Global Plastic Market Report and Forecast 2024-2032

Global Plastic Market Outlook

The global plastic market size attained a value of approximately USD 559.38 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.2%, reaching a value of around USD 811.85 billion by 2032.

Increasing consumerism culture worldwide is surging the demand for plastics in a wide range of applications. The versatility of plastics and wide variety of plastics available are driving the growth of the plastic market. Use of plastic in consumer goods and electrical and electronics is on the rise, with increasing incorporation of polyvinyl chloride in in the manufacturing of electrical wiring, light fittings, switches, and handles. The growth of the e-commerce sector is also catalysing the market for plastics, by accelerating the demand for light and efficient packaging of consumer goods to facilitate domestic and international shipping.  Development of more eco-friendly plastics and means of recycling are anticipated to aid the market for plastic in the coming years.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rising Use of Plastics in Packaging is Augmenting the Plastic Market

The increasing production activities in various industries such as construction, transportation, and textile, among others, owing to the rising population, are fuelling the plastic market. The increasing construction activities in emerging economies, due to the population rise and rapid urbanisation is further catalysing the growth of global market for plastics. In the construction sector, plastics are used in various applications, including decoration, flooring, and waterproofing, among others. Plastic is durable, cost-effective, safe, and energy effective; these properties also contributing to the expansion of market.

Plastics are suited for use in the packaging industry due to their durability and cost-effectiveness. In this regard, the thriving packaging sector, supported by the escalating sale of consumables and drinkables, is providing impetus to the plastic market. Innovations in plastics are increasing their demand from various industries, including food and beverage, healthcare and pharmaceuticals, and cosmetics, among others. Modified atmosphere packaging in the food and beverage industry preserves food freshness and extends the product’s shelf life. In cosmetics, plastic offers lightweight, durable, and attractive packaging solutions. The varying types of plastics and their unique properties increase their usage in consumer goods, which is further augmenting the growth of the market for plastics.

Plastic: Market Segmentation

Plastics are a wide range of synthetic and semi-synthetic materials that contain carbon and hydrogen. Polymers used to create plastics are mixed with additives, such as colourants, stabilisers, and fillers, which affects the chemical and physical properties. Plastics are used in a wide range of applications and in almost every industry, such as construction, textile, healthcare, transportation, and electronics, among others.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Based on product, the market is segmented into:

• Polyethylene (PE)

• Polypropylene (PP)

• Polyurethane (PU)

• Polyvinyl chloride (PVC)

• Polyethylene terephthalate (PET)

• Polystyrene (PS)

• Acrylonitrile Butadiene Styrene (ABS)

• Polybutylene Terephthalate (PBT)

• Polycarbonate (PC)

• Others

On the basis of application, the market is classified into:

• Injection Moulding

• Blow Moulding

• Roto Moulding

• Compression Moulding

• Casting

• Thermoforming

• Extrusion

• Calendering

• Others

Based on end use, the market is divided into:

• Packaging

• Construction

• Electrical and Electronics

• Automotive

• Medical Devices

• Agriculture

• Furniture and Bedding

• Consumer Goods

• Utility

• Others

The EMR report looks into the regional markets of plastic like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Use of Plastics as Metal Substitute to Bolster the Growth of the Plastic Market

The substitution of metal such as aluminium and iron with plastics is facilitating the market growth. Advanced and cost-effective plastics are increasingly used in all types of industries owing to the high strength, superior flexibility, and consistent reliability while reducing the cost by 20-25%, which is further enlarging the market for plastic. Moreover, with the use of specialised design techniques, plastics with better physical and chemical properties than metal can be developed; this is expected to lead to a transition from metals to plastics in the chemical industry, which is expected to augment the global plastic market. As plastics are extremely lightweight, they are used in a variety of transportation activities, including glazing, partitions, light diffusers, and headliners, while improving the fuel economy, consequently invigorating the market growth.

Rising demand for medical personal protective equipment owing to the increasing awareness of the need to protect against infectious diseases is aiding the growth of the market for plastics. The demand for masks, face shields, gowns, goggles, gloves, and overalls, among others, is escalating exponentially, leading to the expansion of plastic market.

However, excessive use of plastics has led to the accumulation of plastic waste around the globe, which can hinder the growth of the plastic. Accordingly, various innovations and evolutions in the market are aiming at promoting the sustainability and recyclability of plastic. Development of recycling applications such as use of plastics in the construction of roads for reduced construction time and low maintenance are propelling the market growth of plastic. The increasing use of recyclable plastics in beauty packaging is providing further impetus to the market growth.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Players in the Global Plastic Market

The report presents a detailed analysis of the following key players in the global plastic market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• BASF SE

• Evonik Industries AG

• Sumitomo Chemical Co., Ltd.

• Lyondellbasell Industries Holdings B.V.

• Eastman Chemical Company

• Saudi Basic Industries Corporation

• The Dow Chemical Company

• Celanese Corporation

• LOTTE Chemical Corporation

• Exxon Mobil Corporation

• DuPont de Nemours, Inc.

• Toray Industries, Inc

• INEOS Limited

• Ducor Petrochemicals B.V

• Repsol S.A.

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report