Plastic Market Size to grow by USD 248.2 billion between 2024-2028
According to a research report “ Plastic Market” by Technique (Injection molding, Blow molding, Roto molding, Casting, Others) End-user (Packaging, Consumer goods, Automotive, Electrical and electronics, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 248.2 billion, at a CAGR of 6.78% during the forecast period. The packaging industry has witnessed significant growth in various sectors, including construction, healthcare, and consumer goods, due to increasing demand. In 2020, the COVID-19 pandemic led to a surge in consumer goods demand, necessitating more packaging for medical equipment and other essentials. E-commerce and grocery delivery saw a boom, driving up the need for flexible plastic packaging. Consumers' shift towards stockpiling daily staples and ordering fresh food online further fueled this trend. The pandemic's impact led to the closure of restaurants and food-service outlets, resulting in a spike in demand for plastic packaging in the consumer goods sector..
Browse market data tables, figures, and in-depth TOC on “Plastic Market” by Technique (Injection molding, Blow molding, Roto molding, Casting, Others) End-user (Packaging, Consumer goods, Automotive, Electrical and electronics, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Technique, the Injection molding segment is projected to dominate the market size in 2024
The plastic market exhibits significant growth potential, with increasing demand from various sectors such as packaging, construction, and automotive. Key players in this industry focus on innovation, sustainability, and cost-effectiveness to maintain a competitive edge. Market trends include the shift towards biodegradable plastics and circular economy models, ensuring long-term profitability and business expansion.
By End-user, Packaging segment is expected to hold the largest market size for the year 2024
In the packaging industry, plastic plays a pivotal role as a primary material for producing containers, bottles, plastic bags, films, sheets, and geomembranes. Its durability and ability to act as a moisture barrier make it an indispensable choice for manufacturers. Notably, polymers like polyethylene, PET, and PC are extensively used for packaging electrical appliances, toys, apparel, and food and beverage products, including milk and fresh juice in PET and high-density polyethylene (HDPE) bottles. The British Plastics Federation (BPF) reports that approximately 70% of the global food and beverage market's soft drinks are packaged in PET plastic bottles.
APAC is forecasted to hold the largest market size by region in 2024
The Plastic Market represents a significant business sector, characterized by robust growth and innovation. Key players engage in the production of various plastic types, including PVC, PE, and PS, catering to diverse industries such as packaging, construction, and automotive. Market trends include sustainability initiatives, technological advancements, and increasing demand for biodegradable plastics. Businesses must stay informed of regulatory changes and consumer preferences to remain competitive.
The Plastic Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The plastic market encompasses a wide range of plastic resins and their derivatives, including Carbon emissions significant players like Polyethylene terephthalate (PET), Polypropylene (PP), Polyphenylsulfone (PPSU), Polyamide (PA), Polysulfone (PSU), Polycarbonate (PC), Polyvinyl chloride (PVC), Polyurethane (PU), Polyphenylene oxide (PPO), Polybutylene terephthalate (PBT), and Natural rubber. These plastics are extensively used in various industries, with the packaging sector being a major consumer. Carbon emissions from the production and disposal of these plastics have been a growing concern, particularly in the North American market. PET, PVC, and PS are among the top contributors to plastic-related carbon emissions. However, efforts are being made to reduce emissions through the use of renewable feedstocks and recycling. Other plastics like PP, PE, PA, PSU, PC, PBT, PPO, and PU also have significant applications and carbon footprints. Natural rubber, derived from the rubber tree, is a renewable alternative to synthetic plastics and has a lower carbon footprint. The plastic market is constantly evolving, with new technologies and sustainable practices being adopted to reduce carbon emissions and minimize environmental impact.
Market Research Overview
The plastic market is a dynamic and expansive industry, driven by key players such as Ducor Petrochemicals, China Petroleum, INEOS, China National Petroleum, ExxonMobil Chemical, LyondellBasell Industries, and others. These companies produce various types of plastic resins, including polystyrene, polyurethane, polycarbonate, acrylonitrile butadiene styrene, polyamide, polyvinyl chloride, polyethylene terephthalate, polyethylene, and more. The infrastructure & construction industry, healthcare & pharmaceutical industry, consumer goods industry, and electrical & electronics industry are major consumers of these plastics. Engineering plastics like polyamide, polysulfone, polyphenylsulfone, polycarbonate, and polyethylene terephthalate are widely used in these sectors. Plastics have replaced traditional materials like natural rubber, wood, metals, and glass in many applications due to their lightweight, durability, and cost-effectiveness. However, the environmental impact of plastic production and disposal is a growing concern. The Clean Seas campaign aims to reduce plastic waste in the ocean, and the rise of electric vehicles (EVs) is expected to reduce the demand for polyvinyl chloride and polyurethane in the automotive industry. Crude oil prices and petrochemical prices significantly impact the plastic market. Key producers like DSM, Celanese Corporation, and Arkema are investing in sustainable production methods to reduce carbon emissions. The packaging sector, which accounts for a significant portion of plastic production, is under pressure to reduce waste and increase recycling. In the North American market, polyethylene terephthalate (PET), polypropylene, and polystyrene are the most consumed plastic resins. The building & construction and packaging sub-segments are major consumers of these resins. Technologies like blow molding, thermoforming, and injection molding are used to manufacture plastic products.
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