Global Plastic Market Report 2023: Sector is Expected to Reach $824.46 Billion by 2030 at a CAGR of 3.98% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Plastic Market Size, Share & Trends Analysis Report By Product (PVC, PET, ABS, PBT), By End-use (Packaging, Construction), By Application (Injection Molding, Calendering), By Region, And Segment Forecasts 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global plastic market size is anticipated to reach USD 824.46 billion by 2030, 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.

Companies Mentioned

• BASF SE
• SABIC
• Dow Inc
• DuPont de Nemours, Inc
• Evonik Industries
• Sumitomo Chemical Co., Ltd.
• Arkema
• Celanese Corporation
• Eastman Chemical Company
• Chevron Phillips Chemical Co., LLC
• Lotte Chemical Corporation
• Exxon Mobil Corporation
• Formosa Plastics Corporation
• Covestro AG
• Toray Industries, Inc.
• Mitsui & Co. Plastics Ltd.

Plastic Market Report Highlights

• 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.

Key Attributes:

Report Attribute	Details
No. of Pages	230
Forecast Period	2022 - 2030
Estimated Market Value (USD) in 2022	$609.01 Billion
Forecasted Market Value (USD) by 2030	$824.46 Billion
Compound Annual Growth Rate	3.9%
Regions Covered	Global

Key Topics Covered:

Chapter 1 Methodology And Scope

Chapter 2 Executive Summary

Chapter 3 Plastic Market: Variables And Trends

3.1 Market Lineage Outlook

3.1.1 Global Plastic Market Outlook

3.2 Penetration & Growth Prospect Mapping

3.3 Price Trend Analysis, 2019 - 2030 USD/Kg

3.4 Plastic Market: Value Chain Analysis

3.5 Technology Overview

3.5.1 Technology Timeline

3.6 Regulatory Framework

3.7 Market Dynamics

3.7.1 Market Driver Impact Analysis

3.7.1.1 Growth Of Key End-Use Industries

3.7.1.2 Shift In Trend Toward Replacement Of Glass & Metals

3.7.2 Market Restraint Impact Analysis

3.7.2.1 Stringent Rules & Regulations

3.7.3 Industry Challenges

3.7.3.1 Volatile Raw Material Prices

3.8 Industry Analysis Tools

3.8.1 Porter's Analysis

3.9 Macroeconomic Analysis

3.9.1.1 Gross Domestic Product, By Countries

3.9.1.2 Per Capita Consumption Of Plastics By Country, 2022 (In Kg)

3.10 Impact Of Covid 19 On Global Plastic Market

3.11 Eastern European Geopolitical Implication Overview

3.12 Uncertainty Surrounding Economic Recession

Chapter 4 Plastic Market: Product Estimates & Trend Analysis

Chapter 5 Plastic Market: End-Use Estimates & Trend Analysis

Chapter 6 Plastic Market: Application Estimates & Trend Analysis

Chapter 7 Plastic Market: Regional Estimates & Trend Analysis

Chapter 8 Plastic Market - Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/e5sibi

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