The global plastics market size was US$ 621,816.1 million in 2021. The global plastics market is forecast to grow to US$ 741,110.0 million by 2030 by registering a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Plastics are considered to be the most affordable materials for packaging and construction. Moreover, it possesses high mechanical strength, tensile strength, and shelf life, which will boost the growth of the market. The low cost of plastic products as compared to other products and their lightweight, structural strength properties will surge their use in the automotive and aerospace industry. Moreover, the global plastics market is forecast to be driven by the fact that plastic provides better acoustic and thermal insulation.

Plant derivatives are used to make bio-based polymers, which disintegrate in a matter of weeks. Thus, the growing use of bio-based plastics will contribute to the growth of the market. On the contrary, environmental issues related to the use of plastics may limit the growth of the market.

3D Printing is gaining significant traction across various industrial verticals. Moreover, the growing initiatives for sustainability and rising demand for bioplastics and biodegradable plastics will influence the growth of the market during the study period.

COVID-19 Impact Analysis

The COVID-19 outbreak generally has a positive impact on the plastics industry due to the growing demand for cleaning products, personal protection products, and hygiene products. Furthermore, it lowered the raw material costs due to the decline in crude oil prices, which increased the production of plastic products. The packaging sector saw a rise in demand for plastics as a result of lockdowns in various nations. Furthermore, manufacturers had to shut down for a period of time. This has a negative influence on the plastic industry.

Regional Analysis

The Asia-Pacific plastics market is forecast to emerge as the largest market, owing to the growing applications of plastics in packaging, automotive, consumer appliances, healthcare, electronics, etc. In addition, demand for high-quality bio-based products is increasing, which will offer lucrative growth opportunities for the market. Furthermore, bio-based and recycled plastics and rising initiatives by governments open immense opportunities for the industry players.

Competitors in the Market

BASF S.E.
Arkema S.A.
LyondellBasell Industries N.V.
The Dow Chemical Company
INEOS
Lanxess AG
MBA Polymers Inc.
Koninklijke DSM N.V.
Novamont S.p.A.
Neste Oyj
Royal Dutch Shell
Formosa Plastics
Evonik Industries AG
LG Chem Ltd.
SABIC, ENI S.p.A.
Chevron Phillips Chemical Company, LLC
ExxonMobil Corporation
Sinopec
Borealis AG
Braskem S.A.
Other Prominent Players
Market Segmentation

The global plastics market segmentation focuses on Application, Product, and Region.

By Application Outlook

Packaging
Films and Sheets
Bottles and Caps
Bulk Containers
Others (Cups, Pots, Pouches, Trays)
Building and Construction
Industrial Scale
Commercial Scale
Electrical and Electronics
Appliances
Computers and Laptops
Mobile Phones
Others (Cables, TV, etc.)
Consumer Goods
Footwear
Furniture
Toys
Others
Automotive
Interior
Exterior
Others
By Product Type Outlook

Resin Type
Thermoplastics
Biopolymers
Starch Blends
Recycled Resins
Molding Type
Injection Molding
Blow Bolding
Extrusion Molding
Compression
Molding
Others
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America