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Leading Factor Driving the Plastics And Rubber Products Market in 2025: Automotive Tire Demand Boosts Industry Growth
Plastics And Rubber Products Market
The global plastics and rubber products market reached a value of nearly $1,508.6 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.66% since 2019. The market is expected to grow from $1,508.6 billion in 2024 to $2,087.48 billion in 2029 at a rate of 6.71%. The market is then expected to grow at a CAGR of 5.95% from 2029 and reach $2,787.34 billion in 2034.
What strategies are being adopted by key players in the plastics and rubber products market?
The key players in the market are adopting extensive strategies in the plastics and rubber products market such as:
• Product launches to support film producers and converters globally.
• Strategic partnerships to transform plastic waste into circular products.
• Producing high-performance resins.
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To take advantage of opportunities, The Business Research Company suggests that plastics and rubber products companies enhance offerings:
• Development of bio-based plastics for sustainable and environmentally friendly alternatives.
• Advancements in engineered elastomer composites for enhanced performance.
• Strategic partnerships and collaborations among market players.
What Is Plastics And Rubber Products: Market Overview?
Plastics and rubber products are materials made from synthetic compounds that have a wide range of applications across industries. Plastics are primarily composed of polymers, which are large molecules made from repeated units called monomers. Rubber products are typically made from natural rubber or synthetic alternatives, which possess elastic properties. Both materials have become integral to modern manufacturing due to their versatility, durability and cost-effectiveness.
The production of plastics and rubber products typically involves processes such as polymerization, molding, extrusion, vulcanization and additive blending. Key raw materials include petrochemicals for synthetic plastics and rubber, as well as natural rubber harvested from rubber trees. Manufacturing is carried out in specialized facilities using advanced technologies to achieve precision, efficiency and compliance with environmental and safety standards.
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Who Are The Major Companies Operating In The Global Plastics And Rubber Products Market?
The top ten competitors in the market made up to 4.51% of the total market in 2023. BASF SE was the largest competitor with a 0.63% share of the market, followed by:
• Dow Inc
• Exxon Mobil Corporation
• Sumitomo Chemical Co Ltd
• LG Chem Ltd
• SABIC (Saudi Basic Industries Corporation)
• Good Year Tire & Rubber Company
• Bridgestone Corporation
• Freudenberg Group
• 3M Company
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