The latest research study “Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global plastics market size reached US$ 615.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 747.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.18% during 2023-2028.
Plastics represent polymeric materials manufactured by synthetic or semi-synthetic organic compounds that can be molded into desired shapes by using heat and pressure and are malleable. Some of the commonly used plastics include polypropylene (PP), polyvinyl chloride (PVC), polyethylene (PE), liquid crystal polymers, etc. They are cost-effective, lightweight, durable, etc., and offer corrosion resistance, high thermal and electrical insulation, inertness to biological materials, etc. Plastics are extensively utilized for manufacturing cups, cases, bottles, food wraps, tableware, wire insulations, and non-stick surfaces. In line with this, they find wide-ranging applications across several industries, such as packaging, construction, agriculture, automotive, electronics, healthcare, textile, etc.
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Plastics Market Trends and Drivers:
The escalating demand for ready-to-eat (RTE) food products, owing to hectic lifestyles and busy schedules of individuals, is primarily driving the plastics market. Additionally, the introduction of bioplastics with potential applications in food packaging, agriculture, medical devices, horticulture, and cosmetics, owing to their non-toxicity, safety, lower carbon footprint, bio-inertness, etc., is further catalyzing the market growth. Besides this, the widespread adoption of plastics to pack processed vegetables and fruits, syrups, jams, baby food, pickles, dairy products, etc., is acting as another significant growth-inducing factor. Moreover, the growing popularity of engineering plastics that offer excellent load capacity, thermal stability, durability, mechanical strength, etc., is positively influencing the global market. Apart from this, they are utilized for manufacturing composite materials as a replacement for metals, such as steel and aluminum, for applications in industrial engineering, construction, building, machinery, etc., which is also stimulating the market growth. Furthermore, the rising investments by government bodies in infrastructural development are anticipated to fuel the plastics market over the forecasted period.
Plastics Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Arkema S.A
- BASF SE
- Celanese Corporation
- Chevron Phillips Chemical Co. LLC
- Chimei Corporation
- Covestro AG
- Dow Inc.
- Eastman Chemical Company
- Evonik Industries AG
- Exxon Mobil Corporation
- Sumitomo Chemical Co. Ltd.
- Toray Industries Inc.
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The report has segmented the market on the basis of
Breakup by Type:
- Polyethylene
- Polypropylene
- Polyvinyl Chloride
- Others
Breakup by Application:
- Injection Molding
- Blow Molding
- Roto Molding
- Compression Molding
- Casting
- Thermoforming
- Extrusion
- Calendering
- Others
Breakup by End User:
- Packaging
- Automotive
- Infrastructure and Construction
- Consumer Goods
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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