The industrial plastic market comprises plastics such as polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), polyurethane (PU), polysulfone (PSU), and polytetrafluoroethylene (PTFE) which are used in various applications across end-use industries. Industrial plastics are non-biodegradable synthetic or semi-synthetic organic solids that are used in a wide range of applications owing to their versatility. These plastics can withstand high temperatures, wear and tear, chemicals, and electricity. The growth of various end-use industries such as automotive, packaging, construction, electronics, and healthcare is driving the demand for industrial plastics.
The Global industrial plastic market is estimated to be valued at US$ 141.05 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players in the industrial plastic market:
Key players operating in the industrial plastic market are Exxon Mobil Corporation, Sumitomo Chemical Co., Ltd., BASF SE, SABIC, Dow, Inc., Evonik Industries AG, Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, Formosa Plastics Corporation, Covestro AG, Toray Industries, Inc., Mitsui & Co. Plastics Ltd., TEIJIN LIMITED, LG Chem, Huntsman International LLC, Chevron Phillips Chemical Co., LLC, and LyondellBasell Industries Holdings B.V.
Key opportunities:
Rising application areas across Industrial Plastics Market Demand along with development of bio-based and recyclable plastics will create new opportunities for players in the industrial plastic market.
Global expansion:
Leading plastic manufacturers are expanding their production facilities globally especially in emerging regions of Asia Pacific and Middle East & Africa to leverage opportunity of growing end-use industries demand in these regions.
Market drivers:
Growing demand from end-use industries such as automotive, construction, packaging, electronics is the key driver. Rising income levels and standard of living is further augmenting demand for various consumer goods which utilize plastics.
Market restrain:
Stringent environmental regulations around the globe regarding single-use plastics due to non-biodegradable nature of most plastics may hinder the market growth to some extent over the forecast period.
Segment Analysis
The industrial plastic market is dominated by the packaging segment which holds around 25% of the total market share. Plastics have widely replaced traditional packaging materials like glass and metal in the packaging industry owing to properties like lightweight and high durability. Within the packaging segment, flexible packaging is the fastest growing sub-segment due to the increasing demand for smart and active packaging from food & beverage industry players.
Global Analysis
Regionally, Asia Pacific dominates the global industrial plastic market and holds around 40% share. China contributes significantly to the growth of the APAC industrial plastic market. This is attributed to the wide availability of raw materials and also the presence of a strong manufacturing base for industries like automotive, packaging and construction. North America is another prominent region for industrial plastics market. The U.S. alone holds over 25% share of the global market. Growing construction activities along with stable automotive industry is driving the growth of industrial plastics demand in the region.
Get more insights on Industrial Plastic Market
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
