The global plastics market size is expected to reach USD 752.16 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to the latest report by Reports and Data. An increase in demand for plastic from automotive, construction, and electronics is driving the market revenue growth.
The major reason for the high demand for plastics is the fact that they help make lives easier, cleaner, and safe. There are various advantages associated with plastics like low-cost imperviousness to water, and ease of manufacturing, which have resulted in their widespread use in industries such as construction and automotive industry. An increase in demand for plastic packaging solutions to protect the products is driving market revenue growth.
The development of engineered plastics has become more durable and robust, which has increased the demand for products. They offer better mechanical and thermal properties and are much lighter and more cost-effective. These plastics find their application in construction, automotive, and machinery. Though there are various advantages associated with the use of plastics, which support the growth of the market, adverse market factors like stringent regulations on the use of plastics and raising awareness about the adverse impact of plastics on the environment may slow down the market growth.
Various initiatives taken by the market players are supporting the growth of the market. One such initiative is the initiation of new projects. For instance, SABIC, announced new projects in Asia and the Netherlands, in February 2018. The focus of this initiative was to expand the company's global capacity for two high-performance engineering thermoplastic materials, Noryl and Ultem resins.
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Top 10 Companies Operating in the Global Plastic Market:
Arkema, BASF SE, SABIC, Eastman Chemical Company, DowDuPont, Evonik Industries, Celanese Corporation, Sumitomo Chemicals, Lotte Chemical Corporation, and Chevron Phillips Chemical Co. LLC.
Plastic Market Segmentation
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Polyethylene
- Polypropylene
- Polyurethane
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Polyphenylene Oxide
- Polyvinyl chloride
- Polyethylene terephthalate
- Polybutylene terephthalate
- Liquid crystal polymers
- Epoxy polymers
- Polyamide
- Polysulfone
- PEEK
- PPSU
- Others
Degradability Outlook (Revenue, USD Billion; 2018–2028)
- Non-biodegradable conventional plastics
- Biodegradable plastics
Application Outlook (Revenue, USD Billion; 2018–2028)
- Bottled Water
- Sheet & Film
- Food Packaging
- Non-Food Packaging
- Carbonated Soft Drinks
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Packaging
- Agriculture
- Consumer Goods
- Medical Devices
- Automotive
- Furniture and Bedding
- Construction
- Others
Table of Contents:
Report Overview
1.1 Research Scope
1.2 Key Plastic market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline
Global Growth Trends
2.1 Global Plastic market size
2.2 Latest regional market trends
2.3 Emerging growth trends
Competitive Outlook
3.1 Global Plastic market key players
3.2 Global Plastic size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Plastic market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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