the industry was estimated at approximately 307,966.7 kilotons in 2021.
Plastics Industry | Forecast 2030
The economic value generated by the industry was estimated at approximately 307,966.7 kilotons in 2021. This economic output is an amalgamation of businesses that are involved in the manufacturing of plastics & their additives, distribution & supply, and application of plastics.
The value chain of the market consists of raw material suppliers, intermediate additives and filler producers, plastic manufacturers, and distributors/suppliers along with industrial end users. They are extensively used in various end-use industries such as construction, automotive, and electrical & electronics, packaging, medical devices, agriculture, furniture & bedding, consumer goods, utility, and others.
Access the Global Plastics Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Increasing demand for plastic polymers across the globe from industries such as automotive, electrical & electronics, textile, food & beverage, packaging, consumer goods, and various others, has propelled the competitive environment in the market. Companies are opting for strategies such as the introduction of new products, investment in research & development, and expansion of production capacities.
Plastic Resin Market Growth & Trends
The global plastic resin market size is expected to reach USD 1.07 trillion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.5% CAGR over the forecast period. The increasing consumption of plastic resins in construction, automotive, electrical, and electronics applications is boosting the market growth. Government intervention to reduce overall vehicle weight to improve fuel efficiency and reduce carbon emissions has prompted automakers to use resins to replace steel and aluminum in automotive components.
Favorable federal regulations on CO2 emissions set by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA), as well as EU initiatives to develop plastics applications for light-weight and fuel-efficient cars, are expected to fuel global growth and promote the market. However, the ongoing health crisis and the lockdown imposed by various governments to contain the spread of the coronavirus pandemic have led to a decline in the consumption of plastic resins. It is expected to further negatively impact the market growth in the years to come.
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Plastic Additives Market Growth & Trends
Global plastic additives market is expected to grow significantly at a CAGR of 4.5% from 2015 to 2022, owing to their ability to enhance performance, appearance, and processability of various polymers. Increasing demand for these additives is directly proportional to the growing consumption of polymers across the globe.The global plastic additives market size was 13.18 million tons in 2014.
Additives are used with different polymers in order to result in maximum output and increase the life span of the product. Plastic additives are increasingly being used for variety of functions that include extenders, processing aids, property modifiers, and stabilizers in industrial applications.
Plastic Compounds Market Growth & Trends
The global plastic compounds market size is expected to reach USD 98.65 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% over the forecast period. The market is estimated to be driven by packaging applications across the globe. The product demand in the packaging industry is driven by high consumerism in major economies, such as China, India, Germany, the U.S., and Brazil. Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications. Polypropylene (PP) compounds offer a cost-effective packaging solution and help enhance impact strength, flexibility, clarity, and process efficiency. High demand for Polyethylene (PE) in the packaging industry has majorly contributed to the growth of the packaging end-use segment.
The global COVID-19 pandemic moderately affected the product demand in packaging application in 2020. The demand for packaging for healthcare products, food products, groceries, and e-commerce transportation increased sharply, while the demand for luxury, industrial, and some B2B transport packaging witnessed decline owing to the slowdown and halt in industrial operations. The recommencing industrial operation is expected to positively influence the demand in industrial, and B2B transport packaging in the coming years.
Company Profiles
Competitive Insights
The global plastics industry is fragmented in nature with the presence of various key players such as BASF SE, Dow Inc., DuPont, Evonik Industries AG, SABIC, Sumitomo Chemical Co., Ltd., Arkema, and Celanese Corporation as well as a few medium and small regional players operating in different parts of the world. The global plastic molding companies face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about suppliers & regulations.
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