CAGR: 5.9%Current Market Size: USD 81 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global industrial plastic market is expected to grow from USD 81 billion in 2022 to USD 135.6 billion by 2030, at a CAGR of 5.9% during the Projection period 2023-2030. The industrial plastic market mainly drives the growth of the construction sector.
Plastics are polymeric materials that can be molded with pressure and heat into the necessary shapes. They are formed of synthetic or semi-synthetic organic compounds and are malleable. Polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and liquid crystal polymers are a few of the more often used plastics. Bags, cups, cases, bottles, food wrapping, tableware, wire insulation, and non-stick surfaces are all frequently made from plastic. They provide corrosion resistance, excellent thermal and electrical insulation, and inertness to biological materials in addition to being affordable, lightweight, and long-lasting. Plastics are so widely used in the packaging, building, agricultural, automotive, electronic, medical, and textile industries. One of the main drivers fueling the market expansion is the packaging industry's increasing product consumption. Pickles, processed fruits and vegetables, syrups, jams, infant food, and dairy products are all frequently packaged in plastic. Another element driving growth is the increased demand for ready-to-eat (RTE) food products as a result of hurried lifestyles and packed schedules. Additionally, a significant boost to market growth is being provided by the extensive product utilization in the automotive industry to produce vehicle components and enhance safety, reduce weight, and reduce production costs. Aside from this, the advent of bioplastics is fostering a favorable outlook for the industry because of its smaller carbon footprint, non-toxicity, safety, and bio-inertness. These materials have prospective uses in food packaging, agriculture, horticulture, medical devices, and cosmetics.
Sample Request: - Global Industrial Plastic Market
Market Dynamics:
Drivers:
Industrial plastic is frequently used to package a variety of foods and beverages because it is dimensionally stable compared to other plastics, clean, solid, and retains the freshness of the contents. Industrial plastic is used extensively in the packaging of food goods, which is likely to propel the growth rate of this market. Industrial plastic is resistant to chemical compounds, water, and non-harmful elements than other competitors.
Restraints:
The cost of the materials overall is increased by the ambiguity surrounding the supply of industrial plastic's raw materials. The market for industrial plastic will face obstacles if the price of industrial plastic changes since it would affect the entire cost structure. As a result, the market's growth rate is constrained by changes in the price of industrial plastic raw materials.
Opportunities:
The past few years have seen a significant increase in public awareness of plastic waste leakage into the environment, specifically plastic waste, which has compelled brand retailers and owners to choose compostable industrial plastic materials that are likely to increase demand for compostable industrial plastic in the targeted market. Additionally, the introduction of new goods and technological developments are driving the market's revenue growth and creating more favourable chances for the industrial plastic market.
Challenges:
All organic polymers have a temperature range that they cannot withstand. The range of the useful long-term upper temperature is roughly 65 °C (150 °F) to 370 °C (700 °F). Although higher-temperature polymers are being produced, they are often quite expensive and have service temperatures above 120 °C (250 °F). The relationship between the service temperature limit and the price of the polymer is essentially linear. A practical technique to significantly increase service temperature and stiffness at a reasonable cost is to reinforce the material with fiberglass, other fibers, or specific particle fillers.
Segmentation Analysis:
The global industrial plastic market has been segmented based on product, application, and region.
By Product
The product segment is acrylonitrile butadiene styrene, polyamide, polybutylene terephthalate, polyphenylene ether, PEEK, polysulfone, polytetrafluoroethylene, polyphenylsulfone, liquid crystal polymers, polycarbonate, polyetherimide, and others. The acrylonitrile butadiene styrene segment led the largest share of the industrial plastic market with a market share of around 35.8% in 2022. Due to its great strength, rigidity, and dimensional stability, ABS is frequently utilized in electrical, electronic, and consumer goods applications. This industrial plastic is a hard polymer that resists heat, corrosive chemicals, and physical impact. The ability of thermoplastics like ABS to liquefy makes it simple to employ them in injection molding and recycling procedures. However, due to its low melting point, ABS is not utilized in high-heat conditions. Keyboards for computers and LEGO sets are both prominent uses for ABS materials.
By Application
The application segment is building & construction, electrical & electronics, packaging, healthcare, aerospace automotive & transportation, and others. The aerospace automotive & transportation segments led the largest share of the industrial plastic market with a market share of around 42.9% in 2022. During the Projection period, the automotive and transportation application segment is anticipated to be driven by rising industrial plastics usage in automotive components and rising production of electric passenger cars and heavy-duty trucks, particularly in Central and South America and Asia Pacific. Regulations governing vehicle weight and the uniformity of emission standards are probably to blame for the rise in demand for industrial polymers used in automotive applications. One of the most often utilized polymers in automotive applications, ABS is used for everything from interior parts to engine parts. Due to its moldability and high mechanical qualities, this plastic is employed in the automotive sector as a replacement for metals and other technical plastics.
Global Industrial Plastic Market - Sales Analysis.
The sale of the industrial plastic market expanded at a CAGR of 5.01% from 2016 to 2022.
There are many different forms of industrial plastic that can be utilized in a wide range of sectors, including electronics, construction, food packaging, transportation, and healthcare. Numerous variables, including trends in consumer demand for various products made with this plastic, affect the consumption and sales of industrial plastic. Due to its features, industrial plastic is increasingly in demand, particularly in the packaging sector, which is anticipated to accelerate market expansion. The need for lightweight industrial plastic components in various application areas is projected to be driven by recent innovations in the industrial sectors, including electrical and electronics and automotive. It is also anticipated that increased adoption of environmentally and energy-friendly products will favorably impact market expansion.
Industrial plastics based on nanotechnology are now undergoing research and development, which is expected to accelerate market expansion. These polymers have great strength and thermal resistance, which leads to a reduction in weight and an increase in efficiency. The product's application range is being expanded by technological developments, inventions, and studies, which is expected to increase demand for industrial plastics in the years to come. Additionally, the demand for these industrial polymers is being fueled by public and private organizations' growing investments in the aerospace and defence industries.
Thus, owing to the aforementioned factors, the global industrial plastic market is expected to grow at a CAGR of 5.9% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the industrial plastic market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the industrial plastic market and held a 38.2% share of the market revenue in 2022.
Global Industrial Plastic Market - Country Analysis:
Germany's industrial plastic market size was valued at USD 7.29 billion in 2022 and is expected to reach USD 11.6 billion by 2030, at a CAGR of 6% from 2023 to 2030. The market is expanding as a result of the extensive product demand for producing composite materials as a replacement for metals, such as steel and aluminium, for applications in industrial engineering, building, construction, and machinery. The market is expected to rise as a result of additional factors such as quick industrialization, substantial research and development (R&D) activities, and rising government investments in the construction of infrastructure.
China’s industrial plastic market size was valued at USD 8.03 billion in 2022 and is expected to reach USD 13.19 billion by 2030, at a CAGR of 6.4% from 2023 to 2030.
China, one of the biggest market participants in the Asia Pacific, has experienced astounding expansion in its industrial sector. Due to the sector's expansion, the nation is now one of the top producers and exporters of a variety of items. The industrial sector generated 32.6% of China's GDP in 2021, according to the National Bureau of Statistics of China.
India's industrial plastic market size was valued at USD 6.18 billion in 2022 and is expected to reach USD 10.07 billion by 2030, at a CAGR of 6.3% from 2023 to 2030. India's production is strengthened by a robust chemical manufacturing industrial base. Asia Pacific market expansion is being aided by rapid urbanisation, improving economic conditions, and rising infrastructure-related activities.
Key Industry Players Analysis:
To increase their market position in the global industrial plastic market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5.9% |
Market Size |
81 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
SABIC, BASF SE, Evonik Industries AG, Victrex Plc, Lyondellbasell Industries Holdings B.V., Eastman Chemical Company, EnsingerGmbh, Teijin Limited, Arkema S.A., Solvay S.A., Mitsubishi Engineering-Plastics Corporation, Formosa Plastics Corporation, Toray Industries, Inc., Covestro AG, and Mitsui & Co., Ltd. |
By Product |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Industrial Plastic Market By Product:
Global Industrial Plastic Market By Application:
Global Industrial Plastic Market By Region:
Global industrial plastic market is expected to reach USD 135.6 billion by 2030.
Leading market players active in the global industrial plastic market are BASF SE; Formosa Plastics Corporation; SABIC; Victrex plc; Ensinger GmbH; Eastman Chemical Company; LyondellBasell Industries Holdings B.V.; Evonik Industries AG; Arkema Inc.; Solvay SA; Teijin Limited; and Mitsubishi Engineering Plastics Corporation. among other
The industrial plastic market is projected to have a CAGR of 5.9%.
Industrial plastic is frequently used to package a variety of foods and beverages because it is dimensionally stable compared to other plastics, clean, solid, and retains the freshness of the contents. Industrial plastic is used extensively in the packaging of food goods, which is likely to propel the growth rate of this market. Industrial plastic is more resistant to chemical compounds, water, and non-harmful elements than other competitors.
Based on the product, the industrial plastic market is segmented into acrylonitrile butadiene styrene, polyamide, polybutylene terephthalate, polyphenylene ether, PEEK, polysulfone, polytetrafluoroethylene, polyphenylsulfone, liquid crystal polymers, polycarbonate, polyetherimide, and others.