast period.
“The substitution of metals with plastics and growing demand for packaging materials is expected to drive market growth during the forecast period,”- comments an FMI Analyst
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Competitive Landscape
The market for plastic is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
Recent Developments in the Plastic Market
- In January 2023, BASF announced an investment to expand the capacity for polymer dispersions at its manufacturing facility in Merak, Indonesia.
- In January 2023, SABIC reaffirmed its commitment to the circular economy by announcing plans to produce one million metric tonnes of TRUCIRCLETM solutions annually by 2030.
- In December 2022, SABIC, a prominent player in the diversified chemical industry, launched a novel high-density polyethylene (HDPE) containing mechanically recycled content. This release is part of TRUCIRCLETM, the company’s initiative to promote a circular economy for plastics.
- In January 2023, Evonik unveiled IN VIVO BIOTICSTM, a scientifically supported line of synbiotic products.
- In February 2021, ExxonMobil successfully concluded the initial phase plant trial of its patented advanced recycling process in Texas, U.S.
Key industry players working in the market
- BASF SE
- SABIC
- Dow Inc
- DuPont de Nemours, Inc
- Evonik Industries
- Sumitomo Chemical Co., Ltd.
- Arkema
- Celanese Corporation
- Eastman Chemical Company
- Chevron Phillips Chemical Co., LLC
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Key Segments Profiled in the Plastic Market Survey
By Product:
- 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
- Polyether ether ketone (PEEK)
- Polycarbonate (PC)
- Polyamide (PA)
- Polysulfone (PSU)
- Polyphenylsulfone (PPSU)
- Others
By End-use:
- Packaging
- Construction
- Electrical & Electronics
- Automotive
- Medical Devices
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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