Plastics Market Analysis and Forecast by Products, Capacity Additions, Top Countries and Active and Upcoming Projects to 2030
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Plastics Market Overview
The plastics market size is valued at more than 300 mtpa in 2023 and is expected to achieve a CAGR of more than 2% during 2023-2030. The growth will be fueled by continuously changing lifestyles and the rise in retail sector. Currently, Asia continues to dominate global plastics consumption primarily due to the growth of the packaging sector in developing countries such as China, India South Korea, and Japan. The production from the top three countries such as China, the US, and Saudi Arabia accounted for around 50 percent of the global plastics supply in 2022.
Plastics Market Outlook, 2023-2030 (mtpa)
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The rising demand for packaging material from the food & beverage industry is driving plastic consumption globally. The rigid nature of polymers makes them preferable for packaging automotive and electrical. Thus, the increasing application across food and beverage, textile, automotive, electrical & electronics is elevating growth of the plastics industry
Market Size (2023) | >300 mtpa |
CAGR | >2% |
Forecast Period | 2023-2030 |
Historical Period | 2015-2022 |
Key Countries | China, the US, Saudi Arabia, South Korea, India, Germany, Taiwan, Japan, Thailand, and Russia |
Key Products | Polyethylene, Polypropylene, Polystyrene, Acrylonitrile Butadiene Styrene (ABS), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Expandable Polystyrene (EPS), and Polycarbonate |
Key End Use Segments | Packaging, Construction, Consumer Goods, Automotive, Electrical, and Agricultural |
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Plastics Market Segmentation by Countries
The key countries in the plastics market are China, the US, Saudi Arabia, South Korea, India, Germany, Taiwan, Japan, Thailand, and Russia, among others. China is expected to lead the market in 2023 as the country is expected to witness massive surge in supply due to its rising domestic demand and to reduce the country’s import dependency. In addition, India’s plastic consumption has grown significantly in recent times. To help improve the plastic manufacturing outputs of the country multiple plastic parks are being set up in the country in phases.
Plastics Market Analysis by Countries, 2023 (%)
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Plastics Market Segmentation by Products
The products in the plastics market are Polyethylene, Polypropylene, Polystyrene, Acrylonitrile Butadiene Styrene (ABS), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Expandable Polystyrene (EPS), and Polycarbonate. Polyethylene and Polypropylene accounts for around 65 percent of demand volume of global plastics market in 2022.
Polyethylene: In 2022, China led in demand for HDPE followed by United states and India among the countries. In 2030, China will remain the largest consumer of HDPE. Furthermore, Slovakia and Malaysia are expected to have the largest increases in demand growth rate followed by China and India for HDPE by 2030.
Polypropylene: In 2022, China led in demand for polypropylene followed by United States and India among the countries. In 2030, China will remain the largest consumer of polypropylene. Ethiopia and Myanmar are expected to have the largest increases in demand growth rate followed by Algeria and Tanzania for polypropylene by 2030.
Polystyrene: In 2022, China led in demand for polystyrene followed by United States and Italy among the countries. In 2030, China will remain the largest consumer of polystyrene. Croatia and China are expected to have the largest increases in demand growth rate followed by Dominican Republic and India for polystyrene by 2030.
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Plastics Market Segmentation by End Use Segments
The end use segments in the plastics market are packaging, construction, consumer goods, automotive, electrical, and agricultural, among others. Packaging, automotive, infrastructure & construction, and consumer goods are the major plastics consuming segments.
Packaging: The packaging sector leads the plastics market. The growing demand for convenient packaging will drive market value growth. The factors such as growth of the e-commerce business coupled with the growing online food delivery market are projected to bolster the growth of the market.
Construction: The Polyethylene sheets prevent from degrading by retarding it for a longer time. As a result, the demand for polyolefin from the construction industry is expanding. Along with the above mentioned, it is also used for insulating building coverings and electronics goods in the building as they are dimensionally stable and are good insulators of electricity.
Consumer Goods: The demand for plastic manufacturing continues to increase for consumer goods. The consistent demand for environmentally-friendly plastics in consumer goods has continued to compel plastic manufacturers to continue to focus on the latest trends.
Automotive: The increasing demand for lightweight plastics and easy processability for the automotive sector would grow the polyolefins demand.
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Segments Covered in the Report
Plastics Market Country Outlook ( Value, mtpa, 2015-2030)
- China
- The US
- Saudi Arabia
- South Korea
- India
- Germany
- Taiwan
- Japan
- Thailand
- Russia
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Table of Contents
Frequently asked questions
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What is the size of the plastics market in 2023?
The plastics market size is valued at more than 300 mtpa in 2023.
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What is the growth rate of the plastics market?
The market is expected to achieve a CAGR of more than 2% during 2023-2030.
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Which country held the highest plastics market share?
In 2023, China is expected to hold the highest plastics market share.
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Which is the key driver supporting the growth of the plastics market?
The rising demand for packaging material from the food & beverage industry is the key driver supporting the growth of the plastics market.
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