Press release
Industrial Plastic Market Size, Share, Industry Growth, Demand, Price and Forecast to 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 demand for industrial plastics is driven by the growing automotive industry worldwide. Industrial plastics like polycarbonate, nylon, and acrylonitrile butadiene styrene (ABS) are increasingly being used to manufacture lightweight vehicle parts like dashboards, door panels, and bumpers resulting in improved fuel efficiency. Additionally, easy availability of raw materials along with technological advancements to develop specialty plastics with high strength-to-weight ratio is also fueling the market growth. However, stringent environmental regulations around plastic waste disposal and recycling may hinder the market expansion during the forecast period.
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Increasing Demand from Manufacturing Sector is Driving Growth in Industrial Plastic Market
The manufacturing sector has been witnessing robust growth over the past few years globally. Plastics find extensive applications in the manufacturing of various finished and semi-finished goods across industries such as automotive, consumer goods, packaging, construction and others. Properties such as durability, light weight and resistance to corrosion make plastics an ideal material for the manufacturing of several components and parts. This in turn is propelling the demand for industrial plastics from the manufacturing industry. The rising production volumes of consumer goods, automobiles and construction material is directly translating into higher consumption of plastics by manufacturers. Additionally, plastics help manufacturing companies reduce production costs and improve efficiencies compared to traditional materials.
Growth of E-Commerce Presents Remunerable Opportunities
The explosive growth of e-commerce across regions over the past decade offers significant opportunities for the industrial plastic market. Online retailing has massively increased the demand for plastic packaging such as bags, mailers, rolls, bubble wraps and other protective packaging materials. These plastics play a vital role in safely transporting items delivered by logistics & courier companies. With more people opting for doorstep deliveries of goods, the demand for proper plastic packaging from e-tailers is surging consistently. Market players can leverage the huge growth potential in the protective plastic packaging and logistics segment. Manufacturers of plastic protective materials need to develop innovative, sustainable and cost-effective solutions to cater to the evolving needs of the e-commerce industry.
Bio-Based and Recyclable Plastics Emerging as the Key Trend
Growing sustainability concerns are propelling technology advancements in the industrial plastics landscape. There is a rising trend where traditional petroleum-based plastics are being replaced by their bio-based and recyclable alternatives. Researchers are engaged in developing innovative plastic materials using renewable biomass sources such as vegetable fats and oils, cellulosic biomass, and agriculture waste. These bio-plastics have lower life-cycle environmental impacts. Similarly, technologies for mechanical and chemical recycling of plastics are maturing. Light-weighting of vehicles using recycled plastics is gaining momentum. Leading plastic manufacturers are substantially investing in R&D to commercialize new offerings produced via sustainable processes and recyclable multiple times. This shift towards green plastics presents lucrative prospects while also addressing the regulatory challenges posed by conventional plastics.
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Top Companies Included 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 are 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)
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The report offers insights on the following topics:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Competitor Landscape of the Industrial Plastic Market by Players
Chapter 4: Market Size of the Industrial Plastic Market 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: Analysis of Value Chain and Sales Channels, including notable product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
Ultimately, the Industrial Plastic Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Industrial Plastic industry.
Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.
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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