Plastic Products Global Market Report 2024

The plastic products market size has grown strongly in recent years. It will grow from $1061.89 billion in 2023 to $1142.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historical period can be credited to the versatility and adaptability of plastics, the substitution of traditional materials, the expansion of industrialization and manufacturing, adoption by the automotive industry, innovations in the packaging sector, and the boom in the consumer electronics industry.

The plastic products market size is expected to see strong growth in the next few years. It will grow to $1512.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The forecasted growth in the upcoming period can be ascribed to the development of bio-based and biodegradable plastics, the emergence of smart and functional plastics, increased emphasis on plastic waste management, changes in consumer preferences, preparedness for global health crises, and initiatives to reduce single-use plastics. Major trends anticipated in the forecast period encompass advancements in plastic recycling technologies, the adoption of anti-microbial plastics, alternatives to lightweight plastics, initiatives promoting plastic-free packaging, the integration of smart plastics with IoT, and the enhancement of plastic packaging recycling.

The increasing pace of construction and building activities serves as a significant driver for the plastic products market in the foreseeable future. Construction and building activities encompass a broad spectrum of tasks related to structure creation, skill development, and collaborative efforts. Plastic materials such as PVC (polyvinyl chloride) and PEX (cross-linked polyethylene) are frequently employed in constructing plumbing systems, known for their durability, corrosion resistance, and cost-effectiveness, making them well-suited for water supply and drainage systems in residential, commercial, and industrial buildings. For example, in September 2021, reports from Oxford Economics indicated that global construction output reached $10.7 trillion in 2020, with a projected 42% increase, equivalent to $4.5 trillion, anticipated between 2020 and 2030, reaching USD 15.2 trillion. Hence, the expansion of the construction and infrastructure sectors propels the growth of the plastic products market.

The plastic products manufacturing industry is intricately linked to the growth of the packaging sector. Innovations in packaging are poised to stimulate the demand for plastic materials, with new features such as resealable packs, user-friendly stand-up pouches, and smaller single-serving pack sizes becoming prevalent. The introduction of more promotional packs and brand extensions aims to enhance customer loyalty. These advancements in packaging practices are expected to drive plastic consumption, thereby influencing the market positively.

The onset of the COVID-19 pandemic has posed significant challenges to the plastic products manufacturing market in 2022. Disruptions in supply chains due to trade restrictions and reduced consumption resulting from global lockdowns imposed by governments have impacted the industry. COVID-19, characterized by flu-such as symptoms, led to manufacturing halts and economic activity decline as countries implemented lockdown measures. While the outbreak negatively affected businesses throughout 2021, it is anticipated that the plastic products manufacturing market will recover over the forecast period. The impact of COVID-19 is considered a 'black swan' event, unrelated to underlying weaknesses in the market or the global economy.

The utilization of 3D printing in plastic manufacturing is becoming increasingly prevalent. This technology constructs solid objects from digital designs by layering plastic, resin, or other materials in a precisely determined shape. The speed and flexibility of 3D printing can foster innovation and reduce time-to-market. Products manufactured through 3D printing exhibit favorable mechanical properties, including strength and rigidity. Stratasys, for instance, developed a color multi-material 3D printer that integrates colors with multi-material 3D printing. This printer utilizes cyan, magenta, and yellow colors alongside plastics and elastomers as base materials to create objects with diverse flexibility, rigidity, transparency, and opacity.

Prominent companies in the plastic bottle market are directing their efforts towards the development of innovative products, such as biodegradable water bottles, to establish a robust market position. Biodegradable water bottles are designed to naturally break down over time without causing harm to the environment. For example, in December 2022, Cove, a US-based material innovation company, introduced the first biodegradable water bottles. Cove bottles are crafted without plastic, offering biodegradability, renewability, non-toxicity, and composability. These bottles are made from a sustainable biopolymer known as PHA, sourced naturally. PHA is synthesized and consumed by microorganisms globally, including those in soil and marine environments. It undergoes complete biodegradation in natural settings such as freshwater, soil, and marine ecosystems, leaving no toxic residues. Its biodegradation rate is comparable to cellulose, a fundamental element in plant life and an essential component of paper.

Major companies operating in the plastic products market report are 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.

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

The primary classifications of plastic products comprise plastics packaging materials and unlaminated film and sheet, plastic pipes and shapes, laminated plastics plate, sheet, and shape, plastics bottles, polystyrene foam products, urethane and other foam products, and other plastic products. Plastic materials find common application in packaging glass-clear food items, such as fresh salads, fruits, cold meats, snacks, and more. Various technologies, including injection molding, extrusion molding, blow molding, and others, are utilized across different sectors such as automotive and transportation, electrical and electronics, medical, construction, and others.

The plastic products market research report is one of a series of new reports that provides plastic products market statistics, including plastic products industry global market size, regional shares, competitors with a plastic products market share, detailed plastic products market segments, market trends and opportunities, and any further data you may need to thrive in the plastic products industry. This plastic 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 plastic products market consists of sales of polystyrene terephthalate, high-density polyethylene, polyvinyl chloride, nylon, polypropylene, casting processes, joining, shearing, and forming processes. 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.