Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to the Fortune Business Insights™, the global plastics market size stood at USD 439.28 billion in 2021 and is anticipated to grow from USD 457.73 billion in 2022 to USD 643.37 billion by 2029 at 5.0% CAGR during the forecast period. the Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “Plastics Market, 2022-2029.”
Plastic is a global industry that involves the production, distribution, and consumption of various plastic materials, products, and packaging. Plastics are synthetic materials made from polymers and are widely used in a range of applications such as packaging, construction, automotive, electronics, healthcare, and consumer goods. According to the study, synthetic material has gained considerable traction due to easy manufacturing, lightweight, low cost, and versatility. Amidst depleting sources of polymers, recyclable products could gain considerable traction globally. Notably, the healthcare & pharmaceutical, automotive, and packaging sectors will exhibit stellar demand for sustainable packaging solutions.
Get a Free Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/plastics-market-102176
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the plastic industry. The primary interviews validate assumptions, findings, and prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Major Players Profiled in the Plastics Market Report:
- LyondellBasell Industries N.V. (Netherlands)
- ExxonMobil Chemical (U.S.)
- China National Petroleum Corporation (China)
- INEOS (U.K.)
- China Petroleum & Chemical Corporation (China)
- SABIC (Saudi Arabia)
- Ducor Petrochemicals (Netherlands)
- Reliance Industries Limited (India)
- Formosa Plastic Group (Taiwan)
- Total S.A. (France)
- Braskem (Brazil)
- BASF SE (Germany)
- Repsol (Spain)
- Borouge (UAE)
- Borealis AG (Austria)
- MOL Group (Hungary)
- Beaulieu International Group (Belgium)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.0% |
| 2029 Value Projection | USD 643.37 Billion |
| Base Year | 2021 |
| Plastics Market Size in 2021 | USD 439.28 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 230 |
| Segments Covered | By Application and Regional |
| Plastics Market Growth Drivers | Increasing Demand for Engineering Plastics to Favor Growth |
| Rising Demand for Plastic from Packaging Industry to Drive the Market |
Get a Quote Now:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/plastics-market-102176
Segments
Polyvinyl Chloride (PVC) to Gain Traction with Rising Demand for Resistance to Chemicals
In terms of type, the market is segregated into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene, and others. The polyvinyl chloride segment will account for a considerable share of the global market due to electric insulation and the demand for resistance to chemicals.
Packaging to Remain Dominant Due to Robust Demand from Food & Beverage Sector
With respect to end-use industry, the market is segregated into packaging, automotive & transportation, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceutical, electrical & electronics, textile, and others. The packaging segment will exhibit notable growth during the assessment period, largely due to rising demand from the food & beverage sector.
Drivers and Restraints
Expanding Footprint of Engineering Plastics to Propel Growth Potentials
The plastics market share will witness notable traction during the forecast period, largely due to better mechanical and thermal properties. Surging demand for better polymer solutions will encourage leading companies to expedite investments. Prominently, surging demand for metal substitution could play a pivotal role in boosting the material demand. Furthermore, the food industry is poised to be the major recipient of plastics that avoid contamination and minimize food quality degradation. Increased usage of the polymer in fashion, sports, and toy-making will bode well for the industry growth.
However, rigorous regulations implementing plastic reduction policies could impede the industry growth.
Regional Insights
Asia Pacific to Remain Stronghold with Soaring Demand for Consumer Goods
Stakeholders anticipate the Asia Pacific market forecast to be strong due to increased availability of raw materials. Robust growth in the construction and packaging sectors could foster growth across China, India, and Australia. Expanding footprint of sports goods, textiles, and toys will encourage leading companies to invest in the region.
The global plastic market can be analyzed on a regional basis, taking into account factors such as production, consumption, import/export, and market demand. Here is a regional analysis of the plastic market Asia pacific, North America, Latin America & Europe. The European region has a high demand for plastic, primarily driven by Germany, the largest producer of plastic in the region. The packaging and automotive industries are the largest contributors to the region's demand for plastic. The region is also a significant exporter of plastic products.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/plastics-market-102176
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Price Trend Analysis
- Qualitative Insights Impact of COVID 19 on Global Plastic Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- TOC Continued…!
Competitive Landscape
Major Players Prioritize Collaboration to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Key Industry Development
- January 2022: Borealis joined hands with Reclay Group to keep up with the demand for recyclate material for use in high-end plastic applications.
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/plastics-market-102176
Check out more Related Insights:
Cold Chain Packaging Market Size Worth 47.46 billion by 2029 | Exhibiting a CAGR of 10.9%
Conclusion:
The top companies profiled in this report are examined by regional expansion and operations. Here, we thank the experts in the chemical business, the public relations specialists, the conventions, and the survey conducted by the examination group for their help and support. Additionally, market rate, volume, income, demand, and supply information are examined.
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
