21-Jul-2023 | Zion Market Research
The global plastic market size was worth around USD 598.76 billion in 2022 and is predicted to grow to around USD 827.12 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.12% between 2023 and 2030.
Plastic is a widely used, versatile synthetic material made using polymers. It can be molded into various shapes with varying strength and over the years, it has managed to become a crucial part of economic growth showing several consumer and industrial applications. The plastic market deals with the production, distribution, recycling, reuse, and other attributes of plastic. It deals with economic transactions carried out in sectors such as packaging, automotive, construction, electronics, consumer goods, healthcare, and more based on plastic. The primary reasons for the extreme consumption of plastic are its versatility, lightweight nature, durability, and cost-effectiveness. During the forecast period, the plastic industry is expected to expand at a steady rate but the companies will have to ensure showing environmental responsibility while driving the market further.
This review is based on a report by Zion Market Research, titled "Plastic Market By Product (Polyvinyl Chloride (PVC), Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), Polypropylene (PP), Polybutylene Terephthalate (PBT), Polyurethane (PU), Polyamide (PA), Epoxy Polymers, Polyphenylene Oxide (PPO), Polyphenylsulfone (PPSU), Polyamide (PA), Polycarbonate (PC), Polyether Ether Ketone (PEEK), And Others), By End-User (Medical Devices, Packaging, Agriculture, Construction, Utility, Furniture & Bedding, Electrical & Electronics, Consumer Goods, And Others), By Manufacturing Process (Casting, Blow Molding, Compression Molding, Calendering, Thermoforming, Roto Molding, Extrusion, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/plastic-market
The global plastic industry is expected to grow owing to the consumer convenience offered by plastic-based products. This is applicable to not only the general population but plastic has wider applications in industrial and commercial settings as well. The lightweight nature of plastic makes it an ideal choice for securing and storing products during transportation. Plastic containers are used extensively in the food & beverage industry since it is a shatter-proof solution for storing products.
Moreover, the recent expansion of the e-commerce industry, which deals with buying and selling products through online channels, has been a significant contributor to plastic market expansion. As per a recent report, the global e-commerce sector used more than 2.1 billion pounds of plastic for packaging purposes in 2019. This number is expected to reach 4.5 billion pounds by 2025. Additionally, the use of plastics in emerging nations has surged in the last decade. Particularly in Asian countries. Factors such as rapid urbanization, industrialization, and increased infrastructure development projects have led to increased consumption of plastic ranging from consumer goods to other sectors.
However, the plastic industry is projected to come across certain growth limitations. The primary being increasing pressure on the government and private companies to curb or restrict the use of one-time-use plastic products since these forms of plastics are harmful to the environment. Additionally, growing volatility in raw material prices since the production is highly dependent on petrochemical feedstocks, such as crude oil and natural gas could lead to a loss of revenue.
The growing research & development may provide growth opportunities while poor recycling infrastructure could challenge the market expansion.
The global plastic market is segmented based on product, end-user, application, and region.
Based on product, the global market segments are polyvinyl chloride (PVC), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate (PET), polypropylene (PP), polybutylene terephthalate (PBT), polyurethane (PU), polyamide (PA), epoxy polymers, polyphenylene oxide (PPO), polyphenylsulfone (PPSU), polyamide (PA), polycarbonate (PC), polyether ether ketone (PEEK), and others.
Based on end-user, the global market segments are medical devices, packaging, agriculture, construction, utility, furniture & bedding, electrical & electronics, consumer goods, and others. The packaging industry was the leading end-user in 2022 and contributed to around 36.261% of the overall use of plastic. Over the years, plastic has made itself an integral part of the packaging sector since it can safely store small consumer items to larger industrial machinery parts. Their ability to protect, preserve, and present products effectively is the main reason for the higher consumption of plastic in this sector. Additionally, it also allows end-users access to attractive marketing and branding opportunities and is extremely functional. However, in recent times, the packaging industry has been under extreme scrutiny due to the excessive use of environment-impacting plastic products.
Based on the manufacturing process, the plastic industry segments are casting, blow molding, compression molding, calendering, thermoforming, roto molding, extrusion, and others. Injection molding was the largest application in 2022 and held control over 43.39% of the market share. In this process, molten plastic material is injected into a mold cavity. It is then allowed to cool and solidify. The resultant product is then ejected from the cavity. It is used to produce a wide range of plastic products. Some advantages of the process include high efficiency and production rates along with the ability to achieve precise and complex part design. Moreover, it is highly cost-effective, especially in high-volume production.
The global plastic market is expected to be dominated by Asia-Pacific in the coming years primarily due to the existence of an advanced and internationally-competing chemical sector in China and India. The increasing population of these countries is driving the consumption level of plastic which is further strengthened by the rise in disposable income and subsequent influence on industries such as consumer goods, electronics, and food & beverage. It is also home to some of the world’s most prominent companies producing a wide range of plastics thus targeting a broader range of consumers.
North America is home to a mature market for plastic and with rising investments across Canada and the US to build large-scale production facilities, the regional market may continue to grow at a steady pace. Rising applications in the healthcare and automotive industries along with technological innovation could be the leading factors for high plastic demand.
The global plastic market is led by players like:
By Manufacturing Process
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