Plastics Industry Data Book Covers Plastic Resins, Plastic Additive, Plastic Compounds and Recycled Plastics Markets.
The economic value generated by thePlastics industrywas estimated at approximately 307,966.7 kilotons in 2021.
Plastic Resins Market Growth Trends
The global plastic resins market size is expected to reach USD 1.07 trillion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.5% CAGR over the forecast period. The increasing consumption of plastic resins in construction, automotive, electrical, and electronics applications is boosting the market growth. Government intervention to reduce overall vehicle weight to improve fuel efficiency and reduce carbon emissions has prompted automakers to use resins to replace steel and aluminum in automotive components.
Favorable federal regulations on CO2 emissions set by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA), as well as EU initiatives to develop plastics applications for light-weight and fuel-efficient cars, are expected to fuel global growth and promote the market. However, the ongoing health crisis and the lockdown imposed by various governments to contain the spread of the coronavirus pandemic have led to a decline in the consumption of plastic resins. It is expected to further negatively impact the market growth in the years to come.
Strict restrictions governing the recyclability and deterioration of traditional building materials like metal and wood are likely to boost the demand for textiles in pipes, windows, cables, storage tanks, and other uses. Plastics are long-lasting and energy-efficient, as well as cost-effective and safe, which encourages their usage in construction. The global market is segmented into crystalline resin, non-crystalline resin, engineering plastics, and super engineering plastics by type. The crystalline resin was the largest segment, accounting for 61.9% of global sales in 2021. The crystalline resin segment mainly includes epoxy, polyethylene, and polypropylene resins.
Access the Global Plastics Industry Data Book, 2022 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory technological framework studies
Plastic Compounding Market Growth Trends
The global plastic compounding market size is expected to reach USD 112.08 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The construction and vehicle industries are expected to encourage demand for interiors, exteriors, and under-the-hood components. Plastic compounding is used in automotive under-hood components, building interiors and exteriors in construction and infrastructure, and the electrical and electronics industry, which is anticipated to boost the market growth.
Polyethylene Terephthalate (PET) is a plastic used to make bottle containers for packaged water and fizzy beverages. PET is considered a safe, durable, flexible, non-toxic, lightweight, and 100% recyclable raw material. As a result, it has acquired wide acceptance, which is expected to propel the expansion of the market over the forecast period.
In 2021, Asia Pacific was the top revenue source for the PET compound market. The regional usage of PET compound is expected to be driven by rising demand for beverages, particularly carbonated drinks and nutritional drinks. The expansion in population, changing lifestyles, and the emergence of local beverage makers all contribute to this trend. The presence of a large pool of contract bottlers in the Asia Pacific will also have an impact on the variety of packaging industries.
Plastics have always been used extensively in the construction sector, with products ranging from pipe fittings and insulation to construction materials and equipment. Plastic compounds are adjusted to meet their specific needs. For instance, flame retardant chemicals are added to Polyvinyl Chloride (PVC) components and are an essential part of building materials.
Recycled Plastic Market Growth Trends
The global recycled plastic market size is anticipated to reach USD 69.2 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.8% over the forecast period. Increasing environmental concerns, rapid urbanization industrialization, and the rising need to reduce the carbon footprint in the manufacturing of virgin plastic resin are expected to drive the demand for recycled plastics over the forecast period. The demand for recycled plastics is expected to increase mainly in the packaging application, which includes packaging of processed food beverages, medical, electronics, and various other products, owing to the growing number of COVID-19 positive cases.
The demand for medical healthcare products has increased owing to the safety and hygiene required to tackle the pandemic situation. Amid the global COVID-19 pandemic, the demand for electrical electronic products, such as laptops and mobiles, has increased as companies are following the work-from-home model and educational institutions have shifted from classroom learning to online classes. Thus, the growth in the demand for electrical electronic products is expected to drive the market over the forecast period. The regional market of Asia Pacific is anticipated to register the fastest growth rate during the forecast period.
This growth can be attributed to various factors, such as the presence of supportive government initiatives like Make in India, Atmanirbhar Bharat (self-dependent India), rising number of manufacturers operating in the electrical electronics, automotive, and textile industries, and increasing RD investments by private as well as public organizations for the development of new applications for recycled plastics. In addition, various electronic products and automotive components manufacturing companies have started looking toward India for establishing their manufacturing facilities post-COVID-19 pandemic. This will also provide tremendous growth opportunities to the regional market in the years to come.
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Competitive Landscape
Key players operating in the plastics industry are
- BASF SE
- Dow Inc.
- DuPont
- Evonik Industries AG
- SABIC
- Sumitomo Chemical Co., Ltd.
- Arkema
- Celanese Corporation
Grand View Researchs plastics industry databook is a collection of market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
Go through thetable of content of Plastics Industry Data Bookto get a better understanding of the Coverage Scope of the study
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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