The global plastic market size is expected to reach USD 750.1 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028. Increasing automotive production and a subsequent rise in plastic 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 products 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, production process, and feedstock availability events also have a significant impact on industry trends.
Rapidly developing construction and automobile markets in Asia Pacific are expected to increase the demand for plastics in interiors, exteriors, and under the hood components. Its major applications include under the hood components in the automotive industry, building interiors and exteriors in the construction and infrastructure industries, and various applications in electronics and durables.
The outbreak of COVID-19 is fueling the demand for plastics in the medical end-use industry. Companies are focusing on stepping up their resources and production capabilities to meet the rising demand. For instance, in April 2020, Exxon Mobil Corporation announced to increase the monthly production of specialized polypropylene by 1,000 tons to meet the growing need for medical masks and gowns owing to the spread of coronavirus. This surge in the production of polypropylene is expected to help medical masks and gown manufacturers to produce an additional 20 million gowns or 200 million medical masks.
The extrusion application segment is anticipated to expand 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.
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In terms of revenue, the packaging industry in Asia Pacific is projected to expand at a CAGR of 3.7% from 2021 to 2028
By product, polyether ether ketone is expected to register a CAGR of 7.5% in terms of revenue during the forecast period. 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
Various strategic initiatives were recorded over the past few years in order to boost the growth of the market. For instance, in August 2020, Sinopec Zhongke, China has prepared to start a new unit for the production of polypropylene (PP) in Zhanjiang by the end of August 2020. The unit possesses a production capacity of 350,000 tons/year of polypropylene
Grand View Research has segmented the global plastic market on the basis of product, application, end-use, and region:
Plastic Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
Polyvinyl chloride (PVC)
Polyethylene terephthalate (PET)
Acrylonitrile butadiene styrene (ABS)
Polybutylene terephthalate (PBT)
Polyphenylene Oxide (PPO)
Liquid Crystal Polymers
Polyether ether ketone (PEEK)
Plastic Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
Plastic End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
Electrical & Electronics
Furniture & Bedding
Plastic Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
Asia Pacific (excluding China)
Central & South America
Other CSA (Costa Rica, Cuba, Peru)
Middle East & Africa
United Arab Emirates (UAE)
List of Key Players of Plastic Market
DuPont de Nemours, Inc.
Sumitomo Chemical Co., Ltd.
Eastman Chemical Company
Chevron Phillips Chemical Co., LLC
Lotte Chemical Corporation
Exxon Mobil Corporation
Formosa Plastics Corporation
Toray Industries, Inc.
Mitsui & Co. Plastics Ltd.
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