Westford, July 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Plastic Market will attain a value of USD 867.43 Billion by 2031, with a CAGR of 4.2% during the forecast period (2024-2031). Plastic is utilized in nearly every industry, such as building and construction, transportation, industrial machinery, electrical & electronics, consumer items, textiles, packaging, and more. Globally, above one million plastic bags are used per minute. Several types of plastics are used every day, but polyethylene is the most widely used plastic. It is commonly used in 3 forms: low-density, high-density, and linear low-density. Among these, the high-density (HDPE) is the toughest one and holds major applications in food packaging.
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Browse in-depth TOC on the "Plastic Market"
Pages - 157
Tables - 109
Figures – 76
Plastic Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 624.16 Billion |
| Estimated Value by 2031 | $ 867.43 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and End Use |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Ever-increasing consumption of plastics in nearly every sector |
| Key Market Opportunities | The development of construction industry demands excess plastic |
| Key Market Drivers | Escalating demand from the packaging sector |
Heavy Use of Polyethylene Due to its Adaptability Characteristics to Spur Market Growth
By type, the Polyethylene segment holds a major market share owing to its versatility and abundant use in industries like automotive, packaging, and construction. The growth of the segment is also majorly attributed to the use of both, HDPE and LDPE. LDPE is found in the packaging of agriculture, foodstuffs, and a wide range of disposable items, while HDPE is used for its rigid and strength applications like auto components, pipes, bottles, and containers. Nonetheless, Polypropylene is the fastest-growing segment due to its unique characteristics like chemical resistance, high strength, and thermal stability. These features impel its use in different sectors across the globe.
Explosive Demand for Packaging in Different Domains to Aid Market Growth
By application, the packaging segment registered a major market share owing to its intensifying applications in household, personal care, food & drinks, medicines, and more and growing e-commerce penetration. Plastics are utilized in multiple packaging applications due to durability, high performance, and low price. Healthcare is predicted to be the fastest-growing segment in the global Plastic Market since plastics in healthcare act as packaging for pharmaceutical items, medical devices, surgery tools, and more. Plastics offer better biocompatibility, sterility, and durability.
Heavy Plastic Demand from Industries like Packaging, Automation and Healthcare to Drive the Market in North America
North America is currently dominating the global Plastic Market since it is a hub for different types of manufacturers and the region witnesses high consumer demand in different sectors. The growth in the region is attributed to the industries, such as automation, packaging, healthcare, and consumer goods that demand ample plastic. High-tech economics in the region long with emphasis on innovations and developments are a few other factors that drive the growth in North America. Asia Pacific is anticipated to be the fastest-growing region due to speedy industrialization, economic development in most Asia countries, and urbanization. According to reports, all the residents of Macau, Hong Kong, and Singapore live in urban areas, thus requiring excessive plastics for different needs.
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Plastic Market Insight
Drivers:
- Heavy use by the End Use sectors
- Advancements in Polymer Technology and Material Science
- Government Support for Infrastructural Activities
Restraints:
- Supply Chain Disturbances
- Uncertainty in Policies
- Environment Issues like Plastic Waste
Prominent Players in Plastic Market
The following are the Top Plastic Companies
- ExxonMobil Chemical
- Dow Chemical Company
- LyondellBasell Industries
- SABIC (Saudi Basic Industries Corporation)
- BASF SE
- DuPont
- LG Chem
- Huntsman International LLC
- Chevron Phillips Chemical Co. LLC
- Eastman Chemical Company
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Key Questions Answered in Global Plastic Market Report
- What is the projected CAGR of Plastic Market?
- Which region holds the maximum share of the global Plastic Market?
- Which are the major segments covered in the global Plastic Market?
This report provides the following insights:
- Analysis of key drivers (growing consumer demand for plastic based items due to its convenience, escalating demand for use in the commercial and industrial applications, properties of plastic that make it ideal for a plethora applications), restraints (government initiatives for greener substitutes, growing plastic waste, regulations governing product application), opportunities (increasing need for high-performing plastic, growing sales of plastics as it is replaced for aluminium and steel, growing urbanization in the Asia Pacific countries), and challenges (poor recycling framework, regulations for the sales and use of plastics, most industries researching for plastic alternatives to support plastic waste) influencing the growth of plastic market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the plastic market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the plastic market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Bioplastics Market
Rigid Plastic Packaging Market
Plastic Packaging Market
Plastic Waste Management Market
Fluoropolymers Market
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