Plastic Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCH183 | Last Updated On: Jun 14 2022 | Available Formats

> Global Plastic Market Expected to reach at a high CAGR 3.2% during the forecast period 2022-2029: DataM Intelligence

Global Plastic Market is segmented By Type (Polyethylene, Polypropylene, PVC, PET, Polystyrene, Engineering Thermoplastic), By Applications (Constructions, Industrial, Consumer goods, Electronics, Automotive, Medical, Food & Beverages, Transportation), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Plastic Market" is expected to grow at a high CAGR 3.2% during the forecasting period (2022-2029).

  • Plastics are organic polymers that occur naturally or are derived from petrochemicals. They are synthetic or semi-synthetic organic solids that are cast to various valuable products.
  • The global Plastic Market was valued at USD 655.79 billion in 2018. The research at DMI yielded diverse opinions about the market with the worldwide Plastic market forecast valuation pegged at USD 750.1 billion by 2026.

Drivers and Restraints

  • Increasing plastic consumption in the construction, automotive, and electrical & electronics industries is projected to support market growth over the forecast period.
  • The market is driven by several factors such as new technologies which recycle plastics, growing end-use industries. The versatile properties of plastics including better heat and pressure resistance, make them more applicable in various industries.
  • However, a few factors hinder market growth such as volatility in the prices of essential raw materials and the growing environmental concerns regarding plastic disposal.
  • To overcome such challenges, the industry has shifted its focus towards developing bio-based alternatives to conventional (petroleum-based) plastics.
  • Polyethylene terephthalate (PET) plastic-type is expected to grow in the forecast period due to increasing demand from the packaging industry of carbonated soft drinks for PET plastic.
  • The industrial segment accounted for the most substantial part of the global plastic market share followed by Food & Beverages due to increasing demand for various, plastic applications in these industries.

Market Segmentation

  • Based on product type, Types segment the global plastic market into Polyethylene (PE), Polypropylene (PP), PVC, PET, Polystyrene, and Engineering Plastics.
  • Polyethylene holds the most significant chunk of the global plastic market share due to growing demand from several end-user industries such as injection molding, food & beverage packaging, film/sheet, and pipes.
  • Based on end-user, the market is segmented into Constructions, Industrial, Consumer goods, Electronics, Automotive, Transportation, Medical, and Food &Beverages.

Geographical Share

  • Geographically, the market is segmented into North America, South America, Europe, Asia Pacific, and RoW.
  • Asia Pacific (excluding China) was the fastest growing regional market with plastic valued at USD 105.39 billion in 2017. Rapid industrialization and an increasingly skilled workforce are benefitting the growth of the manufacturing sector in the region, which in turn is boosting the demand for plastics.
  • High economic development and consequent rise in consumer spending in emerging economies such as India and Japan along with Southeast Asian countries are further fueling the demand for consumer goods.
  • In addition, a well-established electrical & electronics manufacturing base in Taiwan and South Korea is anticipated to augur well for the market in the region.
  • India, on the other hand, has a strong chemical industry, which strengthened its production in the last few years. Rapid urbanization, coupled with burgeoning manufacturing ecosphere, growing economies, and increasing infrastructural activities are supporting the growth of the market in the Asia Pacific.
  • Countries such as China, India, Vietnam, Indonesia, and the Philippines are witnessing rapid GDP growth and offer lucrative opportunities for manufacturers.

Market Key Players

  • The report covers the factors impacting the market, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
  • The report profiles the following companies, which include Dow Chemicals, BASF SE, Saudi Basic Industries Corporation, and E.I. du Pont de Nemours and Company.
  • Other players in the market include ExxonMobil, Total SA, Indorama Corp., M&G Chemicals, Nan Ya Plastics, LyondellBasell, Formosa Plastic, Bayer Material Science, DAK Americas, and Octal Petrochem.

Trending Topics

Bioplastics Market

Medical Plastic Market

Molded Plastics Market

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