Top 10 Plastics Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The Top 10 Plastics market size was estimated at USD 503.11 billion in 2023 and is projected to reach USD 777.21 billion in 2030 at a CAGR of 6.41% during the forecast period 2023-2030.

Although they generally incorporate additional materials, plastics are high molecular mass organic polymers. The majority of the time, they are synthetic and made from petrochemicals. However, the current emphasis on the environment has led to an increase in the number of plastics made from renewable resources, such as cellulosic from cotton linters and polylactic acid made from corn. Due to their comparatively low cost, simplicity of production, adaptability, and water resistance, plastics are now used in a wide variety of items. Plastic is used in everything, from basic items like paperclips to large ones like airplanes. Based on their availability and application, the top 10 most abundantly used plastics are polyethylene, polypropylene, polystyrene, polyethylene terephthalate, polyvinyl chloride, polycarbonate, acrylonitrile butadiene styrene, polyoxymethylene, polyamide and polyurethane.

Plastic consumption is being driven by the food and beverage sectors' expanding requirement for packaging materials. product manufacturers seek packaging that guards against contamination and deterioration of product quality. Demand is being fuelled by plastic's ability to act as a shield between food products and the outside world. Moreover, their increased demand in textile, electrical and electronic, automotive, and consumer goods sectors is driving the growth of the market further.

On the other hand, stringent government regulations due to plastics’ contribution to pollution as well as increasing demand for greener alternatives is expected to hamper the growth of the market during the forecast period.

The COVID-19 pandemic had a significant impact on the growth of the Top 10 Plastics Market. The demand for Polyethylene terephthalate (PET) declined in 2020 due to the closure of restaurants and other businesses as well as shift to online shopping. Moreover, the demand for polyethylene and polypropylene also declined, but not as much as PET. This is because polypropylene is used in a number of essential industries, such as healthcare.

Delvens Industry Expert's Standpoint

The Top 10 Plastics market is expected to grow during the forecast period. This growth can be attributed to several factors. With the rapidly growing food and beverages industry, the demand for packaging material is also increasing which is driving the growth of the top 10 plastics market. their increased demand in textile, electrical and electronic, automotive, and consumer goods sectors is driving the growth of the market further. However, strict government regulations against the use of plastics and increasing alternatives in the market, might hamper the growth of the market during the forecast period.

Market Portfolio

Key Findings

• Based on type, the market is segmented into polyethylene, polypropylene, polystyrene, polyethylene terephthalate, polyvinyl chloride, polycarbonate, acrylonitrile butadiene styrene, polyoxymethylene, polyamide, polyurethane. Polyethylene dominated the market in this segment owing to its extensive usage packaging, construction, electrical & electronics and construction. Moreover, the substitution of metal-based products with plastic based products is expected to drive the growth of polyethylene market further during the forecast period.
   
• Based on end use industry, the market is segmented into building & construction, electronics & consumer, automotive, textile, packaging. Packaging dominated the market in this segment owing to the increased packaging demand from the rapidly growing food and beverages industry.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period owing to the rapidly growing construction sector, increased R&D activity, presence of major key players and easily available raw materials.

Regional Analysis

Asia Pacific to Dominate the Market

• Asia Pacific is estimated to account for the largest market share during the forecast period owing to the rapidly growing construction sector and increased R&D activity within the region.

• Moreover, the presence of major key players and availability of raw materials are expected to drive the growth of the market further during the forecast period.

Competitive Landscape

• Arkema
• BASF SE
• Braskem
• Celanese Corporation
• Chevron Phillips Chemical Co., LLC
• Covestro AG
• Dow Inc
• Ducor Petrochemicals
• DuPont de Nemours, Inc
• Eastman Chemical Company
• Evonik Industries
• Exxon Mobil Corporation
• Formosa Plastic Corporation
• INEOS
• Lotte Chemical Corporation
• Mitsui & Co. Plastic Ltd.
• Reliance Industries Limited
• Repsol
• SABIC
• Sumitomo Chemical Co., Ltd.
• Toray Industries, Inc.

Recent Developments

• In August 2023, A joint venture agreement was formed by the biopolymer manufacturer Braskem and SCG Chemicals to create bio-ethylene from bio-ethanol dehydration and to market Braskem's "I'm green" bio-based Polyethylene.
   
• In June 2023, BASF set up a new polyethylene plant in Zhanjiang Verbund site in China. The brand-new facility, with a yearly capacity of 500,000 metric tons of PE, will meet China's rapidly expanding demand. In 2025, the facility is expected to begin operations.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Top 10 Plastics Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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