The global plastic market is poised to total USD 593.00 billion in 2021 and is anticipated to exhibit growth at a CAGR of 3.7% from 2022 to 2030. The growth of the market is attributed to the rising use of plastics in the automotive, construction, and electrical & electronics industries. The need to make product lightweight to increase the efficiency of vehicles and to reduce carbon emissions is extending the demand for plastics instead of aluminum and steel for manufacturing automotive parts.
During the COVID-19 pandemic, the global plastic market has grown drastically. The stringent lockdown restriction made the population order food or all necessary items online. Hence, the packaging of these products has increased, demanding plastic use. Moreover, the demand for plastic for food packaging has changed from consumer packaging. The stockpiling during the pandemic situation led to a large purchase of groceries, food, and other required appliances, leading to purchasing of packaging plastics.
The demand for lightweight components in automotive, and electronics products is the key factor boosting the higher demand for plastic across the globe. Moreover, the growing construction industry in developing countries such as Brazil, China, India, and Mexico are burgeoning the plastics demand. Increasing investments by foreign investments in these countries for construction markets has improved the overall market growth. Recycling conventional materials like metal and wood is anticipating plastic use in industries for insulation, piping, floorings, storage tanks, and others.
As compared to metals, plastic has 85% less specific gravity. Hence, when plastic is used, it enables around 80% weight savings and 20-50% cost savings on individual parts. As the healthcare system is enhancing the requirement for plastics for large production of testing equipment, ventilators, gloves, syringes, medical bags, and surgical trays is increasing, benefitting the market expansion.
Plastic Market Report Key Takeaways
- The polyethylene segment accounted for over 25% of the total market share in 2021. The product is highly used in the packaging industry which includes plastic bags, plastic bottles, plastic films, and plastic containers. HDPE, LDPE, and LLDPE are different types of polymers of PE which are based on molecular weight. Lubricants, wax, and miscible with paraffin are some of the products used as per their molecular weights
- Acrylonitrile butadiene styrene (ABS) is another major product accounting higher share of the overall plastics market. For the electrical & electronics applications and consumer goods applications. The product is popular due to its characteristics such as excellent rigidity, high strength, and dimensional stability. Moreover, the material is tough and resistant to corrosion.
- The injection molding application account for the largest market share of over 43% of the overall market in 2021. It is a commonly used method to produce plastic components. For manufacturing plastic components, medical devices, or containers, this method is highly preferred. Molten plastic is injected into the molds first and then they are cooled to get the product.
- Calendaring is the potential application segment accounting second highest market share. The method is used for processing the thermoplastic materials and getting the films and sheets. This application is used for PVC and other such thermoplastics. The rise in the packaging industry is fuelling the demand for plastic sheets and films., channeling the calendaring application
- The packaging end-use segment accounted for over 36% of the total market share in 2021. Plastic has become a crucial part of the packaging industry. As digitalization is taking place, the packaging industry is on the rise, accelerating the plastic market. Moreover, as the world is focusing on sustainability, bio-based plastics are being preferred in the pharmaceutical, food, and beverage industries for packaging purposes.
- The Asia Pacific led the plastic market, accounting for over 44% of the total market share in 2021. Due to rising development in the region, the manufacturing, automotive, electrical and electronics, and construction industries in the region are growing, creating ample opportunities for the plastic, market to expand in the Asia Pacific. In India, the chemical manufacturing industry base is quite strong, and it is directly affecting the large production of plastics. Rapid industrialization and urbanization in this developing region are creating space for the plastics market to witness growth.
- The market in the U.S. was valued at USD 86.02 billion in 2021. The presence of well-established infrastructure and presence of key players is opening doors for plastic market expansion in the U.S.
- The presence of major players is creating a competitive edge in the plastic market. Mergers, acquisitions, strategic partnerships new product launches, and increasing production capacity are some of the key strategies being applied by the market participants of the plastic market
Plastic Market Segments
- Plastic Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- 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
- Plastic Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Injection Molding
- Blow Molding
- Roto Molding
- Compression Molding
- Casting
- Thermoforming
- Extrusion
- Calendering
- Others
- Plastic End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Packaging
- Construction
- Electrical & Electronics
- Automotive
- Medical Devices
- Agriculture
- Furniture & Bedding
- Consumer Goods
- Utility
- Others
- Plastic Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Poland
- Spain
- China
- Asia Pacific (excluding China)
- India
- Japan
- Southeast Asia
- Central & South America
- Brazil
- Argentina
- Colombia
- Chile
- Other CSA (Costa Rica, Cuba, Peru)
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates (UAE)
- Oman
- Kenya
- South Africa
- List of key players in the Plastic market
- BASF SE
- SABIC
- Dow Inc
- DuPont de Nemours, Inc
- Evonik Industries
- Sumitomo Chemical Co., Ltd.
- Arkema
- 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.
