New York, July 12, 2023 (GLOBE NEWSWIRE) -- The global plastic market size is projected to expand at ~4% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 800 billion by the end of 2033, up from a revenue of ~USD 600 billion in the year 2022. The main growth factor for the market is the expansion of the plastics industry. According to a recent report, plastic shipments to the United States totaled about USD 400 billion in the year 2020. Owing to its adaptability, ease of production, dimensional stability, ease of manufacture, impermeability, and cost effectiveness, the demand for plastic is expected to grow significantly in the projected years.
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Moreover, increased activity in the infrastructure, automotive manufacturing, and consumer electronics sectors is expected to increase the utilization of plastics, which is expected to drive the market size during the forecast period. As of 2019, it is estimated that the United States uses nearly 40 million tons of plastic annually.
Global Plastic Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The automotive segment to garner the highest growth
- Market in North America to grow at a highest rate
Rapid Growth in Urbanization across the Globe to Boost Market Growth
The term urbanization describes the integration of people in a particular geographical area. As a result of this concentration, land is being converted to residential, commercial, industrial, and transportation uses. This includes not only densely populated areas but also adjacent peri-urban or suburban areas. Rural-to-urban population migration, the concomitant decline in rural populations, and how societies are adapting to this transition are also considered. Urbanization has increased significantly across the world and is estimated to increase further during the forecast period. Globally, 55% of people lived in cities in 2018, and this is projected to rise to 68% by 2050. The rate of urbanization is increasing as more and more people show a tendency to move to urban areas. As a result, the demand for plastic products has been growing, becoming widely used for different activities in day-to-day life. According to the latest data released in 2022, about 1 million plastic bottles are purchased every minute, and about 5 trillion plastic bags are used worldwide every year. In the end, all of these factors are anticipated to accelerate the expansion of the global plastic market.
Global Plastic Market: Regional Overview
The global plastic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Construction Work to Drive Market Growth in the Asia Pacific Region
The plastic market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growing construction industry and its related work throughout the region are largely responsible for regional growth. The Asia Pacific region is projected to account for USD 8 trillion in global construction industry output by 2030. Fueled by the widespread use of plastics in the construction industry, this is estimated to be a key factor in the growth of the regional market. In addition, this area has a large population engaged in labor. For instance, India has a sizable workforce—nearly half of the 1.2 billion working-age population. Unemployment has risen significantly owing to the COVID problem, rising to 9.1% in mid-August 2020 from 8.67% the previous week. The unemployment rate surged to over 23% in April and May of 2021 and dropped to 7.4% in July, after which there has been a significant uptick. Therefore, this is also expected to contribute significantly to the growth of the market.
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Increasing Expansion of Automotive Industry to Drive the Growth in the North America
The plastic market in the North American region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the significant expansion of the automotive industry in the region. About 923,000 Americans are employed in the manufacturing industry of automobiles and their parts, and in car dealerships, 1,251,600 are employed. The auto and parts industry in the United States generated approximately USD 1.5 trillion in revenue as of 2021. In addition, 3% of America's GDP is produced by the automobile industry. In addition, the region’s increased disposable per capita income among local residents allows for the use of individual vehicles. By 2022, nearly 75% of Americans say they own a car, and another 20% say they will have a business or family car. The country's high demand for automobiles supports a thriving automotive industry, where plastic is heavily used. Hence, this is believed to drive the growth of the market in the North American region.
Plastic Segmentation by End Use
- Packaging
- Construction
- Electrical & Electronics
- Automotive
- Medical Devices
- Furniture & Bedding
- Consumer Goods
- Others
Among these end-use plastic segments, the automotive segment is expected to have the largest share over the forecast period. The growth of the segment can be attributed to the high demand and production of automobiles, backed by population growth. According to the Organization of Automobile Manufacturers, global car production in 2021 was 81,145,988. This is up from nearly 77,711,725 in 2020. An average car has 30,000 parts, and about one-third of these parts are made of plastic material. Plastics are used for parts such as: carburetors, fenders, dashboards, grips, engine covers, interior wall panels, seats, truck bed liners, cable insulation, and more. In addition, major luxury car manufacturers such as BMW, Audi, Mercedes, Porsche, and even Rolls-Royce mainly use plastic materials. They are used in vehicle interiors, from minimal areas such as doors and center console buttons, to large portions of dashboards and instruments in some cases. Polyvinyl chloride (PVC) is also one of the most commonly used polymers in transportation vehicles. PVC makes up approximately 12–17% of the plastics used in the average automobile today.
Plastic Segmentation by Product
- Polyethylene (PE)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl chloride (PVC)
- Polyethylene terephthalate (PET)
- Polystyrene (PS)
- Acrylonitrile butadiene styrene (ABS)
- Polybutylene terephthalate (PBT)
- Polyphenylene Oxide (PPO)
- Epoxy Polymers
- Liquid Crystal Polymers
- Polyether ether ketone (PEEK)
- Polycarbonate (PC)
- Polyamide (PA)
- Polysulfone (PSU)
- Polyphenylsulfone (PPSU)
- Others
Among these segments, the polyvinyl chloride (PVC) segment is expected to account for a sizable share over the forecast period. The segment's growth can be attributed to the fact that PVC is the most commonly used polymer of plastics, which is used in a variety of industries around the world. Owing to its versatility, PVC is widely used in a wide range of industrial, engineering, and everyday applications, including construction, transportation, packaging, electronics, and healthcare industry applications. PVC (plasticized) is less rigid, has high impact resistance, is easy to extrude and mold, has poor chemical resistance, and typically has low tear strength. Hence, the production of polyvinyl chloride is also growing rapidly to keep up with the constantly rising demand for PVC. The total global production of polyvinyl chloride (PVC, also known as polychloroethene) in 2018 was nearly 45 million tons. By 2025, global PVC production is expected to reach approximately 60 million tons.
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Plastic Segmentation by Application
- Injection Molding
- Blow Molding
- Roto Molding
- Compression Molding
- Casting
- Thermoforming
- Extrusion
- Calendering
- Others
Few of the well-known market leaders in the global plastic market that are profiled by Research Nester are Borealis AG, Exxon Mobil, BASF, Saudi Basic Industries Corporation, The Dow Chemical Company, DuPont de Nemours, Inc., Evonik Industries AG, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation, and other key market players.
Recent Development in the Global Plastic Market
- Borouge, a joint venture between Borealis AG and ADNOC, is poised to launch its fifth polypropylene (PP5) plant in Ruwais, United Arab Emirates. The new company will ramp up polypropylene production to meet global demand for industrial end products.
- ExxonMobil plans to build its first large-scale advanced plastic waste recycling facility in Baytown, Texas.
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