The plastic products market has exhibited strong growth, rising from $1,061.89 billion in 2023 to $1,142.21 billion in 2024, showcasing a CAGR of 7.6%. This growth is attributed to the versatility of plastics and their adoption in various industries. Looking forward, the market is anticipated to reach $1,512.15 billion by 2028, with a CAGR of 7.3%. Growth drivers include bio-based plastics and a focus on waste management, while trends involve smart plastics and recycling technologies.
Major Driver In The Plastic Products Market
The plastic products market is experiencing growth propelled by increasing construction and building activities globally. Plastic materials like PVC and PEX are extensively utilized in plumbing systems due to their durability, corrosion resistance, and cost-effectiveness. Reports from Oxford Economics in September 2021 indicate significant growth in global construction output, reaching $10.7 trillion in 2020 and projected to increase by 42% to $15.2 trillion by 2030. This surge in construction and infrastructure development is driving demand for plastic products across residential, commercial, and industrial sectors, reflecting anticipated market sizes for 2023, 2024, and 2028.
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Plastic Products Market Competitive Landscape
Exxon Mobil Corporation, BASF SE, The Dow Chemical Company, Saudi Basic Industries Corporation, LyondellBasell Industries Holdings B.V., Thyssenkrupp AG, 3M Company, Amcor Limited, Berry Global Group Inc., Sekisui Chemical Co. Ltd., Avery dennison, Sealed Air Corporation, Brookfield Asset Management, Aptar Group, Laird Plastics Inc., PT Tech Inc., CeramTec North America LLC, New Process Fibre Company Inc., Liberty Plastics Inc., Applied Plastics Co. Inc., Industrial Plastic Supply Inc., National Plastics & Seals Inc., Matsui Technologies India Ltd., Acros Pvt. Ltd., Reading Plastic & Metal Advanced Machining, Ser Rezistans, Advanced Industrial Inc., Redwood Plastics and Rubber, Hanwool Corporation, Ihne & Tesch GmbH, Tesla Inc., The Boeing Company, The Coca-Cola Company
Key Plastic Products Market Trend
The practice of using 3D printing in plastic manufacturing is becoming more common. This technology produces solid objects from digital designs by building up multiple layers of plastic, resin, or other materials in a precisely determined shape. The speed and flexibility of this technology can promote innovation and reduce time-to-market. The products produced using 3D printers have good mechanical properties like strength and rigidity. For example, Stratasys developed a color multi-material 3D printer that combines colors with multi-material 3D printing. The printer uses cyan, magenta, and yellow colors and plastics and elastomers as base materials for printing objects with wide ranges of flexibility, rigidity, transparency, and opacity.
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Plastic Products Market Segmentation
The plastic products market covered in this report is segmented –
1) By Type: Plastics Packaging Materials And Unlaminated Film And Sheet, Plastic Pipes And Shapes, Laminated Plastics Plate, Sheet, And Shape, Plastics Bottle, Polystyrene Foam Products, Urethane And Other Foam Product, Other Plastics Product
2) By Technology: Injection Molding, Extrusion Molding, Blow Molding, Other Technologies
3) By End-User Industry: Automotive & Transportation, Electrical & Electronics, Medical, Construction, Other End Users
Subsegments Covered: Bags And Pouches, Films And Sheets, Unlaminated Plastics Profile Shape, Plastics Pipe And Pipe Fitting HDPE Plastic Bottles, PET Plastic Bottles, PP Plastic Bottles, Other Plastic Bottles
By Geography:The regions covered in the plastic products market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the plastic products market in 2023.
The Plastic Products Global Market Report 2024 furnishes information about the global plastic products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
