Industrial Plastic Market Current Landscape and Future Projections Report 2024 - 2031 | Nike Inc., Under Armor Inc., Skechers USA Inc.

Market Overview:

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 expected to witness significant growth over the forecast period owing to rising infrastructure development activities across the globe. Rapid urbanization has fueled the demand for homes, offices, malls and other commercial buildings which uses plastics extensively. Additionally, easy availability of raw materials coupled with technology advancements in plastic manufacturing processes has increased production volumes, thereby positively impacting the market growth. Stringent government regulations regarding energy efficiency and emissions reduction have also boosted replacement of traditional materials with engineered plastics in several industries like automotive and construction.

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Increasing usage of plastics in manufacturing sector

The industrial plastic market is being driven by the rising usage of plastics across various manufacturing sectors such as automotive, aerospace, construction, packaging and others. Plastics offer advantages like durability, lightweight and corrosion resistance which makes them suitable for use in manufacturing durable goods. Many industrial equipment components which were earlier made of metals are now being replaced by plastics due to their lower cost and weight advantages. The automotive industry in particular is heavily dependent on plastics for parts like car interior trims, electrical components, bumpers and others. The growth in global automotive production is directly fueling the demand for industrial plastics.packaging industry is also heavily relying on plastics for flexible and rigid packaging of foods and other consumer products. This widespread industrial usage of plastics across sectors will continue to propel the growth of the industrial plastics market in the coming years.

Opportunities in bio-based and recycled plastics

The growth opportunities for industrial plastics lies in increasing focus on sustainable solutions like bio-based and recycled plastics. Rising environmental concerns and regulations around plastic waste have created lucrative prospects for bio-plastics made from renewable plant-based raw materials like sugarcane, corn starch or soy. Automakers, packaging companies and others are showing interest in developing a variety of parts using such eco-friendly bioplastics. Similarly, advancements in plastic recycling technologies along with initiatives for setting up wasteplastic collection infrastructure can help boost the market for recycled resins. Industrial plastic makers are investing in R&D to manufacture value-added products using recycled plastic. This presents vast opportunities for companies involved across the circular plastic economy cycle of collection, recycling and product development. Leveraging such green alternatives will help drive future industry adoption of plastics in a more sustainable manner.

Increasing preference for engineering thermoplastics

A major trend being witnessed in the industrial plastics market is the rising preference for engineering thermoplastics over conventional commodities. Engineering plastics like polyamides, polycarbonates, PBT and others have superior properties like heat resistance, durability and strength. Their use allows light-weighting of components while meeting mechanical and chemical requirements. Industries are deriving various performance benefits through applications of engineering plastics which offer design freedom and process efficiency. The automotive and electronics sectors have already transitioned significantly towards such advanced thermoplastics. Even industries like machinery equipment and consumer goods are increasingly adopting customized engineered solutions. Technology advancements are also making engineering thermoplastics more affordable and suitable for mass production. This shift towards high-performance specialty polymers will likely define future growth prospects within industrial plastic market space.

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Top Companies Included in This Report:

• Nike Inc.
• Under Armor Inc.
• Skechers USA Inc.
• Under Armour Inc.
• Puma AG
• Crocs Inc.
• Geox SpA
• Wolverine Worldwide Inc.
• Adidas AG
• Timberland

Market Segmentation:

Based on Product Type:

• By Category: Athletic Footwear, Sports, Hiking Shoes, Backpacking Boots, and Non Athletic Footwear
• By Consumer Group: Men, Women, and Kids
• By Retail Distribution: Store Based and Non Store

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)

Reasons to Purchase This Report:
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📈 Competitive Landscape: Review market rankings, recent product launches, partnerships, expansions, and acquisitions of leading companies.

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📈 Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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