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 made from semi-synthetic or synthetic organic compounds that are malleable and can be molded into selected shapes using heat and pressure. Commonly used polymeric materials include polypropylene (PP), polyvinyl chloride (PVC), polyethylene (PE), and liquid crystal polymers. Plastics are widely used for manufacturing cups, cases, bottles, food wraps, bags, tableware, wire insulations, and non-stick surfaces. They are lightweight, cost-effective, and durable and offer high thermal and electrical insulation, corrosion resistance, and inertness to biological materials. As a result, plastics find widespread applications across various sectors, such as packaging, agriculture, automotive, electronics, construction, healthcare, and textile.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Plastics Market Trends and Drivers:
The escalating product utilization in packing pickles, processed vegetables and fruits, syrups, jams, baby food, and dairy items is among the primary factors driving the plastics market. Besides this, the elevating requirement for polymeric materials in the automotive industry to manufacture vehicle components and improve fuel efficiency, reduce weight, enhance safety, minimize noise, and lower production costs is further augmenting the market growth. Moreover, the introduction of bioplastics with potential applications in food packaging, agriculture, horticulture, medical devices, and cosmetics, owing to their lower carbon footprint, non-toxicity, safety, and bio-inertness, is also catalyzing the global market. Apart from this, the growing popularity of engineering polymeric materials that offer excellent load capacity, thermal stability, mechanical strength, and durability is acting as another significant growth-inducing factor. Furthermore, the increasing product demand for manufacturing composite materials as a replacement for metals, including steel and aluminum, for industrial engineering, building, construction, and machinery is anticipated to propel the plastics market over the forecasted period.
Plastics Market 2023-2028 Analysis and Segmentation:
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. and Toray Industries Inc.
The report has segmented the market on the basis of
- Polyvinyl Chloride
- Injection Molding
- Blow Molding
- Roto Molding
- Compression Molding
- Infrastructure and Construction
- Consumer Goods
- 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
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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