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Plastic Market Share, Volume, Demand, Outlook, Forecast Analysis 2024-2031
Plastic Market | DataM Intelligence
Global Plastics Market reached USD 525.5 billion in 2022 and is expected to reach USD 676 billion by 2031, growing with a CAGR of 3.2% during the forecast period 2024-2031. A significant chunk of the global demand for plastics today is generated by the emerging nations of Asia-Pacific, where a lot of the global economic growth is concentrated.
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Market Drivers
Growing Industrialization of Developing Countries
Developing nations, notably those in Asia-Pacific and Latin America, have seen tremendous industrialization in recent decades. Favorable investment conditions, an ample labor supply, technical developments, and supportive government policies have all contributed to industrial prosperity. The plastics sector is critical to facilitating and profiting from this industrialization process.
As industries grow, there is an increasing demand for plastics in various sectors such as automotive, construction, packaging, electronics, and consumer products. Plastics have several benefits that make them ideal for industrial applications. Plastics are suitable materials for producing a broad variety of items due to their flexibility, lightweight nature, durability, and low cost. Plastics are used to make components for machinery and equipment, electrical insulation, pipelines and fittings, automobile parts, toys, household appliances, and packaging.
Growing industrialization in developing nations has a multiplier impact on plastic demand since most countries begin to industrialize with low-tech sectors such as toys, low-value consumer items, and textiles. The end goods produced by these businesses often need considerable use of plastics. Rapidly expanding demand drives global plastic makers to invest in local manufacturing and create novel polymers for usage in a variety of sectors.
Market Segmentation
The global plastic market is segmented by type, processing, processing technology, plastic resin, application, and end user
Type Insights
Polyethylene (PE) dominated the type segment in 2023, with a market revenue share of more than 24.0%. Polyethylene demand is predicted to rise in the agricultural sector because of the increased need for drippers, microtubes, nozzles, and emission pipes in irrigation systems. In agriculture, plastic films are used to reduce moisture loss and manage soil temperature, resulting in increased output.
In 2023, polypropylene (PP) had a market revenue share of more than 20.0%. Rising car production in Asian and Latin American countries has driven automotive industry growth. The use of plastic polymers in automotive applications is predicted to increase significantly during the forecast period due to continued market expansion in automotive production, as well as regulatory trends driving manufacturers to decrease vehicle weight and improve fuel economy.
AI Impact on Plastic Market
Artificial intelligence (AI) has the potential to completely alter the plastics industry by enhancing production processes, product design, and recycling operations. Artificial intelligence algorithms can dramatically improve plastic manufacturing processes, increasing production efficiency and reducing waste. Furthermore, these algorithms may help to significantly enhance the efficiency of automated plastic recycling systems.
Another key use of artificial intelligence is to aid with research and development. AI-powered testing devices may be used to correctly gauge and record the exact physical and chemical characteristics of novel plastic compounds under development, as well as to advise formulation adjustments as needed. It will significantly minimize the cost and effort necessary to conduct new product research and development.
Regional Insights
The Asia-Pacific plastics market is expected to expand faster during the forecast period. Governments in Asia-Pacific have implemented a variety of measures to encourage industrialization, which is likely to boost regional plastic demand in the medium and long term. For example, in early 2023, the Indian government launched a Rs 3,500 crore (USD 420 million) production-linked incentive (PLI) initiative to encourage local toy manufacture.
China is a major industrial center, and the resurgence in Chinese manufacturing activity creates enormous demand for a variety of plastics. The Caixin China manufacturer's PMI index reached a record high of 51.6 in February 2023, marking the first growth in manufacturing activity since July 2022, when COVID-19 limitations were removed completely.
Companies are increasingly extending their regional footprint to meet increased demand. For example, in September 2022, Lehvoss Group, a German international plastics company, announced the establishment of a new compounding plant in Shenzhen, China. The new plant is planned to develop, manufacture, and commercialize a variety of plastic compounds.
Industry News
• In December 2023, Biesterfeld AG and Celanese Corporation announced the expansion of their distribution partnership to boost their respective reach for plastics across the regions including Europe, Middle East & Africa, Southeast Asia, and Brazil.
• In June 2023, MKS Plastics, announced their investment of USD 14 million for the expansion of their production facility in Tangipahoa Parish. The company estimates doubling its production capacity along with catering the customers across petroleum and chemical industry.
Market Key Players
Major companies of the global plastic market include BASF SE, LyondellBasell Industries Holdings B.V., INEOS, SABIC, Borouge, Borealis AG, Reliance Industries Ltd, Braskem, Exxon Mobil Corporation and Formosa Plastics Corporation.
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