Top 10 Plastics Market

Top 10 Plastics Market Size-(2023-2028)

Top 10 Plastics Market is valued at USD 472.8 billion in 2022 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.6 % during the forecast period to become a USD 650.8 billion market in 2028. 

The plastics market is driven by their widespread usage in many daily aspects of modern life. They are lightweight, resistant to corrosion and many household chemicals, thermally and electrically insulates, flexible, tough, and easily moldable. Their salient features are making them a viable replacement for metals in many industries. With the arrival of composites, the scope of application for plastics has drastically increased. Due to the Trump Administration's Iran sanctions, a number of oil and gas multinational companies pulled out of Iran as their operations in the USA were too big to risk the wrath of the American government. Total S A  the French multinational company was one of them. The Trump administration recently announced sanctions on the Venezuelan government for being anti-democratic. This is further expected to squeeze the oil refineries as the ongoing sanctions on Iran are already causing a  shortage of crude.

Top 10 Plastics Market Drivers and Restraints

The population of the planet has grown enormously in the last fifty years. With the growth in the population, there is general growth in the consumption of resources as well. The affordability and the range of useful properties of plastics have been the primary driver for the growth of the market. The Asia Pacific, Africa, and Latin America with their huge populations have been steadily increasing their consumption of plastics. Plastic has touched every corner of modern life and it is now impossible to think of life without it. Advances in research have given new and novel ways to use this material.

The increasing net available disposable income in emerging economies is driving a number of key industries like Building & Construction, Healthcare, Automotive, Packaging, Electrical & Electronics, Consumer goods and textiles among others. With its widespread usage in many key sectors of the economy, plastic has truly become an essential part of the working of a nation. Such ubiquitous usage is propelling the market. Most if not all of the available plastics are made from the byproducts of the refining of crude oil. As a result, any factor that affects the oil market greatly also proportionally leaves an impact on the plastic industry. With the growing concern about the nonreliability and nonbiodegradability of plastics, a lot of nations are bringing in tough new laws to restrict the usage of plastic. As a result, some of the consumers themselves are turning away from using plastics. The fluctuations in oil prices due to external and internal conflicts in the oil-producing countries are also hurting the market. Growing labor and transportation costs are adding another level of difficulty for the market. Keeping in view the entire scenario the Plastics market is still lucrative and is showing a lot of promise.

TOP 10 PLASTICS MARKET REPORT COVERAGE:

Market Segmentation

By Type

• Polyvinyl Chloride

• Polyethylene Terephthalate

• Polyethylene

• Expanded Polystyrene

• Polypropylene

By Application

• Building & Construction

• Electronics & Consumer

• Automotive

• Textile

• Packaging

By Region

• Latin America

• North America

• Asia Pacific

• Europe

• Middle East and Africa

These are the main kinds of plastics and most of the other available choices are minor adjustments to these key polymers. The polyethylene market is estimated to be the largest in the year 2018. This is due to the widespread usage of polyethylene for carrying bags and packaging material. It has many of the properties that are typical of polymers but it is also very flexible and tough. This has made it a household name. But the Polypropylene market is expected to grow the fastest during the forecast period, this is due to the increasing usage of polypropylene in the making of rigid objects for application in automotive, construction, medical, and consumer goods. It can be used to make boxes or containers and other objects where flexibility is a problem. The polyethylene segment is the largest in the  Top 10 Plastics Market, but Polypropylene is projected to grow with the highest CAGR during 2018-2023. With the arrival of e-commerce websites, many people are choosing to buy products online rather than go to their nearest store and purchase. These products have to be packed very well so that they are not damaged during transit. This has created tremendous growth for the packaging industry which was the leading segment in 2018. In the upcoming years, the textile sector is expected to witness a similar boom and grow rapidly. Packaging was the largest sector in 2018 and the Textile industry is anticipated to grow with the highest CAGR during the analysis period.

The Asia Pacific with its increasing urbanization and industrialization is slated to grow faster than other markets. It is already the largest market and in the future, it is expected to grow its share in the market. Latin America and Africa are also projected to witness high growth during the same period. The Asia Pacific was the largest and fastest growing market in 2018 and is projected to increase its share in the market in the upcoming years.

Top 10 Plastics Market Key Players:

Some of the major players in the  Top 10 Plastics Market are the ExxonMobil Chemical Company, Inc. (U.S.), Huntsman Corporation (U.S.), Dow Chemical Company (U.S.), Ach Foam Technologies (U.S.), E. I. du Pont de Nemours and Company (U.S.), Vinnolit GmbH & Co. KG (Germany), Borealis AG (Austria), Solvay SA (Belgium), Polyplastics Co., Ltd. (Japan) and SABIC (Saudi Arabia) among others.

ExxonMobil Chemical Company is the largest direct descendant of the Standard Oil Company established by John D. Rockefeller. It has over 69,000 employees and is headquartered in Irving, Texas. It reported net revenue of USD 237.2 billion in 2017 under the leadership of Darren Woods who functioned as the CEO and Chairman of the company.