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Plastic Market Size to Worth $616.82 Billion by 2021-2028 | Plastic Industry to Register 5% CAGR, Fortune Business Insights

Fortune Business Insights
Fortune Business Insights

Companies covered in the plastics market report are MOL Group (Hungary) , Borouge (UAE), BASF SE (Germany), Total S.A. (France), Reliance Industries Limited (India), Beaulieu International Group (Belgium), Borealis AG (Austria), Repsol (Spain), Braskem (Brazil), Formosa Plastic Group (Taiwan), Ducor Petrochemicals (Netherlands), ExxonMobil Chemical (U.S.), SABIC (Saudi Arabia), INEOS (UK) and more players profiled

Pune, India, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The global plastic market size is projected to reach $616.82 billion by 2028, exhibiting a CAGR of 5.0% during the forecast period. Skyrocketing demand for personal protective equipment (PPE) such as face masks and gloves amid the COVID-19 will emerge as a major growth accelerator for this market. the market size stood at $434.71 billion in 2020.

Competitive Landscape

Key Companies to Broaden Horizons through Novel Product Developments

With a view to broadening business horizons, key players in this market are focusing on developing innovative products and solutions. These innovations are enabling companies to carve a niche space in the polymer industry and gradually advance sustainability in this industry, which will further boost the plastic market growth.

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List of Key Players Covered in Plastic Market Report:

  • Beaulieu International Group (Belgium)

  • Borealis AG (Austria)

  • Repsol (Spain)

  • Braskem (Brazil)

  • Formosa Plastic Group (Taiwan)

  • Ducor Petrochemicals (Netherlands)

  • China Petroleum & Chemical Corporation (China)

  • ExxonMobil Chemical (U.S.)

  • MOL Group (Hungary)

  • Borouge (UAE)

  • BASF SE (Germany)

  • Total S.A. (France)

  • Reliance Industries Limited (India)

  • SABIC (Saudi Arabia)

  • INEOS (UK)

  • LyondellBasell Industries N.V. (Netherlands)

  • China National Petroleum Corporation (China)

Key Industry Developments:

  • December 2020: LyondellBasell introduced Beon3D, an ultra-modern polypropylene (PP) product range that will provide a unique design and enable the production of high-quality, complex 3D printed objects within one step. This product was created by integrating polymer technologies and additive manufacturing. This product range will serve transportation, industrial, building & construction, and consumer goods markets.

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COVID-19 Impact:

PPE products are mostly made from plastic as the material is easy to use for mass manufacturing. The coronavirus pandemic has led to an unprecedented spike in demand for PPE from the healthcare industry as frontline workers are constantly exposed to COVID patients and need adequate protection. According to the World Health Organization (WHO), approximately 89 million medical masks and 76 million disposable gloves are required every month to battle the virus. In March 2020, the WHO, citing these estimations, urged companies to increase their manufacturing capacity by 40%. The pandemic, therefore, is generating lucrative opportunities for this industry.

Market Segments:

Based on type, the market is classified into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene, and others.

Based on the End-Use, the market is categorized into packaging, automotive & transportation, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceutical, electrical & electronics, textile, and others.

Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Market Restraint

Rampant Plastic Pollution Worldwide to Stem Adoption

The extensive and rampant utilization of plastics around the globe has heightened the problem of plastic pollution and it is slated to intensify in the next few decades. According to a model developed by researchers from the University of Leeds, University of Oxford, SYSTEMIQ, and The Pew Charitable Trusts, over 1.3 billion tons of waste will be dumped into the oceans and on land between 2016 and 2040. Presently, the study finds that roughly 30 million tons of plastic is dumped on land, 50 million tons is burnt, and 11 million tons ends up in seas. Furthermore, burning it is expected to lead to massive increases in air pollution. For example, a recent report by the Center for Environmental Law found that the current rate of plastic incineration is approximately equivalent to the emissions released by 189 coal-fired plants. With governments tightening the screws on plastic production and consumption to curtail plastic pollution, the growth of this market is likely to dampen in the coming years.

Regional Insights

Asia Pacific to Present Attractive Business Opportunities to Plastic Manufacturers

Asia Pacific is anticipated to dominate the plastic market share during the forecast period owing to exponential growth in plastic consumption in the region’s developing economies. In China, polymer production is rapidly expanding as a result of the wide availability of raw materials, while promising growth in India’s consumer goods industry is attracting large investments in the domestic polymer industry. In 2020, the region’s market size stood at USD 220.57 billion.

The North American market is also expected to display excellent owing to the extensive adoption of plastics in the pharmaceutical, healthcare, and automotive industries. The prospects for the market in Europe also appear promising as major automotive industry giants in the region have been commonly using polymers for manufacturing vehicles.

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Detailed Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

    • Emerging Trends

  • Key Insights

    • Key Market Trends in the Global Market

    • Key Developments: Mergers, Acquisition, Partnership, etc. .

    • Latest Technological Advancement

    • Insights on Regulatory Scenario

    • Porters Five Forces Analysis

    • Price Trend Analysis

  • Qualitative Insights Impact of COVID 19 on Global Plastic Market

    • Supply Chain Challenges

    • Steps taken by Government/Companies to overcome this impact

    • Potential opportunities due to COVID-19 outbreak

  • Global Plastic Market Analysis, Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Size Estimates and Forecast

      • By Type (Value and Volume)

        • Polyethylene

        • Polypropylene

        • Polyethylene Terephthalate

        • Polyvinyl Chloride

        • Acrylonitrilie Butadiene Styrene

        • Polyamide

        • Polycarbonate

        • Polyurethane

        • Polystyrene

        • Others

      • By End-Use (Value and Volume)

        • Packaging

        • Automotive & Transportation

        • Infrastructure & Construction

        • Consumer Goods/ Lifestyle

        • Healthcare & Pharmaceuticals

        • Electrical & Electronics

        • Agriculture

        • Textile

        • Others

      • By Region (Value)

        • North America

        • Europe

        • Asia Pacific

        • Latin America

        • Middle East & Africa

TOC Continued…!

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Have a Look at Related Research Key Updates:

Polyethylene Market Size was USD 107.43 Billion In 2019 Is Projected To Reach USD 130.26 Billion By 2027, Exhibiting A CAGR Of 3.4% During The Forecast Period 2019 to 2027

Polyurethane Market Size was valued At USD 55,205.9 In 2018 And Is Projected To Reach USD 87,635.8 Billion By 2026, Exhibiting A CAGR Of 6.0% During The Forecast Year 2019-2026

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