|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 598.76 Billion||USD 827.12 Billion||4.12%||2022|
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.
The report analyzes the global plastic market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the plastic industry.
Plastic is synthetically manufactured and is made from polymers. They are a long chain of molecules. Plastic is manufactured through a process called polymerization. In this process, small units known as monomers are chemically bonded together to form repeating, larger chains. Plastic is one of the most popular and widely-used synthetic products in the modern age. It has versatile applications and is practically used in some form or another across all existing industries. There are different types of plastic existing in the commercial market with each variant showcasing specific characteristics and properties. Some of the most commonly used plastics are polyethylene which is used in plastic bags and bottles, polypropylene which is used in the manufacturing of food containers and automotive parts, and polyvinyl chloride which has applications in vinyl flooring or pipes. However, plastic has now become a worrying product for the environment and agencies are aggressively lobbying against the use of plastic in certain end-user verticals.
High dependency to drive market growth
The global plastic market is projected to grow owing to the high dependency on plastic across end-user verticals. Plastic is one of the few synthetically created products that are extremely versatile. Over the years since its introduction, plastic has managed to find applications across industries, and in the modern age, it is practically a significant part of all activities ranging from everyday consumer use to large-scale industrial applications. The world economy relies heavily on plastic for the production of items such as packaging products, automotive parts, medical devices, electronics, construction, and consumer goods to name the top end-user verticals. Furthermore, plastic production is a highly cost-effective process when compared to other materials that could act as substitutes. Since plastic can be produced in high volumes and with greater efficiency, the production expense automatically gets lowered. The affordability of plastics is what makes them more lucrative to manufacturers.
Growing resistance against the use of plastic to restrict market expansion
Plastic is known to be one of the largest environmental pollutants. The majority of plastic variants used in industries are non-biodegradable. They tend to harm the ecosystem beyond repair. Some forms of plastic may take between 20 to 500 years to completely decompose. As per estimates by Our World in Data, more than 5 trillion plastic particles exist in the global surface water. Such factors have led to multiple environmental agencies launching programs to curb the use of harmful plastic in specific industries and this could greatly impact global plastic market growth during the forecast period.
Research & development to provide growth opportunities
One of the primary reasons that could lead to the survival of the plastic industry is the ongoing research & development toward the development of sustainable and eco-friendly plastics. This is especially witnessed in the increasing investments toward bio-based plastic solutions that are manufactured from renewable sources such as plants. Furthermore, the production and consumption of plastics that can naturally break down could also generate better growth avenues. In addition to this, rising interest in activities that allow plastic recycling and reuse is expected to benefit not only the environment but also companies operating in the industry.
Poor recycling infrastructure to challenge the market expansion
Despite the existence of a considerable theoretical understanding of the benefits of plastic recycling and reuse, there is a significant lack of practical application of this concept. This is not only applicable to developing or underdeveloped nations but also to world leaders. Many countries do not have proper recycling systems and plans in place and some countries lag in the implementation of recycling protocols. This is one of the major challenges faced by the companies in the sector which could impede global sales volume.
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. In 2022, the plastic industry growth was led by the polyethylene (PE) segment. It dominated over 25.29% of the market share. Several factors contribute to its higher application. For instance, it is extremely versatile and is produced in several forms such as high-density polyethylene (HDPE) and low-density polyethylene (LDPE). This makes it highly valuable in growing sectors including packaging, construction, automotive, agriculture, and household products. Moreover, PE produced lightweight products resulting in reduced shipping costs and ease of handling. PE is chemical resistant and thus can be used to store acids, chemicals, and other bases.
Based on end-user, the global market segments are medical devices, packaging, agriculture, construction, utility, furniture & bedding, electrical & electronics, consumer goods, and others.
Based on the manufacturing process, the global 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.
|Report Attributes||Report Details|
|Report Name||Plastic Market Research Report|
|Market Size in 2022||USD 598.76 Billion|
|Market Forecast in 2030||USD 827.12 Billion|
|Growth Rate||CAGR of 4.12%|
|Number of Pages||224|
|Key Companies Covered||ExxonMobil Chemical, Dow Chemical Company, LyondellBasell Industries, SABIC (Saudi Basic Industries Corporation), BASF SE, DuPont, Eastman Chemical Company, Covestro AG, TotalEnergies, Arkema SA, Braskem SA, Formosa Plastics Corporation, Mitsubishi Chemical Corporation, LG Chem, Toray Industries Inc., Sinopec Group, Chevron Phillips Chemical Company LLC, INEOS Group Holdings S.A., Reliance Industries Limited, Borealis AG, Sumitomo Chemical Co. Ltd., Solvay S.A., Evonik Industries AG, PTT Global Chemical Public Company Limited, and MOL Group.|
|Segments Covered||By Product, By End-User, By Manufacturing Process, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia-Pacific to be led by China
The global plastic market is expected to be dominated by Asia-Pacific during the forecast period. In 2022, it had a hold over 45% of the global market share. This is primarily due to the increasing use of plastic across end-user verticals including automotive, construction, packaging, electronics, and consumer goods industries. Furthermore, China is projected to lead with the highest regional industry share as the country is working on amping up its plastic production capacity by building large-scale facilities. Moreover, the country has also witnessed higher demand in plastic-applications sectors. The presence of a strong and robust chemical industry works in the favor of Asian countries since they strengthen the vision of becoming the world’s largest supplier of plastic and derived products. The rising rate of population, rampant urbanization, increasing commercialization, and surging industrial applications are the main reasons for higher regional growth.
The global plastic market is led by players like:
By Manufacturing Process
Plastic is synthetically manufactured and is made from polymers. They are a long chain of molecules. Plastic is manufactured through a process called polymerization.
The global plastic market is projected to grow owing to the high dependency on plastic across end-user verticals. Plastic is one of the few synthetically created products that are extremely versatile.
According to study, the global plastic market size was worth around 598.76 billion in 2022 and is predicted to grow to around USD 827.12 billion by 2030.
The CAGR value of plastic market is expected to be around 4.12% during 2023-2030.
The global plastic market is expected to be dominated by Asia-Pacific during the forecast period. In 2022, it had a hold over 45% of the global market share.
The global plastic market is led by players like ExxonMobil Chemical, Dow Chemical Company, LyondellBasell Industries, SABIC (Saudi Basic Industries Corporation), BASF SE, DuPont, Eastman Chemical Company, Covestro AG, TotalEnergies, Arkema SA, Braskem SA, Formosa Plastics Corporation, Mitsubishi Chemical Corporation, LG Chem, Toray Industries, Inc., Sinopec Group, Chevron Phillips Chemical Company LLC, INEOS Group Holdings S.A., Reliance Industries Limited, Borealis AG, Sumitomo Chemical Co., Ltd., Solvay S.A., Evonik Industries AG, PTT Global Chemical Public Company Limited, and MOL Group.