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The latest research study “Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global plastics market size reached US$ 615.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 747.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.18% during 2023-2028.
Plastics represent polymeric materials made from synthetic or semi-synthetic organic compounds that are flexible and can be molded into preferred shapes using heat and pressure. Some commonly used plastics include polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and liquid crystal polymers. They are lightweight, cost-effective, and durable and offer corrosion resistance, high thermal and electrical insulation, and inertness to biological materials. Consequently, plastics find extensive applications across the packaging, construction, agriculture, automotive, electronics, healthcare, and textile sectors.
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Plastics Market Trends and Drivers:
The rising usage of the polymer in the packaging sector to pack pickles, processed vegetables and fruits, syrups, jams, baby food, and dairy items is primarily augmenting the plastics market. Furthermore, the elevating demand for ready-to-eat (RTE) food products, on account of hectic lifestyles and busy schedules, is positively influencing the global market. Apart from this, the widespread adoption of the polymer in the automotive sector to manufacture vehicle components and improve fuel efficiency, enhance safety, reduce weight, minimize noise, and lower production costs is acting as another significant growth-inducing factor. Moreover, the introduction of bioplastics with potential applications in food packaging, medical devices, agriculture, horticulture, and cosmetics, owing to their lower carbon footprint, non-toxicity, safety, and bio-inertness, is also bolstering the market growth. Besides this, the escalating demand for engineering plastics that offer exceptional load capacity, thermal stability, mechanical strength, and durability is further catalyzing the global market. Additionally, the increasing utilization of the polymer in manufacturing composite materials as a replacement for metals, including steel and aluminum, for applications in industrial engineering, building, construction, and machinery is also driving the market growth. In addition to this, the inflating industrialization, the extensive R&D activities, and the rising investments by numerous government bodies in infrastructural development are expected to drive the plastics market in the coming years.
Plastics Market Report Scope | |
Report Coverage | Details |
Market size value in 2022 | US$ 615.2 Billion |
Market forecast in 2028 | US$ 747.9 Billion |
Growth Rate | CAGR of from 3.18% 2023 to 2028 |
Base year for estimation | 2021 |
Historical data | 2017-2022 |
Forecast period | 2023-2028 |
Plastics Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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The report has segmented the market on the basis of
Breakup by Type:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Key highlights of the report:
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