(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global plastics market size was USD 570.83 billion in 2022 and is projected to grow from USD 507.16 billion in 2023 to USD 717.17 billion by 2030 at a CAGR of 5.1% over 2023-2030.
Plastics are polymers that are versatile, easy to produce, moldable, waterproof in nature, low cost, and lightweight, used to produce different products such as spacecraft and others. The plastics produced using renewable biomass sources, including vegetable oil, sawdust, food waste, and corn starch, are known as bioplastics. The increasing demand for high-performance plastic packaging solutions integrated with growing technological advancement to protect products is boosting the plastics market growth.
Fortune Business InsightsTM mentioned this in a report titled " Plastics Market, 2023-2030 .".
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List of Key Players Profiled in the Global Plastics Market Report:
LyondellBasell Industries N.V. (Netherlands) ExxonMobil Chemical (U.S.) China National Petroleum Corporation (China) INEOS (U.K.) China Petroleum & Chemical Corporation (China) SABIC (Saudi Arabia) Ducor Petrochemicals (Netherlands) Reliance Industries Limited (India) Formosa Plastic Group (Taiwan) Total S.A. (France) Braskem (Brazil) BASF SE (Germany) Repsol (Spain) Borouge (UAE) Borealis AG (Austria) MOL Group (Hungary) Beaulieu International Group (Belgium)
Report Scope & Segmentation:
| Report Attributes || Details |
| Forecast Period || 2023-2030 |
| Forecast CAGR || 5.1% |
| 2030 Value Projection || USD 717.17 Billion |
| Market Size in 2023 || USD 507.16 Billion |
| Historical Data || 2019-2021 |
| No. of Pages || 230 |
| Report Coverage || Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered || |
By Form By Production Process By Application
| Regions Covered || |
North America Europe Asia Pacific Latin America Middle East and Africa
| Plastics Market Growth Drivers || Increasing Demand for Engineering Plastics Due to their Properties to Favor the Market Growth. |
Browse Detailed Summary of Research Report with TOC:
Supply Chain Disruptions Caused by COVID-19 Pandemic Hampered Market Growth
The COVID-19 pandemic negatively impacted the market due to decreased demand from the building, construction, and automobile industries. The decline was associated with the industries' decreased manufacturing activities and COVID-19 restrictions imposed worldwide. The market witnessed growth due to the increased demand for PPE kits from the healthcare industry during the pandemic.
Rising Adoption of Packaging Products to Boost Segment's Growth
By type, the market is segmented into polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, polyurethane, polystyrene, and others. Polyethylene and polypropylene are estimated to dominate the market during the forecast period attributed to their rising demand from packaging and automotive.
Increasing Food and Beverage Industry to Propel Segment's Growth
Based on end-use industry, the market is classified into automotive & transportation, packaging, consumer goods/lifestyle, infrastructure & construction, healthcare & pharmaceutical, electrical & electronics, textile, and others. The packaging segment is estimated to hold the largest market share during the forecast period due to the increasing use in producing construction products including floor covering, windows, fittings, and pipes.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market. Comprehensive insights into regional developments. List of major industry players. Key strategies adopted by the market players. The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints-
Increasing Packaging Industry Demand for Plastics to Drive Market Growth
The demand for plastics is rising across various industries, including food & beverage, automotive, consumer goods, and electrical and electronics. The rising need for packaging from the food & beverage industry is boosting the market growth during the forecast period. The demand for plastics is increasing due to their ability to act as a barrier between the external environment and food products.
Several governmental regulations over product usage are estimated to affect the market growth during the forecast period.
High Availability of Raw Materials to Propel Market in Asia Pacific
Asia Pacific will hold the largest plastics market share during the forecast period, accounting for USD 316.10 billion in 2022. China will lead the region due to high availability of raw materials at low rates. Strong construction and packaging industry growth will propel market growth in Asia Pacific.
North America is estimated to have substantial growth in the market due to increasing demand from the automobile industry in the region during the forecast period.
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Detailed Table of Content:
Research Scope Market Segmentation Research Methodology Definitions and Assumptions Executive Summary Market Dynamics
Market Drivers Market Restraints Market Opportunities Emerging Trends Key Insights
Key Market Trends in the Global Market Key Developments: Mergers, Acquisition, Partnership, etc. . Latest Technological Advancement Insights on Regulatory Scenario Porters Five Forces Analysis Price Trend Analysis Qualitative Insights Impact of COVID 19 on Global Plastic Market
Supply Chain Challenges Steps taken by Government/Companies to overcome this impact Potential opportunities due to COVID-19 outbreak
Key Players Focus on Partnership to Aid Market Growth
Most of the major key players in the market have worldwide presence. The key players are adopting collaborative strategies to maintain their position in the market during the forecast period. For instance, ExxonMobil is adopting joint ventures and new product development strategies to expand its business worldwide.
Key Industry Development
January 2022 – The Reclay Group, a world leader in environmental and material recovery management, and Borealis, a leading advanced and circular polyolefin solutions producer, partnered to meet the rising demand for recyclate material for high-end plastic applications. The partnership is estimated to help consumers accomplish their sustainability goals.
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Self-Healing Materials Market Size Worth 62.66 billion by 2028 | Exhibiting a CAGR of 62.5%
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