Plastic Market Summary, Key Buying Criteria, Revenue Growth Prospects and PESTEL Analysis

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.

Plastics facilitate fuel saving in automotive applications, owing to reduced car weight and density, as compared to conventional materials such as metals or rubber. Since the last decade, there has been a substantial demand for these products as a replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery. The growth of the plastics market mainly depends on factors such as the ever-increasing requirement of end-users in terms of product specification and versatility, influencing consumption dynamics.

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), and 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.

Based on the Application Insights, the market is segmented into Injection Molding, Blow Molding, Roto Molding, Compression Molding, Casting, Thermoforming, Extrusion, Calendering, and 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.
• Calendering is one of the potential application segments in the plastics market. It is used to process thermoplastic materials into films and sheeting.
• The growing packaging industry is driving the demand for films and sheets which, in turn, is further creating the demand for calendering.

Based on the End-Use Insights, the market is segmented into Packaging, Construction, Electrical & Electronics, Automotive, Medical Devices, Agriculture, Furniture & Bedding, Consumer Goods, Utility, and Others

• The packaging end-use segment held the largest market revenue share of more than 36.0% of the overall demand in 2021.
• The packaging of appliances is expected to offer lucrative opportunities for market growth. The demand for packaging for healthcare products, groceries, and e-commerce transportation has increased sharply in the post-COVID period, while the demand for luxury, industrial, and some B2B transport packaging declined, owing to the suspension or slowdown of industrial production.
• 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.

Plastic Regional Outlook

• North America
• Europe
• Asia Pacific
• South & Central 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. Strategic partnerships, capacity expansions, and new product developments are popular strategies adopted by a majority of the players operating in the overall plastics market.

Some prominent players in the global Plastic market include:

• 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 Plastics Corporation
• Covestro AG
• Toray Industries, Inc.
• Mitsui & Co. Plastics Ltd.

Order a free sample PDF of the Plastic Market Intelligence Study, published by Grand View Research.