The global plastics market size is expected to reach USD 752.16 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to the latest report by Reports and Data. Increase in demand for plastic from automotive, construction and electronics is driving the market revenue growth.
The major reason for high demand for plastics is the fact that they helps make lives easier, cleaner, and safe. There are various advantages associated with plastics like low-cost imperviousness to water, and ease of manufacturing, which have resulted in their widespread use in industries such as construction and automotive industry. Increase in demand for plastic packaging solutions to protect the products is driving market revenue growth.
Development of engineered plastics has become more durable and robust, which has increased demand for product. They offer better mechanical and thermal properties and are much lighter and cost-effective. These plastics finds its application in construction, automotive, and machinery. Though there are various advantages associated with the use of plastics, which support the growth of the market, adverse market factors like stringent regulations on the use of plastics and raising awareness about the adverse impact of plastics on the environment may slow down the market growth.
Various initiatives taken by the market players are supporting the growth of the market. One such initiative is the initiation of new projects. For instance, SABIC, announced new projects in Asia and the Netherlands, in February 2018. The focus of this initiative was to expand the company's global capacity for two high-performance engineering thermoplastic materials, Noryl and Ultem resins.
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Some Key Highlights in the Report
- In June 2021, Covestro and Nexeo Plastic partnered together for development and launch of Polycarbonate/ABS 3D printing filament – Addigy® FPB 2684 3D. The product performs well by resisting discoloration and avoiding fragility in extreme temperature. It also saves time and money in replacing parts as it is resilient and long-lasting.
- Polyethylene segment accounted for largest revenue share in 2020 as it has enhanced mechanical and physical properties and dimensional stability. Polyethylene is used in various applications, such as, films and membrane, packaging and cable coverings, buckets, toys, lids, and container bottles. It is also available in different grades like high-density polyethylene (HDPE) and low-density polyethylene (LDPE), which is also driving growth of the segment.
- Biodegradable segment revenue is forecast to grow at a rapid rate during the forecast period due to rising awareness about the adverse impact of plastic on the environment and associated growing popularity of biodegradable plastics, whose components are derived from renewable raw materials, which contributes to the growth rate witnessed by this segment.
- Packaging segment accounted for largest revenue share in 2020 as most of the food and medical product packages are made of plastics. Demand for packaging has increased during COVID-19 pandemic in e-commerce, groceries and healthcare products. Advent of bioplastics has played a significant role in pharmaceutical and food and beverage packaging applications.
- North America accounted for a significant revenue share in 2020 due to high demand from the U.S. Well established healthcare sector, packaging and electronic industries is also driving growth of plastic market in the region. Presence of major market players in the region such as Eastman Chemical Company, DowDuPont and Celanese Corporation is also contributing to the growth of the market.
- An increase in construction activities, rising demand for automotive parts, food packaging and containers are driving demand for plastics in Europe. Germany is the largest producer of plastic in the region and accounts for almost a quarter of plastic demand in the region. The presence of key market players such as BASF and LyondellBasell is also contributing to market growth.
- Major players in the market include Arkema, BASF SE, SABIC, Eastman Chemical Company, DowDuPont, Evonik Industries, Celanese Corporation, Sumitomo Chemicals, Lotte Chemical Corporation, and Chevron Phillips Chemical Co. LLC.
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