Plastic Industry Overview
The global plastic market size is anticipated to reach USD 811.57 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 3.7% between 2022 and 2030. The increasing automotive production and subsequent rise in plastic consumption in automotive component fabrication, because of regulatory policies regarding vehicular weight reduction and fuel efficiency, are expected to drive the market during the forecast period.
Plastic Market Segmentation
Grand View Research has segmented the global plastic market on the basis of product, application, end-use, and region:
Based on the Product Insights, the market is segmented into 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.
- Polyethylene held the largest market revenue share of more than 25.0% of the overall demand in 2021. It is primarily used in the packaging sector, which includes containers and bottles, plastic bags, plastic films, and geomembranes.
- Rising demand for packaged food, trays, bottles for milk and fruit juices, crates, caps for food packaging, drums, and other liquid food packaging, to combat the spread of COVID-19 across the world is expected to drive the demand for polyethylene in the coming years.
- Acrylonitrile butadiene styrene (ABS) is one of the promising product segments in the plastic market. ABS is widely used in consumer goods and electrical & electronics applications and is gaining popularity owing to its excellent rigidity, high strength, and dimensional stability.
- LEGO toys and computer keyboards are also significant application areas for ABS compounds. ABS is also used in manufacturing drain-waste-vent pipe systems, plastic clarinets, golf club heads, musical instruments, enclosures for electrical & electronic assemblies, automotive trim components, and protective headgears, among various other products.
Based on the Application Insights, the market is segmented into Injection Molding, Blow Molding, Roto Molding, Compression Molding, Casting, Thermoforming, Extrusion, Calendering, Others.
- The injection molding application segment held the largest revenue share of over 43.0% of the overall demand in 2021. Injection molding is a common method for producing custom plastic parts. It is a discontinuous process as the plastic parts are produced in molds and are required to be cooled before being removed.
- This process requires an injection molding machine, molds, and plastic materials. The molten plastic is injected into a mold cavity and then cooled to create the final product. It is generally used in the production of automobile parts, containers, and medical devices among others.
- Calendering is one of the potential application segments in the plastics market. It is used to process thermoplastic materials into films and sheeting. It is mainly used for PVC as well as certain other modified thermoplastics. The process consists of five steps – pre-blending, fluxing, calendering, cooling, and winding-up.
Based on the End-Use Insights, the market is segmented into Packaging, Construction, Electrical & Electronics, Automotive, Medical Devices, Agriculture, Furniture & Bedding, Consumer Goods, Utility, Others.
- The packaging end-use segment held the largest market revenue share of more than 36.0% of the overall demand in 2021. Packaging is a high-potential end-use segment with moderate penetration. Plastic has been an integral part of the packaging industry. Furthermore, the advent of bio-based plastics has also played a significant role in the food, pharmaceutical, and beverage packaging sectors.
- Plastics such as Polyethylene Terephthalate (PET) and Polycarbonates (PC) are increasingly being used in the packaging of beverages, consumer goods, appliances, toys, and apparel. The packaging of appliances is expected to offer lucrative opportunities for market growth.
- Moreover, the demand for plastic in consumer packaging is expected to shift drastically towards food packaging, owing to the shutdown of restaurants and foodservice outlets during the pandemic. The stockpile and panic purchases of food, groceries, and other homecare necessities are further expected to boost the aforementioned trend.
Plastic Regional Outlook
- North America
- Asia Pacific (excluding China)
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The competitive rivalry among producers is high, owing to the presence of several players in the market. The global market is highly fragmented in nature with the presence of various key players, as well as a few medium and small regional players operating in different parts of the world.
Some prominent players in the global plastic market include
- BASF SE
- Dow Inc
- DuPont de Nemours, Inc
- Evonik Industries
- Sumitomo Chemical Co., Ltd.
- Celanese Corporation
- Eastman Chemical Company
- Chevron Phillips Chemical Co., LLC
- Lotte Chemical Corporation
- Exxon Mobil Corporation
- Formosa Plastic Corporation
- Covestro AG
- Toray Industries, Inc.
- Mitsui & Co. Plastic Ltd.
Order a free sample PDF of the Plastic Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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