Plastics Market Insights with Key Company Profiles – Forecast to 2025

The plastics market was valued around USD 492.32 billion in 2016 and is expected to reach roughly USD 1050.00 billion by the end of 2025 while registering itself at a compound annual growth rate (CAGR) of 8.78% during the forecast period, owing to various advantages of plastic materials. Plastics are a large array of synthetic or semi-synthetic natural solids which are molded or transformed into numerous useful products. Generally, plastics are natural polymers which occur sometimes naturally or developed from petrochemicals and have elevated molecular weights. Global plastic market is regularized by means of the end user market application. Due to their low price, the flexibility of use, accessibility to raw materials and ease of production, plastics have dismissed many traditional materials such as paper, wood, metal, glass, leather, and ceramic in the most of their applications.

The rising demand for durable and sustainable products in a variety of end-user industries is fueling the demand for a range of plastics worldwide. The expansion of key end use industries, primarily construction and packaging and flexible characteristics of plastics involving pressure resistance and better heat, making them more appropriate for various industries. Unpredictable prices of major raw materials together with increasing environmental considerations concerning disposal of plastic are projected to hamper market growth during the forecast period. To conquer these challenges, the market industry has switched its focus towards producing bio-based options to petroleum-based conventional plastics. Key plastics producers have been developing JV and have been co-operating with biotechnology sector to unite their operations to produce bio-based plastics. Furthermore, future technologies to reprocess plastics for the fabricating plastics into textile stuff for a variety of end user products shows huge market opportunities. Major plastics producers from the western side of the globe have to concentrate on setting up production plants in high-growth regions like Asia Pacific and the Middle East. These regions together with rendering steady plastics demand also assist in cutting down the general cost of production. Regulative authority support to boost the FDI flow through financial incentives and tax benefits in nations such as India and China has been a major factor in market growth in Asia. Besides, these regions present low labor cost that further aids in cutting down the total production cost for manufacturers. Though, this switch has led into the overcapacity of numerous plastics products which have impacted their costs.

Product Outlook and Trend Analysis

The segmentation of the plastic products is depending upon the resin type such as polypropylene, polyethylene, PET, engineering thermoplastics, polystyrene, PVC, and others. These plastic products vary from one another concerning the monomers and molecular arrangement implicated in their production. The plastics products have extensive applications varying from space ship parts to manufacturing paper clips. In 2013, polyethylene has been recognized as the major product segment worldwide, reporting for 34.9% of the overall plastics manufactured globally. Rising demand from a variety of end user industries such as injection molding, food & beverage packaging, pipe, and film/sheet is measured to be the major driving factors for international polyethylene market. However, numerous environmental concerns and disposal policies are major challenges for global polyethylene market. However, polyethylene terephthalate (PET) is anticipated to be the fastest increasing product segment above the next few years with a compound annual growth rate (CAGR) of 8.5% over the forecast years.

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Application Outlook and Trend Analysis

The plastics can be utilized in several end-user industries counting film/sheet, injection molding, pipes, construction, electrical & electronics and consumer appliances, automotive parts manufacture, textiles, food and beverage packaging among others. Growing Polyethylene terephthalate (PET) demand for sparkling drink packaging is projected to boost the demand for Polyethylene terephthalate (PET) during the next few years. Plastic products also have a wide variety of applications in electrical and automobile segment.

Regional Outlook and Trend Analysis

Asia Pacific regional market dominated the global plastics market and reported for 44.6% of overall market share in 2013. The expansion of major end use industry, predominantly in economies such as India and China, are likely to drive plastics demand in the region. North America and Europe are moderately established markets and are anticipated to grow at fairly lower rates than other high growth regions. European and North American plastics market are mainly stimulated by rising demand for environmental friendly and high-performance plastics materials like engineering thermoplastics and bio-based plastics. South & Central America is predicted to be the top growing market for plastic products with CAGR of 6.3% over forecast years. The growth of construction and automobile industry in Argentina and Brazil is anticipated to encourage the demand for plastic products in this region.

Competitive Outlook and Trend Analysis

The major players in the global plastic market include E. I. duPont de Nemours and Company, Saudi Basic Industries Corporation, Dow Chemicals and BASF SE. Other players in the plastic market are ExxonMobil, LyondellBasell, Formosa Plastics, Indorama Corp., Nan Ya Plastics, M&G Chemicals, DAK Americas, Octal Petrochem and Total SA.

The plastics market is segmented as follows –

By Product type

  • Polypropylene (PP)
  • PET
  • Polyethylene (PE)
  • PVC
  • Engineering Plastics
  • Polystyrene

By Application

  • Film & Sheet
  • Injection Molding
  • Textiles
  • Packaging
  • Transportation
  • Construction

About Crystal Market Research

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