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Plastic Market Analysis by Product (Polyethylene, Polypropylene, Polyurethane, Polyvinyl chloride, Polyethylene terephthalate, and Others); by Application (Injection Molding, Blow Molding, Roto Molding, Compression Molding, and Others); and by Send-Use (Packaging, Construction, Electrical & Electronics, Automotive, Medical Devices, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Borealis AG and ADNOC’s joint venture, Borouge is all set to its starts its 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 plans to build its first, large-scale plastic waste advanced recycling facility in Baytown, Texas.

Global Plastic Market Size, Forecast, and Trend Highlights Over 2023 - 2033

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

The global plastic market is estimated to garner a revenue of ~ USD 800 Billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 600 Billion in the year 2022. The primary growth factor of the plastic market is the expansion of plastic industry. The recent reports suggest that the total value of the United States plastic shipments was around USD 400 billion in 2020.

Plastic-Market-Scope

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Due to its adaptability, ease of production, dimensional stability, easy fabrication, impervious properties, and cost - effectiveness, the demand of plastics are expected to increase considerably in the upcoming years. Moreover, the rising activities in the infrastructure, automobiles 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. As of 2019, it was estimated that in the United States, almost 40 million tons of plastic are used every year.

Global Plastic Market: Growth Drivers and Challenges

Growth Drivers

  • Growth in Production Rate of Plastic – The rapid industrialization and owing to its great advantages, plastic is being highly utilized in every sector of manufacturing processes. The versatility of the plastic has propelled the population to produce more plastics which is further projected to fuel the drive market growth. As per latest reports by Organization for Economic Co-operation and Development, it was estimated that the global plastic production rose from 2000 to 2019 and stood up at approximately 460 million tons. 
  • High Demand of Plastic Products – The recent data disclosed in 2022, around one million plastic bottles are purchased every minute and around five trillion plastic bags are used every year across the world.
  • Expansion of Automotive Industry - As per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach at USD 9 trillion.
  • Notable Elevation in 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.
  • 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

  • Adverse Effect on Humans and Environment
  • Rising Awareness About Plastic Waste
  • Stringent Governmental Rules Regarding Environmental Protection

The plastic market is segmented and analyzed for demand and supply by end-user into packaging, construction, electrical & electronics, automotive, medical devices, furniture & bedding, consumer goods, and others. Out of these the automotive segment is expected to garner the highest market share by 2033, owing to the high demand and production of vehicles by the burgeoning population. Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80,145,988 units in 2021. This is a rise from 77,711,725 units in 2020. 

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Demand-Analysis

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Plastic Market Regional Synopsis

Regionally, the global plastic market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to huge facilities producing automobiles. Also, the increased demand and production of automobiles in the region is expected to increase the sales of plastic in the forecast period. As per International Organization of Motor Vehicles, the total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020.  Also, the high consumption of chemicals is an another growth driver of the plastic market in the forecast period. As of 2020, the chemical industry of Asia Pacific region contributed to at least 60% of the revenues generated by global chemical industry.

Plastic-Market-Analysis

The global plastic market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global plastic market includes the following segments:

By Product

  • 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

By Application

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

By End-Use

  • Packaging
  • Construction
  • Electrical & Electronics
  • Automotive
  • Medical Devices
  • Furniture & Bedding
  • Consumer Goods
  • Others

Top Featured Companies Dominating the Global Plastic Market

  • Borealis AG
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Exxon Mobil
  • BASF
  • Saudi Basic Industries Corporation
  • The Dow Chemical Company
  • DuPont de Nemours, Inc.
  • Evonik Industries AG
  • Sumitomo Chemical Co., Ltd.
  • Arkema
  • Celanese Corporation

 

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