The Plastic Market is being driven by Focus on expanding manufacturing capacity
The Plastic Market is expected to grow at a CAGR of 5.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 190.6 billion. The global plastic market is undergoing a transformative shift towards the adoption of recycled materials, driven by escalating environmental consciousness and stringent regulatory requirements. Companies worldwide are making substantial investments in advanced recycling technologies and forging strategic alliances to bolster their sustainability profiles and cater to the burgeoning demand for eco-friendly products. An illustrative instance of this trend is the recent partnership between Indorama Ventures and Evertis, announced in April 2023. This collaboration centers around the utilization of recycled PET flakes to produce PET film for food packaging trays. The objective is to incorporate 50% post-consumer recycled content in Evertis' products by 2025, underscoring a robust commitment to sustainability and the circular economy.
Get more information on Plastic Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
249 |
|
Base year |
2024 |
|
Historic period |
2019-2023 |
|
Forecast period |
2025-2029 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
|
Market growth 2025-2029 |
USD 190.6 billion |
|
Market structure |
fragmentation |
|
YoY growth 2024-2025(%) |
5.1 |
|
Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), China, US, Japan, Canada, India, Germany, South Korea, France, UK, and Italy |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
In the realm of Plastic Market, 3D printing innovations intertwine with the emergence of eco-friendly alternatives, such as biodegradable and biobased plastics. Circular economy models, plastic-to-fuel technology, and plastic-to-energy conversion techniques are at the forefront of addressing plastic contamination and toxicity. Plastic degradation, durability, and longevity are crucial factors, while recycling rates and advanced technologies are essential for waste reduction. Alternative materials, sustainable packaging, reusable packaging, and eco-friendly packaging are gaining traction. The environmental impact and carbon footprint of plastic are under scrutiny, driving the need for plastic substitution and a shift towards a more sustainable future.
The global commodity chemicals market encompasses businesses specializing in the production of industrial and fundamental chemicals, such as plastics, synthetic fibers, films, commodity-paints and pigments, explosives, and petrochemicals. Notably, this sector excludes companies manufacturing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the expansion of the global commodity chemicals market will be fueled by the escalating demand for plastic packaging. As plastic is the most extensively utilized material in the packaging industry worldwide, the increasing preference for lightweight, corrosion-resistant materials has stimulated continuous innovation, consequently influencing the application of chemicals in the production of plastic packaging materials.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
