The global plastics market size was US$ 621,816.1 million in 2021. The global plastics market is forecast to grow to US$ 741,110.0 million by 2030 by registering a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Plastics are considered to be the most affordable materials for packaging and construction. Moreover, it possesses high mechanical strength, tensile strength, and shelf life, which will boost the growth of the market. The low cost of plastic products as compared to other products and their lightweight, structural strength properties will surge their use in the automotive and aerospace industry. Moreover, the global plastics market is forecast to be driven by the fact that plastic provides better acoustic and thermal insulation.
Plant derivatives are used to make bio-based polymers, which disintegrate in a matter of weeks. Thus, the growing use of bio-based plastics will contribute to the growth of the market. On the contrary, environmental issues related to the use of plastics may limit the growth of the market.
3D Printing is gaining significant traction across various industrial verticals. Moreover, the growing initiatives for sustainability and rising demand for bioplastics and biodegradable plastics will influence the growth of the market during the study period.
COVID-19 Impact Analysis
The COVID-19 outbreak generally has a positive impact on the plastics industry due to the growing demand for cleaning products, personal protection products, and hygiene products. Furthermore, it lowered the raw material costs due to the decline in crude oil prices, which increased the production of plastic products. The packaging sector saw a rise in demand for plastics as a result of lockdowns in various nations. Furthermore, manufacturers had to shut down for a period of time. This has a negative influence on the plastic industry.
Regional Analysis
The Asia-Pacific plastics market is forecast to emerge as the largest market, owing to the growing applications of plastics in packaging, automotive, consumer appliances, healthcare, electronics, etc. In addition, demand for high-quality bio-based products is increasing, which will offer lucrative growth opportunities for the market. Furthermore, bio-based and recycled plastics and rising initiatives by governments open immense opportunities for the industry players.
Competitors in the Market
Market Segmentation
The global plastics market segmentation focuses on Application, Product, and Region.
By Application Outlook
By Product Type Outlook
By Regional Outlook
