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The plastic market is estimated to grow by USD 214.81 billion at a CAGR of 6.27% between 2022 and 2027. The market's growth hinges on various factors, notably the rising demand for packaging materials across diverse industries, particularly from emerging economies. Additionally, the versatility of plastics in various applications contributes significantly to market expansion. The increasing adoption in sectors such as food and beverage, healthcare, and consumer goods underscores its widespread utility. Moreover, the growing emphasis on sustainable packaging solutions further propels the market forward, with biodegradable and recyclable plastics gaining traction. These trends reflect a broader shift towards eco-friendly practices and materials, driven by environmental concerns and regulatory pressures. As such, the market is poised for continued growth, driven by evolving consumer preferences and industry dynamics.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This report extensively covers market segmentation by technique (injection molding, blow molding, roto molding, casting, and others), end-user (packaging, consumer goods, automotive, electrical and electronics, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The market encompasses a wide range of materials, including Glass, Metals, Wood, Natural rubber, and various types of Plastics and Plastic resins. Among these, Polystyrene (PS), Polyethylene (PE), Polypropylene (PP), Polybutylene terephthalate (PBT), Polyphenylene oxide (PPO), Polyurethane (PU), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), and others play significant roles. Consumer spending on these materials is substantial, with individual vehicles and construction activities being major contributors. Plastic compounding is a crucial process in the production of various plastic types, and PET is a key player in the packaging sector, particularly in the form of bottles. Lightweight plastics, such as PET, have gained popularity due to their strength and low weight, making them ideal for automobile manufacturing. Alternatives to traditional materials like glass and metals are increasingly being sought after in various industries, further driving the demand. In summary, the market is a dynamic and diverse industry, with various materials, including PET, PE, PP, PBT, PPO, PU, PVC, and PET, playing essential roles in consumer spending, automobile manufacturing, construction activities, and the packaging sector. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The diverse applications of plastics are notably driving market growth. The demand for packaging surged in industries such as healthcare, consumer goods, and construction. This was due to increased consumption of daily staples and medical equipment, which led to a higher need for flexible plastic packaging. The shift to e-commerce and grocery delivery also contributed to the growth, as packaging offers a low-cost solution for protecting and transporting goods. Overall, the market has shown resilience and adaptability in response to changing consumer behaviors and industry demands. Hence, such wide applications are one of the major factors that are expected to drive the growth of the global market during the forecast period.
The growing recycling techniques are an emerging trend in market growth. The market is facing a significant challenge with the annual leakage of approximately 8 million tons into the ocean, a figure projected to reach two tons per minute by 2030 and four tons per minute by 2050. This environmental concern has prompted manufacturers to innovate, with BASF SE introducing PuriCycle in July 2022. This new line of products includes advanced catalysts and adsorbents designed to purify pyrolysis feeds from complex waste plastics, enabling the downstream processing of circular plastic streams at a potentially lower cost. Hence, these factors are expected to drive the growth of the global market during the forecast period.
Stringent regulations over usage of plastics are major challenges impeding the market. In the US, the Food and Drug Administration (FDA) strictly regulates the use in food-contact packaging to ensure safety. Approval from the FDA is mandatory before these materials can be marketed. In contrast, the European Union's Single-Use Plastics Directive (SUPD), effective in 2021, aims to minimize plastic pollution. It prohibits certain single-use plastic items, including expanded polystyrene (EPS) food containers and cups, from the market due to environmental concerns. Despite regulations, plastics remain popular due to their low cost. Thus, the disposal of plastic and its impact on land and water pollution can become a major challenge for the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Chevron Phillips Chemical Co. LLC - The company offers a wide range of chemicals, including aromatics, drilling specialties, olefins, polyethylene, specialty chemicals, and others. The key offerings of the company include plastic solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the injection molding segment will be significant during the forecast period. The market encompasses a wide range of applications, from heavy substances in automobile manufacturing to lightweight plastics in various industries. Petrochemical prices and crude oil prices significantly impact the production of raw materials, such as plastic polymers, used in injection molding machines to create automotive parts, medical devices, containers, and more. Injection molding is a versatile process used to manufacture various products, including automotive components, microtubes, nozzles, emission pipes, and plastic films. Moisture loss and soil temperature are crucial factors affecting yields in agriculture and building insulations.
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The injection molding segment was valued at USD 208.17 billion in 2017. Automotive manufacturers relies heavily on these materials for producing fuel-efficient parts, such as drippers, nozzles, and emission pipes, while insulation properties are essential for refrigeration and building insulations. Environmental concerns continue to drive innovation in technologies, leading to advancements in heat transfers, vacuum forming, and thermoforming. The packaging industry utilizes various processing techniques, including blow molding for hollow plastic parts, thermoplastic sheet for pressure forming, and injection molding for creating containers. These films are used extensively for packaging and moisture barrier applications. Injection molding machines use molds to create complex shapes, such as automobile parts, while thermoforming and vacuum forming are used for producing large, hollow parts, like containers and tubes. The market continues to evolve, offering numerous solutions for various industries and applications. Thus, the growing use of injection molding in manufacturing products will drive the growth of the segment in the global market during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The automobile industry in both India and China has seen significant growth, with China selling approximately 20 million automobiles and India selling around 3 million in 2020. This expansion has led to an increased demand for lightweight plastics as substitutes for heavy substances like aluminum and steel. The use of these in automotive manufacturing is influenced by petrochemical and crude oil prices, making plastic a cost-effective alternative for raw materials. These polymers have become essential in automotive applications due to their insulation properties, which contribute to improved fuel efficiency and vehicle weight reduction. They are also used in various automobile parts, such as drippers, microtubes, nozzles, emission pipes, and plastic films. In the context of environmental concerns, plastic materials offer advantages like moisture loss prevention and temperature control in refrigeration and building insulations. However, the production and disposal of plastic raise concerns regarding heat transfers and sustainability. These materials are used extensively in various industries, including automotive, medical devices, packaging, and containers. Techniques like injection molding, thermoforming, and blow molding are employed to create various plastic parts, such as molds, tubes, cans, and hollow plastic parts. Thus, the demand is expected to increase in the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
In the realm of business, the Plastic industry holds a significant position in the market. Polyethylene, Polypropylene, Polystyrene, and Polyvinyl Chaloride are some of the essential types of plastics used in various industries. These polymers offer unique properties such as durability, flexibility, and resistance to heat and chemicals. Marketing plastic products requires a strategic approach. Companies use various marketing techniques to promote their plastic offerings.
For instance, they may focus on the cost-effectiveness of plastic, its versatility, and its long-lasting nature. They may also highlight the environmental benefits of using recycled plastic. Moreover, the use of advanced technologies like 3D printing and injection molding has revolutionized the plastic industry. Companies can now produce complex plastic parts with high precision and efficiency. This has opened up new opportunities for businesses in various sectors, from automotive to healthcare.
Moreover, the plastic market is a competitive one, with numerous players vying for market share. To stand out, companies need to differentiate themselves through innovative products, competitive pricing, and excellent customer service. They may also collaborate with other businesses to expand their reach and offer integrated solutions. In conclusion, the plastic market is a dynamic and evolving industry. Companies that can effectively market their plastic products and stay ahead of the competition will reap the rewards.
Market Scope |
|
Report Coverage |
Details |
Page number |
188 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.27% |
Market growth 2023-2027 |
USD 214.81 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.71 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema Group, BASF SE, Berry Global Inc., Celanese Corp., Chevron Phillips Chemical Co. LLC, Covestro AG, Dow Inc., Eastman Chemical Co., Evonik Industries AG, Exxon Mobil Corp., Formosa Plastics Corp., Huntsman Corp., INEOS Group Holdings SA, Jain Irrigation Systems Ltd., Lotte Chemical Corp., LyondellBasell Industries NV, Mitsui and Co. Ltd., Saudi Basic Industries Corp., Sumitomo Chemical Co. Ltd., and Toray Industries Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technique
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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