Economic Impact: How the Plastic Industry Contributes to Revenue Growth (From $598.76 Billion to $827.12 Billion, at a 4.12% of CAGR)

New York, NY, July 24, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Plastic Market By Product (Polyvinyl Chloride (PVC), Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), Polypropylene (PP), Polybutylene Terephthalate (PBT), Polyurethane (PU), Polyamide (PA), Epoxy Polymers, Polyphenylene Oxide (PPO), Polyphenylsulfone (PPSU), Polyamide (PA), Polycarbonate (PC), Polyether Ether Ketone (PEEK), And Others), By End-User (Medical Devices, Packaging, Agriculture, Construction, Utility, Furniture & Bedding, Electrical & Electronics, Consumer Goods, And Others), By Manufacturing Process (Casting, Blow Molding, Compression Molding, Calendering, Thermoforming, Roto Molding, Extrusion, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Plastic Market size & share in terms of revenue was valued at USD 598.76 billion in 2022 and it is expected to surpass around USD 827.12 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.12% during the forecast period 2023 to 2030.”

What is Plastic? How big is the Plastic Industry?

The growth in plastic consumption across industries like construction, automotive, and electrical & electronics is expected to receive significant support. Within the plastics industry, various key players, including material suppliers, processors, equipment and mold makers, brand owners, and recyclers, collaborate to contribute to the economy substantially. Their combined efforts play a crucial role in delivering substantial benefits to the overall economic landscape.

Plastic Report Coverage & Overview:

Plastic is a widely used, versatile synthetic material made using polymers. It can be molded into various shapes with varying strength and over the years, it has managed to become a crucial part of economic growth showing several consumer and industrial applications. The plastic market deals with the production, distribution, recycling, reuse, and other attributes of plastic. It deals with economic transactions carried out in sectors such as packaging, automotive, construction, electronics, consumer goods, healthcare, and more based on plastic. The primary reasons for the extreme consumption of plastic are its versatility, lightweight nature, durability, and cost-effectiveness. During the forecast period, the plastic industry is expected to expand at a steady rate but the companies will have to ensure showing environmental responsibility while driving the market further.

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• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
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Global Plastic Market: Growth Dynamics

The global plastic industry is expected to grow owing to the consumer convenience offered by plastic-based products. This is applicable to not only the general population but plastic has wider applications in industrial and commercial settings as well. The lightweight nature of plastic makes it an ideal choice for securing and storing products during transportation. Plastic containers are used extensively in the food & beverage industry since it is a shatter-proof solution for storing products.

Moreover, the recent expansion of the e-commerce industry, which deals with buying and selling products through online channels, has been a significant contributor to plastic market expansion. As per a recent report, the global e-commerce sector used more than 2.1 billion pounds of plastic for packaging purposes in 2019. This number is expected to reach 4.5 billion pounds by 2025. Additionally, the use of plastics in emerging nations has surged in the last decade. Particularly in Asian countries. Factors such as rapid urbanization, industrialization, and increased infrastructure development projects have led to increased consumption of plastic ranging from consumer goods to other sectors.

However, the plastic industry is projected to come across certain growth limitations. The primary being increasing pressure on the government and private companies to curb or restrict the use of one-time-use plastic products since these forms of plastics are harmful to the environment. Additionally, growing volatility in raw material prices since the production is highly dependent on petrochemical feedstocks, such as crude oil and natural gas could lead to a loss of revenue.

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Report Scope

Plastic Market: Segmentation Analysis

The growing research & development may provide growth opportunities while poor recycling infrastructure could challenge the market expansion.

The global plastic market is segmented based on product, end-user, application, and region.

Based on product, the global market segments are polyvinyl chloride (PVC), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate (PET), polypropylene (PP), polybutylene terephthalate (PBT), polyurethane (PU), polyamide (PA), epoxy polymers, polyphenylene oxide (PPO), polyphenylsulfone (PPSU), polyamide (PA), polycarbonate (PC), polyether ether ketone (PEEK), and others.

Based on end-user, the global market segments are medical devices, packaging, agriculture, construction, utility, furniture & bedding, electrical & electronics, consumer goods, and others. The packaging industry was the leading end-user in 2022 and contributed to around 36.261% of the overall use of plastic. Over the years, plastic has made itself an integral part of the packaging sector since it can safely store small consumer items to larger industrial machinery parts. Their ability to protect, preserve, and present products effectively is the main reason for the higher consumption of plastic in this sector. Additionally, it also allows end-users access to attractive marketing and branding opportunities and is extremely functional. However, in recent times, the packaging industry has been under extreme scrutiny due to the excessive use of environment-impacting plastic products.

Based on the manufacturing process, the plastic industry segments are casting, blow molding, compression molding, calendering, thermoforming, roto molding, extrusion, and others. Injection molding was the largest application in 2022 and held control over 43.39% of the market share. In this process, molten plastic material is injected into a mold cavity. It is then allowed to cool and solidify. The resultant product is then ejected from the cavity. It is used to produce a wide range of plastic products. Some advantages of the process include high efficiency and production rates along with the ability to achieve precise and complex part design. Moreover, it is highly cost-effective, especially in high-volume production.

The global Plastic market is segmented as follows:

By Product

• Polyvinyl chloride (PVC)
• Polyethylene (PE)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyethylene Terephthalate (PET)
• Polypropylene (PP)
• Polybutylene terephthalate (PBT)
• Polyurethane (PU)
• Polyamide (PA)
• Epoxy Polymers
• Polyphenylene Oxide (PPO)
• Polyphenylsulfone (PPSU)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyether Ether Ketone (PEEK)
• Others

By End-User

• Medical Devices
• Packaging
• Agriculture
• Construction
• Utility
• Furniture & Bedding
• Electrical & Electronics
• Consumer Goods
• Others

By Manufacturing Process

• Casting
• Blow Molding
• Compression Molding
• Calendering
• Thermoforming
• Roto Molding
• Extrusion
• Others

Browse the full “Plastic Market By Product (Polyvinyl Chloride (PVC), Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), Polypropylene (PP), Polybutylene Terephthalate (PBT), Polyurethane (PU), Polyamide (PA), Epoxy Polymers, Polyphenylene Oxide (PPO), Polyphenylsulfone (PPSU), Polyamide (PA), Polycarbonate (PC), Polyether Ether Ketone (PEEK), And Others), By End-User (Medical Devices, Packaging, Agriculture, Construction, Utility, Furniture & Bedding, Electrical & Electronics, Consumer Goods, And Others), By Manufacturing Process (Casting, Blow Molding, Compression Molding, Calendering, Thermoforming, Roto Molding, Extrusion, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/plastic-market

Competitive Landscape

Some of the main competitors dominating the global Plastic market include - 

• ExxonMobil Chemical
• Dow Chemical Company
• LyondellBasell Industries
• SABIC (Saudi Basic Industries Corporation)
• BASF SE
• DuPont
• Eastman Chemical Company
• Covestro AG
• TotalEnergies
• Arkema SA
• Braskem SA
• Formosa Plastics Corporation
• Mitsubishi Chemical Corporation
• LG Chem
• Toray Industries Inc.
• Sinopec Group
• Chevron Phillips Chemical Company LLC
• INEOS Group Holdings S.A.
• Reliance Industries Limited
• Borealis AG
• Sumitomo Chemical Co. Ltd.
• Solvay S.A.
• Evonik Industries AG
• PTT Global Chemical Public Company Limited
• MOL Group

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global plastic market is estimated to grow annually at a CAGR of around 4.12% over the forecast period (2023-2030)
• In terms of revenue, the global plastic market size was valued at around USD 598.76 million in 2022 and is projected to reach USD 827.12 million, by 2030.
• The plastic market is projected to grow at a significant rate due to the high dependency on plastic products
• Based on product segmentation, Polyethylene (PE) was predicted to show maximum market share in the year 2022
• Based on end-user segmentation, packaging was the leading user in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Key questions answered in this report:

• What is the market size and growth rate forecast for Plastic industry?
• What are the main driving factors propelling the Plastic Market forward?
• What are the leading companies in the Plastic Industry?
• What segments does the Plastic Market cover?
• How can I receive a free copy of the Plastic Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product, By End-User, By Manufacturing Process, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Dominance:

The global plastic market is expected to be dominated by Asia-Pacific in the coming years primarily due to the existence of an advanced and internationally-competing chemical sector in China and India. The increasing population of these countries is driving the consumption level of plastic which is further strengthened by the rise in disposable income and subsequent influence on industries such as consumer goods, electronics, and food & beverage. It is also home to some of the world’s most prominent companies producing a wide range of plastics thus targeting a broader range of consumers.

North America is home to a mature market for plastic and with rising investments across Canada and the US to build large-scale production facilities, the regional market may continue to grow at a steady pace. Rising applications in the healthcare and automotive industries along with technological innovation could be the leading factors for high plastic demand.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In June 2023, Indo Rama Synthetics (India) announced the commencement of commercial operations at its new PET production site. The facility boasts a capacity of 230,000 tonnes/year of PET
• In February 2023, Alpla Group, Australia’s leading packaging and recycling firm, kick-started its PET recycling plant based in Romania. The company aims to improve the circular economy with this move
• In May 2022, BASF, the world’s leading chemical company, launched a new PBT material called Ultradur B4335G3 HR HSP. The material is built with excellent additives that delay the onset of hydrolytic degradation

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/plastic-market

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