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In 2022, the plastics industry was estimated to be worth $550.9 billion. During the projection period (2023-2030), the plastics market industry is expected to increase from USD 574.7 Billion in 2023 to USD 804.6 Billion by 2030, displaying a CAGR of 5.30%. The primary market drivers boosting market expansion are rising demand in many different end-use sectors and rising awareness of the use of bio-based plastics in many different industries.
In 2022, the plastics industry in the United States was expected to generate $87.93 billion in revenue. The country's dominant market share can be due to its advanced automotive, aerospace and defence, and electronics manufacturing sectors. The country has a stable economy and a strong financial industry, and the risk level there is low. Many investors have found favourable conditions in recent years, and this bodes well for infrastructure development in the country. The need for plastics in the U.S. building industry is expected to increase as a result of this. Federal governments are feeling pressure to expand construction spending to meet rising infrastructure demands from a growing population and fast urbanisation and industrialization in emerging economies. Government investment on building is expected to increase, which will boost demand for plastic used in infrastructure and construction, especially in China and India.
Plastics, often called polymers, are employed in the production of everything from paper clips to spaceships due to their low cost, ease of production, malleability, light weight, durability, and resistance to water and other liquids. They are often made from coal, oil, or gas. Due to diminishing supplies, producers have been turning to alternative materials for polymers. Bioplastics are synthetic materials made from renewable biomass resources such maize starch, sawdust, vegetable fats and oil, and even food scraps. As more people learn about the damage polymers make to the environment, they want recyclable goods. The industry is being propelled by the rising need for effective plastic packaging to safeguard goods.
The rising global fad for processed foods, platters, milk and fruit juice containers, crates, barrels, and various other water-based food packs is expected to boost demand for polyethylene. To keep up with the expanding demand for homes and public buildings, the provincial governments of many countries have been forced to increase their infrastructure footprint. This might be helpful in creating several chances for the plastics industry.
Food and beverage, consumer goods, automotive, and electrical and electronic device manufacturing are just a few of the many sectors seeing increased product demand. Global product consumption is being pushed forward by the food and beverage industry's rising demand for packaging material. The use of packaging that prevents spoilage and cross-contamination is highly valued by the food industry. Plastic's protective qualities against spoilage are a major factor driving this market. Moreover, polymers' resistance to physical stress and exceptional durability are expanding their use in fields as diverse as sports, fashion, polymer clay, and toy production. They can be formed effortlessly, allowing for the creation of containers of varying sizes and shapes. Their increased elasticity, longevity, and aesthetic appeal make them increasingly desirable in the textile industry. Further, polymers are useful for packing automotive and electrical spare components due to their hard structure. Therefore, the expanding use of plastics in the food and beverage, textile, electrical and electronics, automotive, and consumer goods sectors is contributing to the sector's expansion.
The rate of market expansion is likely to be impacted by regulations concerning product usage. In light of rising worries over the damage caused by polymers to the environment, the government has enacted stringent laws and other policies. Many businesses and governments are switching to plastic-free or more environmentally friendly options in an effort to lessen their environmental impact. For instance, the United Nations Environment Programme (UNEP) launched a Clean Seas campaign in more than 50 countries in 2017 to lobby for legislation to limit plastic use, lobby businesses to use less plastic packaging, and reform consumer goods. Furthermore, many nations, like India, have pledged to phase out the production and sale of single-use plastics entirely by 2022. The trend away from polymer items and the rise of anti-plastic conventions are both factors that slow the expansion of the market. In addition, a historic resolution to eliminate plastic trash and construct an international legally binding accord by the end of 2024 was supported by heads of state, environment ministers, and other delegates from 175 nations in March 2022 at the UN Environment Assembly held in Nairobi.
Report Coverage
Global Plastic research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Plastic report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Plastic competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Plastic market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Plastic market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Plastic market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
BASF SE (Germany), SABIC (Saudi Arabia), DowDuPont (US), Evonik Group (Germany). Sumitomo Chemicals (Japan), Arkema Group (France), Celanese Corporation (US), Eastman Chemical Company (US), Chevron Phillips Chemical Co. LLC (US), Lotte Chemical Corporation (South Korea), ExxonMobil (US), Formosa Plastics (Taiwan), Covestro AG (Germany), TORAY Industries (Japan), Mitsui Plastics (Japan), Teijin Plastics (Japan).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Plastic market based on the below-mentioned segments:
Global Plastic Market, By Type
Polyethylene
Polyether Ether
Ketone
Global Plastic market, By Application
Packaging
Automotive & Transportation
Building & Construction
Global Plastic market, Regional Analysis
In 2022, the plastics industry in the United States was expected to generate $87.93 billion in revenue. The country's dominant market share can be due to its advanced automotive, aerospace and defence, and electronics manufacturing sectors. The country has a stable economy and a strong financial industry, and the risk level there is low. Many investors have found favourable conditions in recent years, and this bodes well for infrastructure development in the country. The need for plastics in the U.S. building industry is expected to increase as a result of this. Federal governments are feeling pressure to expand construction spending to meet rising infrastructure demands from a growing population and fast urbanisation and industrialization in emerging economies. Government investment on building is expected to increase, which will boost demand for plastic used in infrastructure and construction, especially in China and India.
Plastics, often called polymers, are employed in the production of everything from paper clips to spaceships due to their low cost, ease of production, malleability, light weight, durability, and resistance to water and other liquids. They are often made from coal, oil, or gas. Due to diminishing supplies, producers have been turning to alternative materials for polymers. Bioplastics are synthetic materials made from renewable biomass resources such maize starch, sawdust, vegetable fats and oil, and even food scraps. As more people learn about the damage polymers make to the environment, they want recyclable goods. The industry is being propelled by the rising need for effective plastic packaging to safeguard goods.
The rising global fad for processed foods, platters, milk and fruit juice containers, crates, barrels, and various other water-based food packs is expected to boost demand for polyethylene. To keep up with the expanding demand for homes and public buildings, the provincial governments of many countries have been forced to increase their infrastructure footprint. This might be helpful in creating several chances for the plastics industry.
Food and beverage, consumer goods, automotive, and electrical and electronic device manufacturing are just a few of the many sectors seeing increased product demand. Global product consumption is being pushed forward by the food and beverage industry's rising demand for packaging material. The use of packaging that prevents spoilage and cross-contamination is highly valued by the food industry. Plastic's protective qualities against spoilage are a major factor driving this market. Moreover, polymers' resistance to physical stress and exceptional durability are expanding their use in fields as diverse as sports, fashion, polymer clay, and toy production. They can be formed effortlessly, allowing for the creation of containers of varying sizes and shapes. Their increased elasticity, longevity, and aesthetic appeal make them increasingly desirable in the textile industry. Further, polymers are useful for packing automotive and electrical spare components due to their hard structure. Therefore, the expanding use of plastics in the food and beverage, textile, electrical and electronics, automotive, and consumer goods sectors is contributing to the sector's expansion.
The rate of market expansion is likely to be impacted by regulations concerning product usage. In light of rising worries over the damage caused by polymers to the environment, the government has enacted stringent laws and other policies. Many businesses and governments are switching to plastic-free or more environmentally friendly options in an effort to lessen their environmental impact. For instance, the United Nations Environment Programme (UNEP) launched a Clean Seas campaign in more than 50 countries in 2017 to lobby for legislation to limit plastic use, lobby businesses to use less plastic packaging, and reform consumer goods. Furthermore, many nations, like India, have pledged to phase out the production and sale of single-use plastics entirely by 2022. The trend away from polymer items and the rise of anti-plastic conventions are both factors that slow the expansion of the market. In addition, a historic resolution to eliminate plastic trash and construct an international legally binding accord by the end of 2024 was supported by heads of state, environment ministers, and other delegates from 175 nations in March 2022 at the UN Environment Assembly held in Nairobi.
Report Coverage
Global Plastic research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Plastic report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Plastic competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Plastic market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | BASF SE (Germany), SABIC (Saudi Arabia), DowDuPont (US), Evonik Group (Germany). Sumitomo Chemicals (Japan), Arkema Group (France), Celanese Corporation (US), Eastman Chemical Company (US), Chevron Phillips Chemical Co. LLC (US), Lotte Chemical Corporation (South Korea), ExxonMobil (US), Formosa Plastics (Taiwan), Covestro AG (Germany), TORAY Industries (Japan), Mitsui Plastics (Japan), Teijin Plastics (Japan). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Plastic Market from 2021 to 2030.
- Market Forecast for Plastic Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Plastic competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Plastic
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Plastic market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Plastic market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
BASF SE (Germany), SABIC (Saudi Arabia), DowDuPont (US), Evonik Group (Germany). Sumitomo Chemicals (Japan), Arkema Group (France), Celanese Corporation (US), Eastman Chemical Company (US), Chevron Phillips Chemical Co. LLC (US), Lotte Chemical Corporation (South Korea), ExxonMobil (US), Formosa Plastics (Taiwan), Covestro AG (Germany), TORAY Industries (Japan), Mitsui Plastics (Japan), Teijin Plastics (Japan).
Primary Target Market
- Market Players of Plastic
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Plastic market based on the below-mentioned segments:
Global Plastic Market, By Type
Polyethylene
Polyether Ether
Ketone
Global Plastic market, By Application
Packaging
Automotive & Transportation
Building & Construction
Global Plastic market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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