Plastic Market Recycling Revolution, Innovative Approaches To Waste Management

The global plastic market size is anticipated to reach USD 645.1 billion by 2030, according to a new study by Grand View Research, Inc., growing at a CAGR of 4.2% from 2024 to 2030. Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency are expected to drive the market over the forecast period. Plastics facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials, such as metals or rubber. Since the last decade, there has been a substantial demand for the product as a replacement for metals and ferrous alloys across various industries, such as consumer goods, automotive, and industrial machinery.

The growth of the market criticality lies in various factors, such as the ever-increasing requirement of end-users in terms of product specification and versatility influencing consumption dynamics. Other factors, such as socio-political events, production process, and feedstock availability, also have a significant impact on industry trends. Rapidly developing construction and automobile markets in Asia Pacific are expected to increase the product demand for interiors, exteriors, and under-hood components. Its major applications include under-hood components in the automotive industry, building interiors & exteriors in the construction & infrastructure industries, and various applications in electronics and durables. The outbreak of COVID-19 has fueled product demand in the medical end-use industry.

Companies are focusing on increasing their resources and production capabilities to meet the rising demand. For instance, in April 2023, Plastics Unlimited Inc. completed a 30,000 sq. ft. expansion of its manufacturing facility located in Iowa, U.S. which offers plastic urethane molding, thermoforming, design, part trimming, and tooling. The extrusion application segment is anticipated to progress at a substantial growth rate over the forecast period. It is widely used to produce straws, hoses, pipes, and window frames. Increasing demand for these products from the packaging and construction industries is anticipated to create lucrative growth opportunities for the extrusion application segment during the forecast period.

Plastic Market Report Highlights

• The global market was valued at USD 624.8 billion in 2023 and is estimated to grow at a CAGR of 4.2% from 2024 to 2030

• Increasing demand from medical applications, such as housing, valves, switches, guide components, sleeves, adapters, reducers, cylinders, and ventilators, is anticipated to positively impact the segment growth during the forecast period

• Over the past few years, various strategic initiatives were recorded by key companies to boost their industry position

• For instance, in April 2023, Charter Next Generation announced an expansion with an investment of USD 270 million in a plastic film factory located in Milton, Wisconsin, U.S.

 Order a free sample PDF of the Plastic Market Intelligence Study, published by Grand View Research.