Plastics Industry To Grow Up Because Of The Increasing Demand For Plastic Polymers Across The Globe

Plastics Industry Data Book Covers Plastic Resins, Plastic Additive, Plastic Compounds and Recycled Plastics Markets.

The economic value generated by the industry was estimated at approximately 307,966.7 kilotons in 2021.

Access the Global Plastics Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.

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.

Plastic Additives Market Growth & Trends

Global plastic additives market is expected to grow significantly at a CAGR of 4.5% from 2015 to 2022, owing to their ability to enhance performance, appearance, and processability of various polymers. Increasing demand for these additives is directly proportional to the growing consumption of polymers across the globe.The global plastic additives market size was 13.18 million tons in 2014.

Additives are used with different polymers in order to result in maximum output and increase the life span of the product. Plastic additives are increasingly being used for variety of functions that include extenders, processing aids, property modifiers, and stabilizers in industrial applications.

Order your copy of Free Sample of “Plastics Industry Data Book - Plastic Resins, Plastic Additive, Plastic Compounds and Recycled Plastics Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Plastic Compounds Market Growth & Trends

The global plastic compounds market size is expected to reach USD 98.65 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% over the forecast period. The market is estimated to be driven by packaging applications across the globe. The product demand in the packaging industry is driven by high consumerism in major economies, such as China, India, Germany, the U.S., and Brazil. Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications. Polypropylene (PP) compounds offer a cost-effective packaging solution and help enhance impact strength, flexibility, clarity, and process efficiency. High demand for Polyethylene (PE) in the packaging industry has majorly contributed to the growth of the packaging end-use segment.

The global COVID-19 pandemic moderately affected the product demand in packaging application in 2020. The demand for packaging for healthcare products, food products, groceries, and e-commerce transportation increased sharply, while the demand for luxury, industrial, and some B2B transport packaging witnessed decline owing to the slowdown and halt in industrial operations. The recommencing industrial operation is expected to positively influence the demand in industrial, and B2B transport packaging in the coming years.

Recycled Plastics Market Growth & Trends

The global recycled plastics market size was valued at USD 47.60 billion in 2022 and is expected to exhibit grow at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2030. 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.

Go through the table of content of Plastics Industry Data Book to get a better understanding of the Coverage & Scope of the study.

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 Research’s Plastics industry data book is a collection of market sizing information & forecasts, regulatory data, competitive benchmarking analyses, macro-environmental analyses, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.