Plastic Fabrication

The Global Plastic Market size was valued at USD 599 Billion in 2022 and is poised to grow from USD 624.16 Billion in 2023 to USD 867.43 Billion by 2031, growing at a CAGR of 4.2% during the forecast period (2024-2031).  

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Plastic has emerged as a massively popular material in almost all industry verticals in some or the other way. High use in packaging is projected to be the prime factor driving plastic market growth. Growing use of plastic in multiple industry verticals such as construction and automotive to create lightweight products is also estimated to bolster plastic demand in the future. Advancements in plastic recycling technologies will also create new opportunities for plastic companies over the coming years. The development of bioplastics is also a key opportunity for plastic manufacturers going forward. However, the imposition of bans on plastic use, volatility in raw material pricing, and high demand for sustainable alternatives are slated to be key restraints for plastic market development in the long run.

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Plastic Market Segmental Analysis

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The Global Plastic Market is segmented into Product, Application, End Use, and Region. Based on Product, the market is segmented into 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 (LCP), Polyether Ether Ketone (PEEK, Polycarbonate (PC), Polyamide (PA), Polysulfone (PSU), Polyphenylsulfone (PPSU). Based on Application, the market is segmented into Injection Molding, Blow Molding, Roto Molding, Compression Molding, Casting, Thermoforming, Extrusion, Calendaring, And Others. Based on End Use, the market is segmented into Packaging, Building & Construction, Electrical & Electronics, Automotive, Medical Devices, Agriculture, Furniture & Bedding, Consumer Goods, Utility, and Others. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.  

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Analysis by End Use 

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Packaging is projected to be the prime end user of plastic across the study period. The lightweight and highly affordable nature of plastic is what makes it a preferred packaging material for multiple products. Rapidly expanding e-commerce industry and growing demand for packaging materials are expected to help the dominance of this segment going forward.  

On the other hand, the demand for plastic in the automotive industry is projected to surge at an impressive pace over the coming years. Growing emphasis on weight reduction of vehicles and rising demand for electric vehicles are projected to promote the use of plastic components in the automotive industry. Demand for special plastic resins and materials will help this segment boost market growth in the future.  

Analysis by Application 

Easy manufacturing of plastic products is what makes injection molding a dominant application segment. As the name suggests molten plastic is injected into molds to create plastic products using injection molding. This technique is used in multiple industry verticals such as automotive, medical device manufacturing, and other industries to create plastic components.  

Meanwhile, the demand for plastic in thermoforming applications is projected to surge at an impressive pace across the study period. High product durability, flexible design, and cost-effective manufacturing are key benefits of thermoforming that are boosting market growth via this segment.  

 

Plastic Market Regional Insights

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The Asia-Pacific region is estimated to hold sway over global plastic demand outlook going forward. The presence of robust industrial activity and growing use of plastic in the same is helping this region maintain a high market share. India, China, Japan, and Vietnam are projected to be attractive markets in this region. Growing use of plastic in the manufacturing of multiple components is also helping this region maintain a high market share on a global level. 

On the other hand, the demand for plastic in North America is projected to increase at the fastest CAGR over the coming years. Growing use of plastics for medical devices and electronics manufacturing is a key trend that will boost market growth. Recycled plastics are being extensively used in this region. High emphasis on sustainability will hamper market growth in this region but also push plastic manufacturers to innovate going forward. Canada and the United States are the most attractive markets for plastic companies in this region.  

 

Plastic Market Dynamics

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Drivers 

Booming Demand from Packaging Industry 

• Rapidly increasing e-commerce activity around the world has boosted the demand for packaging materials around the world and this is projected to primarily augment plastic market growth over the coming years as plastic remains a preferred packaging material.  

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High Demand for Lightweight Automotive Components 

• Automotive companies are focusing on reducing the weight of their vehicles to reduce emissions and improve efficiency, which has led them towards high use of plastic products. Thus, growing demand for lightweight automotive components is slated to uplift plastic sales in the long run.  

 

Restraints 

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Bans on Plastic Use 

• In a bid to conserve the environment and reduce plastic waste, governments around the world are imposing bans on the use of different types of plastics that are causing global issues. These bans are projected to hamper plastic sales in the future.  

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Demand for Sustainable Alternatives 

• As more and more people realize the detrimental effects of plastic on living beings and ecosystems, the demand for sustainable alternatives to plastics is reaching new heights. High adoption of these alternatives will inhibit plastic market growth through 2031 and beyond.  

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Plastic Market Competitive Landscape

Plastic manufacturers should focus on the development of easily degradable plastic to maximize their business scope. Investing in plastic recycling and reuse facilities will also help plastic companies expand their business scope in the future. Offering recycled plastic products especially for the packaging industry will be a major strategy for all plastic providers across the forecast period and beyond.  

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Top Player’s Company Profiles 

• BASF SE (Germany)  

• Dow, Inc. (US)  

• Evonik Industries AG (Germany)  

• Sumitomo Chemical Co., Ltd. (Japan)  

• Arkema (France)  

• Celanese Corporation (US)  

• Chevron Phillips Chemical Co., LLC (US)  

• Lotte Chemical Corporation (South Korea)  

• Exxon Mobil Corporation (US)  

• Covestro AG (Germany)  

• Toray Industries, Inc. (Japan)  

• Mitsui & Co. Plastics Ltd. (Japan)  

• TEIJIN LIMITED (Japan)  

• INEOS Group (UK)  

• LG Chem (South Korea)  

• LANXESS (Germany)  

• CHIMEI (Taiwan)  

• RTP Company (US)  

• Huntsman International LLC (US) 

 

Recent Developments 

• In April 2024, a new recycled plastic packaging was launched by Saudi Basic Industries Corporation (SABIC). The new launch was part of the company’s effort to promote circular economy practices and is the first product by SABIC that uses recycled post-consumer plastic.  

• In a collaborative effort by Amcor, PepsiCo, and INEOS, a new recycled plastic film packaging product was launched in March 2024. This product is made from 50% recycled plastic and is part of these companies’ efforts to promote sustainability.  

 

Plastic Key Market Trends

• Bio-based Plastic Development: almost all plastic companies are projected to focus on the development of bio-based plastic products. Focusing on this trend will help companies bypass the bans on plastic and ride the sustainability wave to maximize their revenue generation. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Plastic Market SkyQuest Analysis

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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.  

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As per SkyQuest analysis, high use of plastic in packaging, growing demand for plastic in different industry verticals and establishment of plastic recycling infrastructure are driving market growth. However, rising focus on sustainability, bans on plastic use, and rising awareness regarding ill-effects of plastic use are slated to be key constraints for plastic companies going forward. The Asia Pacific region is slated to spearhead plastic demand outlook owing to high use of plastics in different manufacturing facilities. Development of biodegradable and eco-friendly plastic will be the prime focus of plastic manufacturers in the long run.  ​​​​​​​​​​​​​​​​

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