Press release
Industrial Plastic Market Pegged for Robust Expansion During 2024 - 2031 | Exxon Mobil Corporation, Sumitomo Chemical Co.
Industrial Plastic Market
The industrial plastic market is estimated to be valued at USD 93.19 Bn in 2024 and is expected to reach USD 141.05 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Market Dynamics:
The industrial plastic market is witness high growth owing to increasing demand from the automotive industry. The growing automotive production globally is driving the growth of the market. Additionally, increasing consumption of plastics in electronics and construction industries is also fueling the market growth. Industrial plastics such as polycarbonate, nylon and polyvinyl chloride are widely utilized in manufacturing various interior and exterior automotive parts including instrument panels, door panels, bumpers and others. Moreover, rising demand for lightweight and fuel-efficient vehicles is further propelling the demand for industrial plastics over other conventional materials from auto manufacturers.
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Industrial Plastic Market Drivers
Improving Infrastructural Developments to Drive Demand for Industrial Plastics
Many countries across the globe are focusing on improving their infrastructure to boost economic growth. There has been a significant rise in investments towards developing roads, bridges, urban transportation systems, power grids, and telecommunication networks. Plastics play a vital role in construction due to their corrosion resistance, durability, and cost-effectiveness. Pipes, cables, sheets, fittings, and other plastic products are extensively used in infrastructure projects. As infrastructure spending continues to increase around the world, especially in developing nations, it will drive the demand for various industrial plastic materials.
Industrial Plastic Market Opportunity
Growing Demand for Recyclable and Biodegradable Plastics Presents Opportunities
Mounting environmental concerns and policies are driving the plastic industry towards more sustainable solutions. There is a substantial global market potential for bioplastics and recyclable plastics which can effectively address plastic waste issues. Biodegradable plastics made from renewable biomass sources like starch, cellulose, and polylactic acid are seeing higher demand across various end-use sectors. Similarly, the deployment of advanced recycling technologies is fostering the usage of recycled plastic content in manufactured goods. Leading plastic manufacturers are extensively investing in R&D to develop novel bioplastic formulations and boost recycling rates. The demand for sustainable alternatives to fossil fuel-based plastics from industries as well as consumers offers lucrative opportunities for market players.
Industrial Plastic Market Trend
Rise of Industry 4.0 and IIoT to Transform Plastics Production and Delivery Models
The Fourth Industrial Revolution characterized by disruptive technologies is reshaping manufacturing processes across industries. Industrial Internet of Things (IIoT), machine learning, big data analytics, additive manufacturing, and advanced robotics are enabling smarter and connected production environments. Their application in the plastics sector can optimize material and energy usage, enhance product quality, reduce waste generation, and enable mass customization. Plastics manufacturers are automating various production stages using IIoT sensors and controllers. Advanced 3D printing techniques allow localized on-demand creation of plastic components. Digital supply chain platforms aid in transparent collaboration between value chain partners. The integration of Industry 4.0 technologies provides opportunities for plastic product innovation and customized supply models catering to emerging applications.
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Top Companies Featured in This Report:
★ Exxon Mobil Corporation
★ Sumitomo Chemical Co., Ltd.,
★ BASF SE
★ SABIC
★ Dow Inc.
★ Evonik Industries AG
★ Arkema
★ Celanese Corporation
★ Eastman Chemical Company
★ Chevron Phillips Chemical Co. LLC
★ Formosa Plastics Corporation
★ Covestro AG
★ Toray Industries Inc.
★ Mitsui & Co. Plastics Ltd.
★ TEIJIN LIMITED
★ LG Chem
★ Huntsman International LLC
★ Chevron Phillips Chemical Co. LLC
★ LyondellBasell Industries Holdings B.V.
Market Segmentation:
By Product Type:
★ By Product Type: Polyphenylene Ether, Acrylonitrile Butadiene Styrene (ABS), Polybutylene Terephthalate (PBT), PEEK, Polyamide, Polysulfone (PSU), and Others
By Applications:
★ By Application : Packaging, Building & Construction, Electrical & Electronics, Automotive & Transportation, Healthcare, Aerospace, and Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
The report offers insights on the following aspects:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Analysis of Industrial Plastic Market Competition Landscape by Players
Chapter 4: Assessment of Industrial Plastic Market Size by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, recent developments, and investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Industrial Plastic sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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