Plastics market size is estimated to reach $738 billion by 2030, growing at a CAGR of 3.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Plastics Market By Product Type (Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Polyvinyl chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Others), By Process Technology (Blow Molding, Compression Molding, Roto Molding, Extrusion Molding, Injection Molding, Others), By End-user (Packaging, Electrical & Electronics, Automotive & Transportation, Building & Construction, Consumer Goods, Healthcare and Pharmaceutical, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”. Increase in consumer goods and packaging demand, rising demand for lightweight and durable plastics in various end-use and growth of construction and infrastructure activities
Asia-pacific Dominated the Market in 2023:
Asia-pacific region held the major share of 43% in 2023. This region has a high demand for plastics owing to its large and rapidly growing population, rising disposable incomes and urbanization. China, India, and Southeast Asian countries have emerged as major markets for plastics driven by the growth of various end-use industries such as packaging, construction, automotive and consumer goods. As per IGES Global plastics’ production total led close to 370 million tons in 2019, up from two million tons in 1950. It is projected that production and usage will quadruple by the early 2050s. And today more than 50 percent is produced in Asia.
Plastics Market Growth Drivers:
Increase Demand for Consumer Goods and Packaging Drives the Plastics Market Forward:
The increase in consumer goods and packaging demand is one of the key drivers of the global plastics market. This demand is driven by factors such as growing populations, urbanization, and rising disposable incomes leading to an increase in the consumption of packaged food and beverages, cosmetics, personal care products and other consumer goods. As a result, there has been a growing demand for plastic packaging materials such as plastic bags, bottles, and containers which offer a low-cost, lightweight, and convenient solution for packaging and transportation. Additionally, the development of new and innovative packaging designs and materials such as biodegradable plastics has also contributed to the growth of the plastics market. In 2020, as per the Green Peace report, over 83% of biodegradable plastics were used for the packaging sector.
The Acrylonitrile butadiene styrene (ABS) is estimated to grow with the fastest CAGR of 5.0% during the forecast period 2024-2030; according to the latest market research report published by IndustryARC. ABS segmentation is emerging in the plastics market owing to its properties such as high impact resistance, rigidity and heat resistance which make it suitable for use in a variety of applications. Additionally, ABS is a thermoplastic polymer that is commonly used in a wide range of applications including automotive parts, consumer goods, toys, electrical equipment and more. “Plastics Market Size, Share & Trends Analysis Report By Product Type (Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Polyvinyl chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Others), By Process Technology (Blow Molding, Compression Molding, Roto Molding, Extrusion Molding, Injection Molding, Others), By End-user (Packaging, Electrical & Electronics, Automotive & Transportation, Building & Construction, Consumer Goods, Healthcare and Pharmaceutical, Others), By Region, And Segment Forecasts, 2024-2030”.
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North America Anticipated Fastest Growth in the Market:
North America is estimated to be the fastest-growing region in Plastics Market. This region has a strong presence of leading players and a well-established supply chain. The growth in the region is driven by various factors such as increasing demand from end-use industries such as packaging, construction, automotive, and consumer goods. Additionally, advancements in technology and the increasing use of sustainable and eco-friendly materials are expected to drive the growth of the market in the region. According to data provided today by the American Chemistry Council (ACC), U.S. production of key plastic resins reached 8.2 billion pounds in October 2023, up 4.0 percent from the previous month and 11.7 percent from the same month in 2022. Production so far this year has totaled 80.1 billion pounds, up 2.6% over the same period in 2022.
Plastics Market 2022-2030: Segmentation
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Plastics Market Report – Key Takeaways:
- Polyethylene Dominated the Market
The Polyethylene segment dominates the plastics market revenue of $153 billion in 2023 owing to low-cost versatility, and durability. Several types of polyethylene such as Low-density polyethylene (LDPE), High-density polyethylene (HDPE) and others are used in a variety of applications including packaging, construction, consumer goods and agriculture. The low cost, high production yield and versatility of PE make it a popular choice for manufacturers and suppliers of plastic products.
- Packaging Industry is Leading the Market
The packaging sector dominated the plastics market share of 34% in 2023 owning to the flexible, lower cost of production, lightweight, easier to handle and heat-resistant packaging. They can be molded into various shapes and sizes, making them suitable for packaging a wide range of products such as food, beverages, pharmaceuticals, personal care and household goods. A third of the 141 million plastic packaging tonnes produced worldwide each year spills from collection systems and contaminates the environment. Each year, 1.8 billion tonnes of carbon emissions1b are produced by the production of all this plastic. There must be drastic action taken. The Ellen Macarthur Foundation asserts that “we need to transform the way that plastics are designed, used, and recycled. Recycling and reduction alone won’t solve the problem of plastic pollution.
- Asia-Pacific Leading the Market
Asia-pacific region has contributed nearly half of the plastics market share in 2023 owing to factors increasing demand from end-use industries, rapidly growing populations and economies, and favorable government policies supporting the plastic industry. Countries like China, India, and South Korea are major contributors to the growth of the market in the region. As per the Plastics Europe report, China produced 32% of the world’s plastic materials in 2022, making it the top plastic producer in the world.
- Burgeoning Opportunities in Eco-friendly Products
Increasing demand for sustainable and environmentally friendly products including biodegradable, plant-based plastic, bioplastics are presenting new opportunities for manufacturers and suppliers of plastics, particularly in the packaging industry. The development of new technologies and innovations in the plastics such as biodegradable and recycled plastics is also creating new opportunities in the plastics industry growth.
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Key Opportunity Analysis:
- Increasing Demand for Sustainable and Biodegradable Plastics
Growing demand for sustainable and biodegradable plastics is owing to increasing environmental concerns and the need for more environmentally friendly products. Consumers and businesses are becoming more aware of the impact that traditional plastics have on the environment and are seeking alternative solutions. Biodegradable plastics are a promising solution as they can be broken down by natural processes into environmentally safe substances, reducing the impact of plastic waste on the environment. As per the green peace report, In China, over 2.38 million tons of biodegradable plastics are estimated to produce by 2025 which increases the demand for plastics in the manufacturing sector.
- Advancements in Recycling Technology
New technologies are being developed to improve the recycling of plastics and make them more efficient and cost-effective, reducing waste and conserving resources. New technologies such as chemical recycling, mechanical recycling and closed-loop recycling systems have been developed to recycle different types of plastic waste into new, high-quality products. These advancements not only help to reduce plastic waste and conserve resources, but they also create new business opportunities and support the growth of the circular economy. As per Plastic Europe the world’s recycled plastics production continued to increase in 2022, reaching 35.5 Mt, or an 8.9% share of overall global plastics production, with Europe accounting for 21% of global recycled plastics production.
- Growing Demand for Bioplastics
The demand for bioplastics has been increasing in the plastic market owing to various reasons such as their biodegradability and composability, reduced carbon footprint, renewable resource use and improved sustainability compared to traditional petroleum-based plastics. Bioplastics are used in a variety of applications, including packaging, agriculture, and textiles, and their use is expected to continue to grow as the industry seeks more sustainable solutions. Bioplastics also offer the potential for reducing waste in the environment, particularly in single-use applications.
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The Report also Covers the Following Areas:
- Plastics Market Size and Forecast
- Plastics Market trends
- Plastics Market analysis by Type
Plastics Market 2022-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- Plastics market size estimation and forecast
- Analysis and predictions on End-user behaviour and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Plastics Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic has disrupted global supply chains, causing shortages in raw materials, such as polyethylene and polypropylene, which are used to manufacture plastics. This has led to increased costs and reduced production capacity for plastic manufacturers. Additionally, the pandemic has led to a decrease in the collection and recycling of plastic waste, as many recycling facilities have been forced to close or reduce operations due to health and safety concerns. This has led to an increase in plastic waste and environmental concerns.
- The Ukraine and Russia conflict,increase the prices of oil and gas which are raw materials for plastics owing to the disruption of supply chains, reduction in trade and economic instability in the market led to reduced investment. Additionally, the devaluation of the Ukrainian currency has led to a decrease in the purchasing power of Ukrainian plastic manufacturers, making it difficult for them to compete in the international market. This has led to a decrease in production and revenue for the industry.
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List of Top Companies in the Plastics Market:
The Global Plastics Market is highly concentrated as the majority share is held by the leading plastics providers. The key companies profiled are listed below:
- Dow Inc.
- LyondellBasell Industries N.V.
- BASF SE
- ExxonMobil Corporation
- SABIC
- INEOS Group Limited
- ENI
- LG Chem, Ltd.
- Chevron Phillips Chemical
- Lanxess
- DuPont de Nemours, Inc.
- Formosa Plastics Corporation
- Celanese Corporation
- Eastman Chemical Company
- Evonik Industries AG
Related Reports:
Bio-Plastics market – Bio-Plastics Market is projected to grow at a CAGR of 17.2% by 2030 owing rise in the consumption of eco-friendly products and the wide usage of bio-plastics in various industries such as pharmaceutical, transportation, and food industries.
Antimicrobial Plastic Market – Antimicrobial Plastic Market is projected to grow at a CAGR of 10.3% by 2030 owing increase in demand for antimicrobial plastics from applications such as packaging, automobile, consumer products, medical and healthcare, building & construction and others.
Environmental Remediation in Microbeads or Micro Plastics Market – The Environmental Remediation in Microbeads or Micro Plastics Market is projected to grow at a CAGR of 8.2% by 2030 owing to the increase in the development of wastewater treatment facilities along with government regulations to counteract the effects of microbeads or micro plastics on the environment.
Laminated Plastics Plate Market – The Laminated Plastics Plate Market is projected to grow at a CAGR of 3.1% by 2030 owing Government Initiatives Related to Residential Developments and the surging application of laminated plastic plates in automotive.
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