The global plastics market size is expected to reach USD 752.16 Billion in 2028 and register a revenue CAGR of 3.3% during the forecast period. Increase in demand for plastic from automotive, construction and electronics is driving the market revenue growth.
Increasing population, rapid urbanization and industrialization are driving plastics market revenue growth. The major reason for high demand for plastics is the fact that they help make lives easier, cleaner, and safe. There are various advantages associated with plastics like low-cost, imperviousness to water, and ease of manufacturing, which have resulted in their widespread use in industries such as construction and automotive industry. Increase in demand for plastic packaging solutions to protect the products is driving market revenue growth.
Top Companies Operating in the Global Plastic Market:
Arkema, BASF SE, SABIC, Eastman Chemical Company, DowDuPont, Evonik Industries, Celanese Corporation, Sumitomo Chemicals, Lotte Chemical Corporation, and Chevron Phillips Chemical Co. LLC.
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Major Factors Contributing to the Global Materials and Chemicals Market Revenue Growth
Increase in application of plastic for packaging is one of its major driving factors, particularly from food & beverage industry. Food manufacturers are using plastic packaging to avoid contamination and minimize food quality degradation. Ability of plastic to act as a barrier between food and external environment is driving its demand. Despite concern regarding plastics due to adverse environmental effects, the market for plastic will continue to grow as it is used in almost all aspects of life nowadays. Production of plastic is expected to reach 589 million metric tons by 2050. Emergence of sustainable plastic packaging will also drive market growth.
The market registered moderate growth during COVID-19 pandemic. Market revenue is being driven by growth in the e-commerce industry and increased use of plastics for packaging in the food and beverage, healthcare, and pharmaceutical industries. However, use of plastics in industrial, luxury and B2B transport has been reduced due to implementation of lockdown in most of the parts of the world. Although single-use plastic is banned in most countries, they have lifted the ban as these plastics are being increasingly used in single use products such as face masks and gloves.
Table of Contents:
- Report Overview
1.1 Research Scope
1.2 Key Plastic market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline - Global Growth Trends
2.1 Global Plastic market size
2.2 Latest regional market trends
2.3 Emerging growth trends - Competitive Outlook
3.1 Global Plastic market key players
3.2 Global Plastic size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Plastic market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Plastic Market Segmentation
By Product Type Outlook:
- Polyethylene
- Polypropylene
- Polyurethane
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Polyphenylene Oxide
- Polyvinyl chloride
- Polyethylene terephthalate
- Polybutylene terephthalate
- Liquid crystal polymers
- Epoxy polymers
- Polyamide
- Polysulfone
- PEEK
- PPSU
- Others
By Application Outlook:
- Bottled Water
- Sheet & Film
- Food Packaging
- Non-Food Packaging
- Carbonated Soft Drinks
- Others
By Degradability Outlook:
- Non-biodegradable conventional plastics
- Biodegradable plastics
By End-Use Outlook:
- Packaging
- Agriculture
- Consumer Goods
- Medical Devices
- Automotive
- Furniture and Bedding
- Construction
- Others
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