The global plastic market is projected to grow significantly, reaching USD 712 billion in 2023 and expanding to USD 1,050 billion by 2033, with a CAGR of 4% over the forecast period.
Demand for plastics market is soaring across diverse industries such as food and beverage, consumer goods, automotive, and electrical and electronics. In the food and beverage sector, plastic packaging is preferred for its ability to preserve food quality and prevent contamination, driven by its excellent barrier properties.
Plastics’ versatility and durability are enhancing their use in sports, fashion, toy-making, and polymer clay applications. Their moldability allows for flexible packaging solutions in various shapes and sizes, further boosting their demand across industries.
Textiles benefit from plastics’ elasticity, durability, and aesthetic appeal, while their rigidity makes them suitable for automotive and electrical component packaging. This broadening application scope across multiple sectors is fueling the plastics industry’s growth.
Propel Your Success: Secure Your Sample of Our Insightful Report Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-15157
There is a rising demand for engineering polymers due to their superior strength, durability, and enhanced thermal and mechanical properties compared to standard polymers. These materials are increasingly favored in building, machinery, and componentry applications, replacing metals and contributing to weight reduction and improved efficiency.
Major OEMs like Volkswagen are adopting engineered plastic materials for metal part replacements, achieving significant weight reductions and enhancing performance. This trend towards substituting metals with plastics, driven by their strength, flexibility, and reliability, is a key driver of market growth.
Furthermore, advancements in plastic design processes enable the customization of materials with superior physical and chemical properties compared to metals. Their lightweight nature also benefits transportation applications, enhancing fuel efficiency and further stimulating market expansion.
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
Request a Complete TOC of this Report with figures!
https://www.futuremarketinsights.com/toc/rep-gb-15157
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 Companies Profiled
- 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
- Lotte Chemical Corporation
- Exxon Mobil Corporation
- Formosa Plastic Corporation
- Covestro AG
Master Your Market: Unlock Growth Opportunities with Our Insightful Report:
https://www.futuremarketinsights.com/checkout/15157
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global plastic market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the plastic market, the market is segmented based on product, application, end-user, and region.
Key Segments Profiled in the Plastic Market Industry 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 Application :
- Injection Moulding
- Blow Moulding
- Roto Moulding
- Compression Moulding
- Casting
- Thermoforming
- Extrusion
- Calendering
- 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube