According to the report by Expert Market Research (EMR), the global plastic market size is projected to grow at a CAGR of 4.2% between 2024 and 2032. Aided by the material’s ubiquity in various sectors, the market is expected to grow significantly by 2032.
Plastic, a highly versatile and widely used material, is synthesised from organic materials such as crude oil, natural gas, and plants. Its applications range from everyday household items to sophisticated engineering and medical uses. The adaptability, durability, and cost-effectiveness of plastics make them a preferred material across multiple industries.
The plastic market growth is primarily driven by its extensive use in the packaging industry. The demand for lightweight, durable, and cost-effective packaging solutions has surged, especially in the food and beverage, pharmaceutical, and consumer goods sectors. Additionally, the automotive industry’s shift towards lightweight materials to enhance fuel efficiency and reduce carbon emissions has further bolstered the demand for plastic.
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In recent years, there has been a significant focus on developing eco-friendly and sustainable plastics due to the growing environmental concerns regarding plastic waste. Bioplastics, made from renewable resources, and biodegradable plastics, which decompose naturally, are gaining traction. This shift towards sustainable alternatives is expected to offer new growth opportunities and drive innovation in the industry.
The consumer electronics sector also influence the plastic market outlook. Plastics are used extensively in manufacturing smartphones, laptops, and other electronic devices due to their insulating properties and design flexibility. In the healthcare sector, the demand for medical-grade plastics has escalated, driven by the need for sterile, disposable, and lightweight medical devices and packaging.
Regionally, Asia Pacific dominates the market, attributed to the rapid industrialisation, growing population, and increasing disposable incomes in emerging economies like China and India. North America and Europe also hold significant market shares, supported by advanced manufacturing capabilities and stringent regulatory frameworks promoting sustainable practices.
The global plastic market demand is expected for a surge over the next five years. The increasing demand from diverse industries, coupled with the shift towards sustainable and innovative plastic solutions, is expected to shape the market’s future. Nonetheless, the industry must navigate environmental concerns and regulatory changes to sustain its growth trajectory and contribute positively to the global economy.
Plastic Market Segmentation
The market can be divided based on product, application, end use, and region.
Market Breakup by Product
- Polyethylene (PE)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl chloride (PVC)
- Polyethylene terephthalate (PET)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Others
Market Breakup by Application
- Injection Moulding
- Blow Moulding
- Roto Moulding
- Compression Moulding
- Casting
- Thermoforming
- Extrusion
- Calendering
- Others
Market Breakup by End Use
- Packaging
- Construction
- Electrical and Electronics
- Automotive
- Medical Devices
- Agriculture
- Furniture and Bedding
- Consumer Goods
- Utility
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Plastic Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plastic market. Some of the major players explored in the report by Expert Market Research are as follows:
- BASF SE
- Evonik Industries AG
- Sumitomo Chemical Co., Ltd.
- Lyondellbasell Industries Holdings B.V.
- Eastman Chemical Company
- Saudi Basic Industries Corporation
- The Dow Chemical Company
- Celanese Corporation
- LOTTE Chemical Corporation
- Exxon Mobil Corporation
- DuPont de Nemours, Inc.
- Toray Industries, Inc
- INEOS Limited
- Ducor Petrochemicals B.V
- Repsol S.A.
- Others
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