The global plastic market size is anticipated to reach USD 824.46 billion by 2030, according to a new study by Grand View Research, Inc., growing at a CAGR of 3.98% from 2023 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.
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The global market was valued at USD 609.01 billion in 2022 and is estimated to grow at a CAGR of 3.98% from 2023 to 2030
Globally, polyether ether ketone is expected to witness a CAGR of 7.2%, 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
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.
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, 2018 - 2030)
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, 2018 - 2030)
Plastic End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Electrical & Electronics
Furniture & Bedding
Plastic Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Asia Pacific (excluding China)
Central & South America
Other CSA (Costa Rica, Cuba, Peru)
Middle East & Africa
United Arab Emirates (UAE)
List of Key Players in the 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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