Plastics Market

Plastics market was valued at USD 580 billion in 2020 and projected to grow at 3.7% CAGR during the forecast period.

Plastics Market Overview

Plastic refers to a broad range of synthetic and non-synthetic materials that use polymer as the main composition. Its property enables plastics to be molded, ejected, or squeezed into solid objects of various shapes. Plastics are extracted from natural elements such as cellulose, coal, natural gas, and crude oil. The manufacturing of plastics starts with separation of the heavy crude oil into groups of lighter elements. Plastics are majorly used in packaging, textiles, electricity, and electronics, and industrial machinery.

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Major Plastics Market Drivers

The factors driving the global Plastics market include increasing demand for plastic due to its polymer’s ability to defend physical stress and provide high durability.  In addition, they are easy to mold and offer flexibility to produce a product in any shape and size. The increasing demand for plastics for packaging in the food & beverages industry is propelling the market growth. Plastics have a barrier property that prevents food & beverages from contamination and damage at all points in the retail process. The demand for plastics is also increasing in the automotive industry to reduce vehicles’ weight and improve fuel efficiency. The increasing use of plastics in electronics products such as mobile phones, TVs, washing machines along with its growing usage in furniture products will further drive market growth. According to Plastics Industry Association, in 2020, durable goods accounted for 23% of share in plastics market, whereas transportation equipment accounted for 12.5% and furniture for 2.4%.

Restraint in the Plastics Market

However, the stringent regulation over the usage of plastics will hamper the market growth. To reduce the pollution caused due to plastics, many countries and manufacturers are moving towards greener alternatives such as natural fiber cloth, wood, paper, cardboard, and others.

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Type – Segment Analysis

Based on the type, polypropylene (PP) is expected to grow at a higher CAGR in the global plastic market over the forecast period. Polypropylene is a thermoplastic polymer that is majorly used in food packaging, microwave containers, automotive parts, constructions, banknotes, pipes, among others. The growing packaging and automotive industry will drive the demand for polypropylene. For instance, according to PlasticEurope, in 2019, PP type plastics recorded the highest demand, i.e., 19.4% of total European plastics demand.

End-Use Industry – Segment Analysis

Based on the end-use industry, the packaging industry is anticipated to grow at a higher CAGR over the forecast period. Every industry relies on product packaging in which plastics drive the cutting-edge solution to help deliver an innovative design that uses less material, protects fragile products, and helps cut the transportation cost. The market growth of plastics is primarily driven by growing pharmaceutical, food processing, FMCG, and the manufacturing industry. For instance, the Packaging Industry Association of India stated that, in 2019, the Indian packaging market was estimated at USD 50.5 billion and is anticipated to reach USD 204.81 billion by 2025.

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Regional – Segment Analysis:

Based on the region, the APAC region is expected to grow at a higher CAGR in the plastics market over the forecast period. The growth in the packaging and construction industries is driving the market in this region. The construction industry uses plastics for a wide range application such as pipes, cables, covering, panels, films, sheets, and others. The existence of leading key players in the region, such as Sumitomo Chemical Co., Ltd., Lotte Chemical Corporation, Formosa Plastic Corporation, among others, led to the market growth. For instance, according to PlasticEurope (association of plastics manufacturer), the APAC region is the largest plastic producer with 51% of global plastic production, while China alone produces 31% of global plastics.

Top Market Players

Various notable players operating in the market, include, BASF SE, Sumitomo Chemical Co., Chevron Phillips Chemical Company LLC., DuPont, Exxon Mobil Corporation, Formosa Plastic Corporation, Eastman Chemical Company, Evonik Industries AG, Sabic, Mitsui & Co.Plastics Ltd., among others.

Key Developments:

• • In 2021, Evonik and Samaplast entered partnership to flourish an osteoconductive PEEK biomaterial for injection molding.
  • In 2021, Eastman Chemical Company acquired PremiumShield. The acquisition is aimed to being a top innovator and service partner for paint protection and window film professional installer.

Segments covered in the Report:

The global Plastics market has been segmented on the basis of type, end-use Industry and region. Based on type, the market is segmented into PP, PE-LD, PS, PVC, ABS, EPS, PET, and others. Based on end-use industry, the market is segmented into packaging, automotive, building & construction, agriculture, electrical & electronics, household, leisure & Sports, and others.

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Market Segmentation

Global Plastics Market by Type

• • PP
  • PE-LD
  • PS
  • PVC
  • ABS
  • EPS
  • PET
  • Others

Global Plastics Market by End-Use Industry

• • Packaging
  • Automotive
  • Building & Construction
  • Agriculture
  • Electrical & Electronics
  • Household
  • Leisure & Sports
  • Others

Global Plastics Market by Region

• • North America Plastics Market (Option 1: As a part of the free 25% customization)

    • North America Plastics Market by Type
    • North America Plastics Market by End-Use Industry
    • US Plastics Market All-Up
    • Canada Plastics Market All-Up

  • Europe Plastics Market (Option 2: As a part of the free 25% customization)

    • Europe Plastics Market by Type
    • Europe Plastics Market by End-Use Industry
    • UK Plastics Market All-Up
    • Germany Plastics Market All-Up
    • France Plastics Market All-Up
    • Spain Plastics Market All-Up
    • Rest of Europe Plastics Market All-Up

  • Asia-Pacific Plastics Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Plastics Market by Type
    • Asia-Pacific Plastics Market by End-Use Industry
    • China Plastics Market All-Up
    • India Plastics Market All-Up
    • Japan Plastics Market All-Up
    • Rest of APAC Plastics Market All-Up

  • RoW Plastics Market (Option 4: As a part of the free 25% customization)

    • RoW Plastics Market by Type
    • RoW Plastics Market by End-Use Industry
    • Brazil Plastics Market All-Up
    • South Africa Plastics Market All-Up
    • Saudi Arabia Plastics Market All-Up
    • UAE Plastics Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Plastics Market All-Up

Major Players Operating in the Plastics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • Sumitomo Chemical Co.
  • Chevron Phillips Chemical Company LLC.
  • DuPont
  • Exxon Mobil Corporation
  • Formosa Plastic Corporation
  • Eastman Chemical Company
  • Evonik Industries AG
  • Sabic
  • Mitsui & Co.Plastics Ltd.