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).
Gather more insights about the market drivers, restrains and growth of the Plastic Market
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.
The U.S. dominated the North American market for plastic in 2023 and is expected to continue its dominance over the forecast period. The demand for plastic in the country is majorly generated from the expanding automotive industry coupled with the rise in a number of construction activities. Capacity addition and plant expansion by automotive companies in the U.S. are further expected to augment the demand for plastics compounding.
PET is expected to be one of the fastest-growing segments in the U.S. plastics market due to its high demand from the packaging sector. PET is mostly used in the production of bottles and contributes to a significant market share in plastics industry. Most PET processors in the U.S. are increasingly focusing on implementing Good Manufacturing Practices (GMPs) in an attempt to optimally utilize available resources, conserve resources, and increase production efficiency. These initiatives are further expected to boost the market growth of PET over the forecast period.
Increasing alternatives for glass, metals, natural rubber, wood, and other artificial materials by plastics is expected to drive the global plastics market. Various products such as olefins, PVC, polystyrene, and PET are rapidly replacing major materials in automotive, medical & healthcare, construction & infrastructure, and consumer goods applications. In addition, increasing awareness regarding the reduction of carbon emissions and favorable regulations are leading to the replacement of metals and heavy substances with lightweight plastics, especially in automobile and industrial machinery.
However, petrochemical prices are largely influenced by crude oil prices as the latter is a source for petrochemicals. Since major raw materials used in plastics are largely dependent on petrochemicals, volatility in crude oil prices is expected to result in fluctuation in the plastic market price over the forecast period.
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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.
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.
