Global Plastic Market to Grow at a CAGR of 3.81% During 2030

The global plastic market was valued at USD 591.28 billion in 2021 and is projected to reach USD 827.84 billion by 2030, registering a CAGR of 3.81% from 2022 to 2030 Market Synopsis Plastics, also known as polymers, are utilized to make a wide range of products, from paper clips to spaceships, due to their versatility, ease of production, formability, low cost, lightweight, and water resistance. Traditionally, they are generated from natural gas and petroleum. The depletion of polymer resources has prompted manufacturers to employ renewable resources. Bioplastics are plastics made from renewable biomass sources such as maize starch, sawdust, vegetable fats and oil, and food waste. Increasing knowledge of the environmental damage caused by polymers drives manufacturers to create recyclable items. A prominent market driver is a rising need for high-performance plastic packaging solutions for product protection. Rising demand for plastic from the packaging industry In numerous industries, such as food & beverage, consumer goods, automotive, and electrical & electronics, product demand is increasing. Global product consumption is driven by the food and beverage industry's increasing demand for packaging materials. Manufacturers of food products want packaging that reduces food quality deterioration and prevents contamination. The demand is fueled by plastic's capacity to function as a barrier between food goods and the external environment. In addition, the resistance of polymers to physical stress and their excellent durability are increasing their use in sports, fashion, polymer clay, and toy manufacturing. In addition, they are easy to form and allow for the production of packaging of any size or shape. Their increased utility in the textile industry is due to their excellent elasticity, durability, and aesthetic appeal. In addition, polymers' rigidity makes them ideal for packaging automotive and electrical spare parts. Thus, the expanding use of plastics in the food & beverage, textile, electrical & electronics, automotive, and consumer goods industries contributes to the expansion of the plastics market. Stringent regulations for plastic usage Regulations governing product application are anticipated to have an impact on the market growth rate. In response to growing worries about the environmental damage caused by polymers, stringent government laws, and other measures have entered the scene. Numerous firms and governments have adopted greener and non-plastic alternatives in an effort to mitigate the environmental damage caused by the usage of plastic. For instance, the United Nations Environment Program (UNEP) launched a Clean Seas campaign in over 50 countries in 2017 to urge governments to impose plastic reduction measures, encourage industry to decrease polymer-made packaging, and reform products. In addition, some nations, like India, have pledged to eliminate single-use plastics from the market by 2022. The transition toward non-polymer items and restrictions on plastic use together operate as a market growth restraint. In addition, in March 2022, at the UN Environment Assembly held in Nairobi, heads of state, environment ministers, and other delegates from 175 nations endorsed a historic resolution to eliminate plastic waste and establish a legally enforceable international agreement by the end of 2024. The growth of the construction industry The expansion of the building industry in emerging nations like Brazil, China, India, and Mexico has created prospects for plastic consumption. Increased foreign investment in these domestic construction markets as a result of relaxed FDI regulations and demand for improved public and industrial infrastructure has contributed to the growth of the total market. Regional analysis of the global plastic market The market is split by region into North America, Europe, Asia-Pacific, and LAMEA. It is anticipated that Asia-Pacific will hold the greatest market share over the projection period. Due to the great supply of inexpensive raw materials, it is projected that China would continue to dominate the region. This further reduces the obstacles associated with plastic manufacture. The expansion in the Asia-Pacific region is also attributable to the booming packaging and building industries. In addition, increased demand from the consumer goods sector for the production of toys, textiles, and sports items is anticipated to fuel the regional market. The United States maintained the highest market share in North America, supported by rising product demand in the electrical and electronics, healthcare and pharmaceuticals, and packaging industries. Concerns regarding plastic pollution and the development of recyclable technologies have led to a rise in the use of recycled plastics in the region. Due to increased demand from the automotive industry in Europe, the polymers market is predicted to expand substantially in the region. In addition, features such as superior heat resistance, electrical insulation, corrosion resistance, and low density encourage the use of polymers in Europe. Rising demand from the textile and packaging industries will be the most important element impacting growth in the Middle East and Africa. The increasing need for lightweight packaging and the preference for polymers over glass and metal are anticipated to stimulate the regional market. In addition, Latin America is anticipated to expand as a result of expanding urbanization and a rising number of enterprises specializing in industrial packaging solutions. Key Highlights The global plastic market was valued at USD 591.28 billion in 2021 and is projected to reach USD 827.84 billion by 2030, registering a CAGR of 3.81% from 2022 to 2030. Polyethylene segment to lead the market due to its rising adoption in packaging products Packaging segment to generate the highest revenue owing to the growing food & beverage industry The Asia Pacific is estimated to hold the largest market share during the forecast period Competitive players in the global plastic market BASF SE SABIC Dow Inc DuPont de Nemours, Inc Evonik Industries Sumitomo Chemical Co., Ltd. Arkema Celanese Corporation Eastman Chemical Company Chevron Phillips Chemical Co., LLC Lotte Chemical Corporation Exxon Mobil Corporation Formosa Plastic Corporation Covestro AG Toray Industries, Inc. Mitsui & Co. Plastic Ltd. Recent Developments by key players February 2022: In the United Arab Emirates city of Ruwais, Borouge inaugurated its fifth polypropylene plant, often known as PP5. By boosting the production of polypropylene, the company will be better able to service infrastructure, recyclable advanced packaging, and other industrial sectors as a result of this expansion. February 2021: The first phase plant trial of a patented enhanced recycling process was successfully finished by ExxonMobil in Texas, United States. Plastic waste will be converted into raw materials for use in the production of polymers through the utilization of this technology. This breakthrough is evidence that the corporation is working to boost resource recovery and decrease the amount of waste plastic that is released into the environment. The global plastic market segmentation Product Outlook Polyethylene (PE) Polypropylene (PP) Polyurethane (PU) Polyvinyl chloride (PVC) Polyethylene terephthalate (PET) Polystyrene (PS) Acrylonitrile butadiene styrene (ABS) Polybutylene terephthalate (PBT) Polyphenylene Oxide (PPO) Epoxy Polymers Liquid Crystal Polymers Polyether ether ketone (PEEK) Polycarbonate (PC) Polyamide (PA) Polysulfone (PSU) polyphenylsulfone (PPSU) Others Application Outlook Injection Molding Blow Molding Roto-Molding Compression Molding Casting Thermoforming Extrusion Calendering Others End-use Outlook Packaging Construction Electrical & Electronics Automotive Medical Devices Agriculture Furniture & Bedding Consumer Goods Utility Others Regional Outlook North America The U.S. Canada Mexico Europe Germany France The U.K. Italy Poland Spain The Asia Pacific India China Japan Southeast Asia Central & South America Brazil Argentina Colombia Chile Other CSA (Costa Rica, Cuba, Peru) Middle East & Africa Saudi Arabia United Arab Emirates (UAE) Oman Kenya South Africa