Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- The global plastics market size stood at USD 439.28 billion in 2021. The market is anticipated to grow from USD 457.73 billion in 2022 to USD 643.37 billion by 2029 at 5.0% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “Plastics Market, 2022-2029.”
According to the study, synthetic material has gained considerable traction due to easy manufacturing, lightweight, low cost, and versatility. Amidst depleting sources of polymers, recyclable products could gain considerable traction globally. Notably, the healthcare & pharmaceutical, automotive, and packaging sectors will exhibit stellar demand for sustainable packaging solutions.
COVID-19 Impact
Strong Demand from Healthcare Sector Triggers Investments
Supply chain issues across automotive and building & construction sectors dented the growth prospect across emerging and advanced economies. A palpable reduction in manufacturing activities and a dip in crude oil prices challenged major players vying to boost their presence. However, bullish demand for Personal Protective Equipment (PPE), including goggles, shields, face masks, gloves, and respirators has redefined the global landscape. National Health Service trust in Lincolnshire, England asserted that approximately 2.3 billion PPE products were distributed to England’s health & social care personnel between February and July 2020.
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Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Flavors and Fragrances Market Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2021 | USD 439.28 billion |
| Revenue forecast in 2029 | USD 643.37 billion |
| Growth Rate | CAGR of almost 5.0% 2022-2029 |
| Base Year | 2021 |
| Historic Years | 2018 - 2020 |
| Forecast Years | 2022 - 2029 |
| Segments Covered | By Product Type, By Application, and By Distribution Channel, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | LyondellBasell Industries N.V. (Netherlands), ExxonMobil Chemical (U.S.), China National Petroleum Corporation (China), INEOS (U.K.), China Petroleum & Chemical Corporation (China), SABIC (Saudi Arabia), Ducor Petrochemicals (Netherlands), Reliance Industries Limited (India), Formosa Plastic Group (Taiwan), Total S.A. (France), Braskem (Brazil), BASF SE (Germany), Repsol (Spain), Borouge (UAE), Borealis AG (Austria), MOL Group (Hungary) , Beaulieu International Group (Belgium) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Segments
Polyvinyl Chloride (PVC) to Gain Traction with Rising Demand for Resistance to Chemicals
In terms of type, the market is segregated into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene, and others. The polyvinyl chloride segment will account for a considerable share of the global market due to electric insulation and the demand for resistance to chemicals.
Packaging to Remain Dominant Due to Robust Demand from Food & Beverage Sector
With respect to end-use industry, the market is segregated into packaging, automotive & transportation, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceutical, electrical & electronics, textile, and others. The packaging segment will exhibit notable growth during the assessment period, largely due to rising demand from the food & beverage sector.
Drivers and Restraints
Expanding Footprint of Engineering Plastics to Propel Growth Potentials
The plastics market share will witness notable traction during the forecast period, largely due to better mechanical and thermal properties. Surging demand for better polymer solutions will encourage leading companies to expedite investments. Prominently, surging demand for metal substitution could play a pivotal role in boosting the material demand. Furthermore, the food industry is poised to be the major recipient of plastics that avoid contamination and minimize food quality degradation. Increased usage of the polymer in fashion, sports, and toy-making will bode well for the industry growth.
However, rigorous regulations implementing plastic reduction policies could impede the industry growth.
Regional Insights
Asia Pacific to Remain Stronghold with Soaring Demand for Consumer Goods
Stakeholders anticipate the Asia Pacific market forecast to be strong due to increased availability of raw materials. Robust growth in the construction and packaging sectors could foster growth across China, India, and Australia. Expanding footprint of sports goods, textiles, and toys will encourage leading companies to invest in the region.
Bullish demand from healthcare & pharmaceuticals and packaging industries in the U.S. will underpin the North America plastics market growth. Moreover, the automotive and transportation sectors could exhibit strong demand for synthetic materials. Amidst damages to the environment by polymers, recyclable plastics could be the trend reshaping the regional market.
The Middle East & Africa could emerge as favorable investment hubs for plastic manufacturers and suppliers. The robust outlook is primarily attributed to robust demand from the packaging and textile industries. The trend for lightweight packaging and the expanding application of polymers will muster the confidence of leading companies gearing to bolster their portfolios.
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Competitive Landscape
Major Players Prioritize Collaboration to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Key Industry Development
- January 2022: Borealis joined hands with Reclay Group to keep up with the demand for recyclate material for use in high-end plastic applications.
Major Players Profiled in the Plastics Market Report:
- LyondellBasell Industries N.V. (Netherlands)
- ExxonMobil Chemical (U.S.)
- China National Petroleum Corporation (China)
- INEOS (U.K.)
- China Petroleum & Chemical Corporation (China)
- SABIC (Saudi Arabia)
- Ducor Petrochemicals (Netherlands)
- Reliance Industries Limited (India)
- Formosa Plastic Group (Taiwan)
- Total S.A. (France)
- Braskem (Brazil)
- BASF SE (Germany)
- Repsol (Spain)
- Borouge (UAE)
- Borealis AG (Austria)
- MOL Group (Hungary)
- Beaulieu International Group (Belgium)
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Have a Look at Related Research Insights:
Polyethylene Market Size, Share & COVID-19 Impact Analysis, By Type and Regional Forecast, 2020-2027
Polypropylene Market Size, Share Trend and Geography Forecast till 2021-2028
Polyethylene Terephthalate (PET) Market Size, Share & Industry Analysis, and Regional Forecast 2021-2028
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