Plastics and Rubber Products Global Market Report 2024

The plastics and rubber products market size has grown strongly in recent years. It will grow from $1460.18 billion in 2023 to $1566.76 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion in the historical period can be ascribed to the growth of industrialization and manufacturing, the automotive industry's expansion, the manufacturing of consumer goods, the growth of the medical and healthcare sector, and the evolution of the packaging industry.

The plastics and rubber products market size is expected to see strong growth in the next few years. It will grow to $2048.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The forecasted growth in the period can be linked to factors such as the adoption of electric vehicles and lightweighting, initiatives towards a circular economy, enhanced resilience in supply chain management, compliance with regulations and certifications, and the expanding applications in the aerospace industry. Key trends expected in the forecast period include advancements in recycling technologies, the use of bio-based polymers, the development of high-performance rubber compounds, the integration of antimicrobial properties in plastics and rubber, and the utilization of 3D printing with polymers and rubbers.

The plastics and rubber products market is being driven by the increasing demand for tires from the automotive industry. Tires, essential components that provide traction, absorb shocks, and support the weight of vehicles, heavily rely on rubber as a key material. For example, the U.S. Tire Manufacturers Association (USTMA) reported in February 2023 that total tire shipments in the U.S. are expected to reach 334.2 million units in 2023, marking an increase from 332.0 million units in 2021 and 332.7 million units in 2022. This surge in demand for tires in the automotive sector is anticipated to boost the growth of the plastics and rubber products market.

The plastics and rubber product manufacturing industry is influenced by the growth of the packaging sector. Ongoing developments in packaging, such as the introduction of convenience features such as resealable packs, easy-to-open stand-up pouches, and smaller single-serving pack sizes, contribute to increased demand for plastic materials. These innovations in packaging drive the consumption of plastics and rubber, consequently fostering market growth.

The outbreak of the COVID-19 pandemic in 2022 posed significant challenges to the plastics and rubber products manufacturing market. Disruptions in supply chains due to trade restrictions and a decline in consumption resulting from global lockdowns negatively impacted the industry. While the pandemic acted as a considerable restraint, it is expected that the market will recover gradually across the forecast period, as the impact is viewed as a 'black swan' event and not indicative of ongoing or fundamental weaknesses in the market or the global economy.

Key players in the plastics and rubber products market are actively engaged in the development of innovative solutions, exemplified by products such as E2C DX9660, aimed at enhancing market profitability. E2C DX9660, introduced by Cabot Corporation, a US-based chemicals company in February 2023, is an Engineered Elastomer Composite (E2C) solution that exhibits a 30% improvement in abrasion resistance compared to traditional compounds. This innovative product from Cabot is designed to significantly enhance the durability of rubber, particularly excelling in resistance to abrasion. By broadening the scope of E2C solutions, including applications in on-road commercial tires and industrial rubber products, Cabot aims to cater to diverse industry needs.

Manufacturers within the plastic and rubber products sector are increasingly investing in automation technologies to drive down production costs, boost productivity, and elevate product quality. The incorporation of sensors and wireless technology facilitates the collection of valuable data, leading to improved operational efficiencies and error reduction. This automation trend results in streamlined manufacturing processes and higher product quality at reduced costs. Notably, industrial robot manufacturer ABB reports that some of their customers experienced a productivity increase ranging from 15% to 30% after implementing robotic automation systems. The plastic manufacturing industry is set to witness the deployment of approximately 180,000 machines in 2021, marking a notable increase of 67,000 machines over four years. Key players in the industrial robotics domain, including FANUC Corporation, Yaskawa Electric Corporation, ABB Group, KUKA AG, and Kawasaki Heavy Industries, Ltd., play a pivotal role in providing advanced automation solutions to the plastic and rubber products industry.

Major companies operating in the plastics and rubber products market report are 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.

Asia-Pacific was the largest region in the plastics and rubber products market in 2023. North America was the second largest region in the plastics and rubber products market. The regions covered in the plastics and rubber products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries 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.

The primary categories of plastics and rubber products consist of rubber products and plastic products. Plastics represent a broad class of synthetic or semi-synthetic compounds primarily composed of polymers. Due to their fluidity, plastics can be molded, stretched, or compressed into solid objects of various shapes. The sectors in which these products find application include automotive and transportation, electrical and electronics, medical, construction, and others.

The plastics and rubber products market research report is one of a series of new reports that provides plastics and rubber products market statistics, including plastics and rubber products industry global market size, regional shares, competitors with a plastics and rubber products market share, detailed plastics and rubber products market segments, market trends and opportunities, and any further data you may need to thrive in the plastics and rubber products industry. This plastics and rubber products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plastics and rubber products market consists of sales of polymer products, elastic products, and flexible products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.