Plastic Market Insights Innovations In Recycling Technologies

The global plastic market size was estimated at USD 624.8 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030. The increasing substitution of glass, metals, wood, natural rubber, and other materials, by plastics is expected to drive the global plastics market in the coming years. Furthermore, plastic resins is one of the most heavily regulated markets across the globe. A number of players are operating in the global resins market, offering a variety of plastic resins. Some of plastic resins are polystyrene (PS), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polypropylene (PP), polybutylene terephthalate (PBT), polyphenylene oxide (PPO), polyurethane (PU), polyether ether ketone (PEEK), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polycarbonate (PC), polysulfone (PSU), polyamide (PA), and polyphenylsulfone (PPSU).

Polypropylene is the most common resin used in several end-use industries. It is utilized in packaging, automotive parts, toys, and a variety of industrial components. It has good chemical and electrical resistance, hardness, a high melting point, stress resistance, and flexibility. The growing demand for polypropylene in the automotive and construction industries is expected to drive the growth of resin industry. The high consumer spending has increased the demand for individual vehicles, propelling the automotive industry and driving market expansion.

Gather more insights about the market drivers, restrains and growth of the Plastic Market

Detailed Segmentation:

Product Insights

Polyethylene (PE) dominated the product segmentation in 2023 with a market revenue share of above 24.0%. Rising demand for polyethylene is expected to grow in the agriculture industry owing to the growing demand for drippers, microtubes, nozzles, and emission pipes in irrigation areas. In agriculture, plastic films are used to decrease moisture loss and regulate soil temperature, resulting in higher yields.

Application Insights

Injection molding dominated the application segmentation in 2023 with a market revenue share of above 43.0%. Injection molding necessitates the use of a machine, plastic materials, and molds. To make the final product, molten plastic is pumped into a mold cavity and cooled. It is commonly used in the production of automobile parts, medical devices, containers, and others.

End-use Insights

Packaging sub-segment dominated the end-use segmentation in 2023 with a market revenue share above 36.0%. The expanding key application industries, such as personal and household care, medicines, and food & drinks, and the global penetration of e-commerce are driving the demand for plastic packaging. Plastics are used in a variety of packaging materials including food, beverage, and oil. Plastics are widely used due to their high performance, low cost, and long durability.

Regional Insights

Asia Pacific dominated the market and held a revenue share of over 22.0% in 2023. Asian countries such as Vietnam, Indonesia, Thailand; China; Japan; and India are expected to emerge as the primary growth markets for plastics in Asia Pacific over the forecast period. Growing manufacturing sector is expected to propel the demand for plastic compounds in automotive, industrial machinery, construction, packaging, and electrical & electronics industries. In the recent past, India and China have witnessed a spike in automotive production owing to technology transfer to the sector from the Western markets.

Browse through Grand View Research's Renewable Chemicals Industry Research Reports.

The global polyamide in electronic protection device market size was valued at USD468.8 million in 2023 and is projected to grow at a CAGR of 3.7% from 2024 to 2030.
The global baby food packaging market size was valued at USD 8.15 billion in 2023 and is projected to grow at a CAGR of 4.2% from 2024 to 2030.

Key Plastic Company Insights

• In December 2023, Biesterfeld AG and Celanese Corporation announced the expansion of their distribution partnership to boost their respective reach for plastics across the regions including Europe, Middle East & Africa, Southeast Asia, and Brazil.

• In June 2023, MKS Plastics, announced their investment of USD 14 million for the expansion of their production facility in Tangipahoa Parish. The company estimates doubling its production capacity along with catering the customers across petroleum and chemical industry.

Key Companies profiled:

• 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 Plastics Corporation
• Covestro AG
• Toray Industries, Inc.
• Mitsui & Co. Plastics Ltd.

Plastic Market Segmentation

Grand View Research has segmented the global plastic market report based on product, application, end-use, global product by end-use and region:

Plastic Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• 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

Plastic Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Injection Molding
• Blow Molding
• Roto Molding
• Compression Molding
• Casting
• Thermoforming
• Extrusion
• Calendering
• Others

Plastic End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Packaging
• Building & construction
• Electrical & electronics
• Automotive
• Medical devices
• Agriculture
• Furniture & Bedding
• Consumer Goods
• Utility
• Housewares
• Toys & child care
• Masterbatch & additives
• Others

Plastic Product by End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

Plastic Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Poland
o Spain
o Portugal
• East Asia
o China
• Asia Pacific (excluding China)
o India
o Japan
o Southeast Asia
• Carribean
o Dominican Republic
• Central & South America
o Brazil
o Argentina
o Colombia
o Bolivia
o Chile
o Colombia
o Ecuador
o Paraguay
o Peru
o Uruguay
o Cost Rica
o Guatemala
o Panama
• Middle East & Africa
o Saudi Arabia
o United Arab Emirates (UAE)
o Oman
o Kenya
o South Africa
o Angola