Global Plastic Market by Product (PE, PBT, LCP, Polystyrene, PVC, PET, PC, PU, Epoxy Polymers, PP, ABS, PPO, Polyamide) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global plastic market value was USD 579.7 Billion in 2020. It is projected to grow at a compound annual rate of 3.4% between 2021 and 2028. Market growth is expected to be supported by an increase in plastic consumption in the automotive, construction and electrical & electronic industries. Plastic is being used as a replacement for metals such as aluminum and steel for automotive component manufacturing. Plastics demand has grown due to the growth of emerging markets like Brazil, China and India. The market's growth can be attributed largely to the increased foreign investment in these construction markets, as well as the removal of FDI restrictions and requirements for improved public and industrial infrastructure.

Due to the growing population and rapid industrialization in emerging countries, federal governments have been forced to increase their construction spending to meet increasing infrastructure requirements. In China and India, rising government construction spending will lead to a rise in demand for plastic in construction and infrastructure.

The stringent regulations regarding the depletion of traditional materials such as metal or wood will drive greater demand from the construction industry for plastic in insulation, pipes and cables, floorings and windows, storage tanks and other products. Polymer fittings are generally simpler and easier to install than metals or wood. They also come in a variety of colors, which adds to their aesthetic appeal. Plastics are 85% more specific than metals. They can be used in construction and automotive industries to save around 80% on weight and up to 50% on individual component costs.

The demand for plastic in many end-use industries such as automotive, packaging and utility is being negatively impacted by the slowdown or halt of manufacturing activities to stop the spread of the coronavirus epidemic. The increasing number of positive COVID-19 cases around the world is positively impacting the demand for plastic medical devices such as medical equipment, testing equipment, ventilators and gloves, needles, surgical tray, and medical bags.

Product Insights

Polyethylene accounted for more than 25% of the total revenue in 2020. It is used primarily in the packaging industry, which includes plastic bottles and bags as well as plastic films and geomembranes. It is used in many applications. There are three types of PE polymers: LDPE (high molecular weight), and LLDPE (low molecular weight). Low molecular-weight PE polymers can be used in lubricants. Medium molecular polymers can be used to make wax miscible with paraffin. High molecular-weight polymers are common in the plastic industry.

In the next few years, the demand for polyethylene is expected to rise due to rising demand for packaged food. This includes trays, bottles of milk and fruit juices as well as crates, caps, drums and other liquid packaging. One of the most promising product segments is Acrylonitrile Butadiene Styrene (ABS). ABS is used extensively in electronics and consumer goods. It is highly rigid, strong, and has excellent dimensional stability.

It is tough and resists corrosive chemicals, heat, impact and heat. ABS, a thermoplastic, liquefies and can be easily injected molded and recycled. ABS has a low melting point so it is not recommended for high heat. ABS compounds are also used in LEGO toys and computer keyboards. ABS compounds are used to make drain-waste-vent pipes, plastic clarinets and golf club heads, as well as enclosures for electrical or electronic assemblies, automotive trim parts, protective headgears and other applications.

Application Insights

The injection molding segment accounted for the largest revenue share, with over 43.0% of the total in 2020. Injection molding is an extremely popular method of producing custom-made plastic parts. Because the plastic parts are made in molds, they must be cooled before being removed. This is a nonlinear process. This requires an injection molding machine, molds and plastic materials. The molten plastic is then injected into the mold cavity. Finally, it is cooled to make the final product. It is used for manufacturing automobile parts, containers, medical devices, and other purposes.

Calendering is one potential market segment. It is used to transform thermoplastic materials into sheets and films. It is used primarily for PVC and other modified thermoplastics. It involves five steps: pre-blending and fluxing, calendering as well as cooling. This allows for specialty surface treatments such as in-line lamination or enhancement of physical properties. Calendering is being sought after by the growing packaging industry.

End-use Insights

In 2020, the packaging segment accounted for more than 36.0% of all revenue. Packaging is a high-potential segment with moderate penetration. The packaging industry has been a major player in plastics. Bio-based plastics have played an important role in packaging for food, pharmaceuticals, and beverages. Polyethylene Terephthalate and Polycarbonates (PC), are being increasingly used for packaging beverages, consumer goods and appliances. This segment is expected to see lucrative growth.

Over the forecast period, the impact of the COVID-19 epidemic on the packaging industry will be moderate. Due to the slowdown or suspension of industrial production, the demand for packaging has increased for groceries, healthcare, and ecommerce transport. However, the demand for luxury, industrial and some B2B packaging has declined.

Due to the closure of food service outlets and restaurants during the pandemic, plastic packaging will be more in demand than food packaging. This trend will be further accelerated by panic buying and stockpiling of groceries, food, and other necessities for home care.

Regional Insights

Asia Pacific, including China, dominated the market. They accounted for more than 44.0% of global revenue in 2020. The demand for plastic is expected to grow in the automotive, packaging, electrical, and electronics industries. Recent years have seen a rise in automobile production in India and China due to technology transfer from the West.

The market will also benefit from the well-established manufacturing bases for electronics and electrical products in South Korea, China, Taiwan and China. India is home to a strong chemical manufacturing sector, which helps strengthen its plastic production. Asia Pacific's market growth is supported by rapid urbanization, improved economic conditions, and increased infrastructural activity.

China is the region's largest producer and supplier of plastic components. The country's demand for plastic is mainly driven by the growth of the electronic and automotive markets and the subsequent demand for lighter components that improve vehicle efficiency and reduce weight.

Market Share Insights & Key Companies

Due to the existence of many players on the market, there is a lot of competition among producers. Globally, the market is fragmented. There are many key players and a few small regional players. A majority of players in the plastics market use strategic partnerships, capacity expansions and new product development as their main strategies. The following are some of the most prominent players in global plastics market:

• 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.

• Mitsui & Co. Plastic Ltd.

Up Market Research published a new report titled “Plastic Market research report which is segmented by Product (PE, PBT, LCP, Polystyrene, PVC, PET, PC, PU, Epoxy Polymers, PP, ABS, PPO, Polyamide), By Players/Companies Arkema, Toray Industries Inc, Covestro AG, SABIC, DuPont de Nemours Inc, Dow Inc, Mitsui & Co Plastic Ltd, Evonik Industries, Celanese Corporation, Sumitomo Chemical Co Ltd, Exxon Mobil Corporation, Chevron Phillips Chemical Co LLC, BASF SE, Eastman Chemical Company, Formosa Plastic Corporation, Lotte Chemical Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Plastic Market Report Segments:

The market is segmented by Product (PE, PBT, LCP, Polystyrene, PVC, PET, PC, PU, Epoxy Polymers, PP, ABS, PPO, Polyamide).

Plastic Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Plastic Market

Overview of the regional outlook of the Plastic Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Plastic Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Plastic Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. PE

                2. PBT

                3. LCP

                4. Polystyrene

                5. PVC

                6. PET

                7. PC

                8. PU

                9. Epoxy Polymers

                10. PP

                11. ABS

                12. PPO

                13. Polyamide

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Plastic Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Plastic Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.