The global plastic market is set to witness an impressive growth rate of 3.7% over the forecasted years of 2022 to 2032. The plastic market size is anticipated to reach a valuation of around US$ 885 Billion by the end of year 2032 from the current valuation of US$ 695 Billion in 2022.
The main causes of the increased sales of plastic in several economies are the expanding for the ensuing need for ultralight constituents to increase automobile load capacity and decrease the cost of semiconductor devices. Compared to other materials, corrugated plastic has a specific gravity that is 85% lower providing for weight reductions of around 80% and component cost reductions of 30% to 50% when employed in the construction and automotive sectors.
The demand for plastic in infrastructure and building applications would be driven by rising government construction spending, notably in China and India. Additionally, the expanding need for metal substitutes drives an expansion of the use of engineering plastic or composite polymers across a range of sectors.
The plastic market key trends supported by the building industries is projected to decline as a result of strict rules regulating the use and recyclability of traditional plastic materials. In comparison to metal or wood, polymer fittings are often considered sustainable and ecofriendly that got hold of a considerable amount of global plastic market opportunities in the recent past.
Key Takeaways from Market Study
- The overall growth of the global plastic market is estimated to be around US$ 190 Billion over the forecast decade covering the years 2022 to 2032, by following the average CAGR of 3.7%.
- The polyethylene product segment holds the major share of the plastic market that sums up to nearly 25% of the revenue share, while the acrylonitrile butadiene styrene compound or ABS product segment is witnessing the highest growth rate.
- The injection molding application segment contributes for almost 43% of the global revenue making it the largest application segment of the plastic market share.
- Packaging industry is the largest end use vertical commanding over 36% of the sales of plastic in the international market.
- In the current year of 2022, the US plastic market is figured out to be worth more than US$ 90 Billion.
- With a higher consumption of plastic end use products, Asia Pacific remains the most lucrative region for the global plastic market with a net share of 44%.
Some of the well-known plastic market players are 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 Plastic Corporation, Covestro AG, Toray Industries, Inc., and Mitsui & Co. Plastic Ltd. among others.
Recent Developments in the Global Plastic Market:
- In Ruwais, United Arab Emirates, Borouge opened its fifth polypropylene factory (PP5) in February 2022. By boosting polypropylene production, this development will let the firm to better service the construction, reusable innovative wrapping, and certain other manufacturing industries.
- ExxonMobil finished the beginning stages of a facility trial for a unique enhanced recycling method in Texas, United States, in February 2021. Plastic s crap will be converted using this procedure into the basic components needed to make polymers. This breakthrough demonstrates the business’s steps to enhance resource utilization and decrease environmental pollution.
These insights are based on a report Plastic Market by Future Market Insights.