Global Plastics & Polymers Market Report, Industry Analysis and Forecast to 2029

Plastics & Polymers Market Overview:

Plastics & Polymers Market is estimated to reach $73 billion by 2029, growing at a CAGR of 8.2% from 2022-2029. Plastics are semi-synthetic or synthetic organic solids having high molecular weights which are moulded into several useful products. Globally, the development of efficient and advance technology, mounting demand from packaging and construction industry, snowballing government initiative across the globe, are some prominent growth factors of the market.

In addition, upsurge in adoption of plastic polymers for applications in newer industry verticals, and emerging economies such as China, India and others, will create new opportunities for global plastic polymers market.  However, high cost of the research and development, strict government regulation are the key restraints for global plastic polymers market.

Market Snapshot: 

Plastics & Polymers Market - Report Coverage:

The “Plastics & Polymers Market Report - Forecast (2022-2029)” by Marketlook Consulting, covers an in-depth analysis of the following segments in the Plastics & Polymers Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

• Due to the global economic crisis caused by the Covid pandemic, the demand for plastics & polymers grew as sales through e-commerce channel hiked. With more people staying at home and ordering goods online, there has been a surge in demand for packaging materials. This has benefited the packaging industry, which has seen increased sales and revenue.
• However, the pandemic has also led to an increased awareness and concern about the impact of plastic waste on the environment. As a result, there has been a growing focus on sustainable materials and recycling, with many companies pledging to reduce their use of plastics and polymers. Overall, there was a slight dip in the market due to the outbreak of covid-19.

Segmental Analysis:

Highest Growth Rate in the Packaging Sector

Packaging sector captured a highest market share in 2021. Packaging is a high-potential end-use segment with moderate penetration. Plastic has been an integral part of the packaging industry. Furthermore, the advent of bio-based plastics has also played a significant role in the food, pharmaceutical, and beverage packaging sectors.

Injection Moulding to Register the Fastest Growth

Injection molding registered the highest share in 2021. It is a common method for producing custom plastic parts. It is a discontinuous process as the plastic parts are produced in molds and are required to be cooled before being removed. This process requires an injection molding machine, molds, and plastic materials. It is generally used in the production of automobile parts, containers, and medical devices among others. Thus, the process of injection moulding is used for several end use products thereby fostering the market demand.

Augmenting Demand for Bio-based plastics

Bio-based plastics are in high demand in recent years. These are produced completely or in part from biological resources that are renewable. For instance, the processing of sugar cane results in the production of ethylene, which is subsequently utilised to create polyethylene. Lactic acid and then polylactic acid may be created by processing starch (PLA). Several firms are switching to plastics derived from biomaterials rather than fossil fuels.

Plastics are Harmful for the Environment

An important challenge restraining the market is that plastics are hazardous and not environmentally friendly. Plastic cannot dissolve due to a number of dangerous chemical components, which limits its use in a number of end-use applications. Exposure to harmful chemicals also has an adverse impact on the environment, living things, and people's health. The damaging effects of plastics on the environment are a problem for the polymer sector.

Asia Pacific Maintained a Dominating Position

Asia Pacific is grabbed the highest market share in 2021. The factors propelling the market are rapidly soaring population, rise in textile industry, favourable government policies, growth in packaging industry, modernization of healthcare infrastructure, and mounting automotive industry in developing nations such as China, and India in this region.

Plastics & Polymers Market Share (%) By Region, 2022

For More Details on This Report - Request for Sample

Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Plastics & Polymers Market. The top 10 companies in this industry are listed below:

1. Dow Inc.
2. Evonik Industries AG
3. Eastman Chemical Company
4. Covestro AG
5. Mitsui Chemicals Inc.
6. Exxon Mobil Corporation
7. Royal DSM
8. BASF SE
9. Clariant International Limited
10. Huntsman Corporation

Scope of Report: