Plastic Market size is expected to reach USD 800 billion by the end of 2033, growing at a CAGR of 4% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of plastic was USD 600 billion. The growth of the market can be attributed to the increasing use of plastic in various types of end-use industries such as electrical & electronics, automotive, construction, and so on. Further, the dynamic expansion of the plastic industry across the globe is also expected to add to the market growth. For instance, based on a report, the total value of the United States plastic shipments was around USD 400 billion in 2020. Furthermore, the surge in the demand for plastic from the packaging industry, coupled with the increasing use of polymers over metals and glass materials, are further factors that are estimated to boost the market’s growth over the projected time frame.
In addition to these, factors that are believed to fuel the market growth of plastic include the rising use of plastic as an alternative to metals in the manufacturing of electronics and automotive apparatuses. As of its adaptability, ease of production, dimensional stability, easy fabrication, impervious properties, and cost-effectiveness, the demand for plastics is expected to increase considerably in the upcoming years. Hence, the rising activities in the infrastructure, automobile manufacturing, and consumer electronics sectors are anticipated to raise the utilization rate of plastics, which in turn, is projected to expand the market size in the forecast period. For instance, it is estimated that in the United States, almost 40 million tons of plastic are used every year.
Growth Drivers
Worldwide Growth in Production Rate of Plastic - Plastic is being widely used in all sectors of manufacturing processes as a result of rapid industrialization and its numerous advantages The versatility of plastic has propelled the population to produce more plastics which is further projected to fuel the drive market growth. As per the reports provided by the Organization for Economic Co-operation and Development, it was estimated that global plastic production rose from 2000 to 2019 and stood up at approximately 460 million tons.
High Demand for Plastic Products - The recent data disclosed in 2022 disclosed that around 1 million plastic bottles are purchased every minute, and around 5 trillion plastic bags are used every year across the world.
Global Expansion of the Automotive Industry - For instance, as per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach around USD 9 trillion.
Notable Elevation in the Packaging Industry - The latest reports, revealed that the packaging industry in the United States was valued at USD 190 Billion in 2021 and is forecasted to reach USD 220 Billion by 2027.
Worldwide Growth in Chemical Industry - Latest reports stated that the revenue garnered by the global chemical industry in the year 2021 was approximately 4 trillion dollars, a considerable increment from the previous year with 3 trillion dollars.
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~4% |
|
Base Year Market Size (2022) |
~ USD 600 Billion |
|
Forecast Year Market Size (2033) |
~ USD 800 Billion |
|
Regional Scope |
|
End-user (Packaging, Construction, Textile, Electrical & Electronics, Automotive, Medical Devices, Consumer Goods)
The global plastic market is segmented and analyzed for demand and supply by end-use into packaging, construction, textile, electrical & electronics, automotive, medical devices, consumer goods, and others. Out of these eight types of end-use segments, the packaging segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing use of plastic in the packaging sector, along with the dynamic growth of the food and beverage industries, where plastic packaging has been highly utilized to pack edible items and beverages. For instance, the global food and beverage industry is predicted to generate revenue of around USD 990 billion by 2025. In addition to this, the rise in the e-commerce sector, and a notable utilization of plastic in frozen food, and seafood packaging is also a significant factor that is projected to propel the growth of the market over the forecast period.
Application (Injection Molding, Blow Molding, Roto Molding, Compression Molding)
The global plastic market is also segmented and analyzed for demand and supply by application into injection molding, blow molding, roto molding, compression molding, and others. Amongst these five segments, the injection molding segment is expected to garner a significant share. The injection molding method is widely used to produce custom plastic parts, and it is frequently used to make parts for vehicles, medical devices, and mechanical instruments. Owing to the increase in demand for these items throughout the world, it is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
|
By Product |
|
|
By Application |
|
|
By End-Use |
|
APAC Market Statistics
The Asia Pacific plastic market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increased demand and production of automobiles in the region, backed by the presence of huge facilities producing automobiles. As per the statistics of the International Organization of Motor Vehicles, the total production of vehicles in the APAC region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. In the same way, the total sales in the region were 42,663,736 units in 2021, a rise from 40,322,544 in 2020. Such an upsurge in the production of vehicles over the past years, especially during 2020-21 is estimated to push the market growth further throughout the forecast years, as people are expanding more on lifestyle comfort, coupled with the rising economic condition of various emerging nations of this region. Also, the high consumption of chemicals is another growth driver for the plastic market in the region over the forecast period. For instance, till 2020, the chemical industry of the Asia Pacific region contributed to at least 60% of the revenues generated by the global chemical industry. Further, the rising demand for lightweight electronic components is also anticipated to boost the market growth during the forecast period. Besides this, the surging urbanization in the region is propelling the consumption of ready to eat food items. These food items also need to be packed in sturdy plastic packaging. This as a result is also projected to accelerate the further growth of the plastic market in the APAC region over the projected time frame.
North American Market Forecast
Furthermore, the North American plastic market is projected to display notable market growth by the end of 2033. The growth of the market can be attributed to the increased demand for products from the electrical and electronics sectors, along with the escalation in the pharmaceutical & healthcare industries. For instance, in 2020, the healthcare industry in the United States generated more than USD 1 trillion in revenue. Moreover, surging growth in the packaging industry is another prominent factor that is anticipated to boost the growth of the plastic market in the region over the projected time frame.
Borealis AG
Borealis AG is all set to start its joint venture " Borouge" with ADNOC, which is the fifth polypropylene unit (PP5) in Ruwais, UAE. The new unit will boost the production of polypropylene and meet the global demand for manufactured products in industrial sectors.
Exxon Mobil Corporation plans to build its first, large-scale plastic waste advanced recycling facility in Baytown, Texas. This large-scale project will be one of North America's largest plastic waste recycling facilities and will be capable of recycling 30,000 metric tons of plastic waste per year upon completion.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?