The plastics and rubber products market has witnessed strong growth, increasing from $1,460.18 billion in 2023 to $1,566.76 billion in 2024, reflecting a CAGR of 7.3%. This growth is linked to industrialization and the expansion of various sectors. By 2028, the market is expected to reach $2,048.5 billion, with a CAGR of 6.9%. Key drivers include electric vehicle advancements and circular economy initiatives, with trends focusing on advanced recycling technologies and bio-based materials.
Major Driver In The Plastics And Rubber Products Market
The plastics and rubber products market is witnessing growth fueled by increasing demand for tires from the automotive industry. Rubber, a key component in automotive tires, provides essential properties such as traction, shock absorption, and load support. According to the U.S. Tire Manufacturers Association in February 2023, total tire shipments in the U.S. are anticipated to reach 334.2 million units in 2023, indicating a steady increase from previous years. This growing demand for tires in the automotive sector is poised to drive growth in the plastics and rubber products market, reflecting anticipated market sizes for 2023, 2024, and 2028.
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Plastics And Rubber Products Market Competitive Landscape
Exxon Mobil Corporation, BASF SE, The Dow Chemical Company, SABIC (Saudi Basic Industries Corporation), LyondellBasell Industries N.V., Continental AG, LG Chem Ltd., Mitsubishi Chemical Holdings Corporation, Bridgestone Corporation, The Michelin Group, Good Year Tire & Rubber Company, Asahi Kasei Corporation, Evonik Industries AG, Covestro AG, Toray Industries Inc., Braskem S.A., Formosa Plastics Corporation, Lotte Chemical Corporation, Solvay S.A., Amcor Limited, Berry Global Group Inc., DuPont de Nemours Inc., Arkema S.A., Eastman Chemical Company, Avery dennison, Sumitomo Rubber Group, Teijin Limited, Pirelli & C SpA, The Hankook Tire group, Trinseo S.A.
Key Plastics And Rubber Products Market Trend
Major companies operating in the plastics and rubber products market are focused on developing innovative products, such as E2C DX9660, to increase the profitability in the market. E2C DX9660 is an Engineered Elastomer Composite (E2C) solution that provides a 30% increase in abrasion resistance compared to a conventional compound. For instance, in February 2023, Cabot Corporation, a US-based chemicals company, launched a new product called E2C DX9660. The new product has been engineered to provide significantly enhanced rubber durability by offering excellent resistance to abrasion. This addition expands Cabot's range of E2C solutions for use across various applications, including on-road commercial tires and industrial rubber products.
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Plastics And Rubber Products Market Segmentation
The plastics and rubber products market covered in this report is segmented –
1) By Type: Rubber Products, Plastic Products
2) By End-User Industry: Automotive & Transportation, Electrical & Electronics, Medical, Construction, Other End Users
Subsegments Covered: Tire, Hoses And Belting, Other Rubber Product, Plastics Packaging Materials And Unlaminated Film And Sheet, Plastic Pipes And Shapes, Laminated Plastics Plate, Sheet, And Shape, Plastics Bottle, Urethane And Other Foam Product, Polystyrene Foam Products, Other Plastics Product
By Geography:The regions covered in the plastics and rubber 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 plastics and rubber products market in 2023.
The Plastics And Rubber Products Global Market Report 2024 furnishes information about the global plastics and rubber 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.
