The global plastic market is poised to achieve a valuation of USD 712 billion in 2023, with projections indicating growth to USD 1050 billion by 2033, reflecting a steady CAGR of 4% over the forecast period. This robust expansion is propelled by escalating demand across various sectors, notably food & beverage, consumer goods, automotive, and electrical & electronics. The food & beverage industry, in particular, is a significant driver, fueled by the increasing need for innovative and efficient packaging materials. This surge in demand underscores the essential role of plastics in modern manufacturing and consumer applications, highlighting its pervasive influence and critical importance in the global market landscape.
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.
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
Competitive Landscape
The market for plastic is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
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
Revolutionizing Industries with Plastics: Key Trends and Opportunities Revealed – Access the Full Report for In-Depth Analysis!
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