Plastics Market to Grow at a CAGR of 5.1% over 2023-2030; Growing Demand from the Textile Industry to Propel Market Growth

The global plastics market size was USD 570.83 billion in 2022. The market is projected to grow from USD 507.16 billion in 2023 to USD 717.17 billion by 2030 at a CAGR of 5.1% over 2023-2030.

Fortune Business Insights™ presents this information in its report titled, "Plastics Market Size, Share & COVID-19 Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2023-2030".

Plastics are polymers used to produce various products, such as spacecraft, paper clips, and others, as they are easily moldable, versatile, lightweight, waterproof, easy to produce, and low in cost. They are derived from natural gas and petroleum. Many global producers are encouraged to use renewable sources to produce plastics due to the depleting sources of polymers.

Decreased Manufacturing Activities Caused by Pandemic Hampered Market Growth

The COVID-19 pandemic negatively affected the plastics market growth due to decline in manufacturing activities during the pandemic. The pandemic also caused a significant decline in crude oil prices due to the lower demand and storage capacity for oversupply, affecting the market growth. The rising demand for Personal Protective Equipment (PPE) kits from the healthcare industry will boost the market.     

ExxonMobil Completed Advanced Recycling Process Initial Trial in Texas, the U.S.

In February 2021, ExxonMobil completed its trial of a patented advanced recycling process in Texas, the U.S. The advanced recycling process will convert plastic waste to raw materials for producing polymers. The trial indicates the efforts of the company to decrease plastic waste from the planet and raise resource recovery.

Growing Demand from the Textile Industry to Propel Market Growth

The textile industry's demand for plastics is increasing due to their elasticity, high durability, and enhanced visual appeal. The plastics are rigid, making them suitable for packing electrical and automobile spare parts. The rising plastics demand across textile, automobile, consumer goods, food & beverage, and electrical & electronic industries is boosting the market growth. 

Key Players Offering Innovative Solutions to Strengthen their Market Position

Many major key players in the market have a global presence and offer new solutions to sustain in the market. For instance, LyondellBasell produces many chemicals and polymer-based products and is involved in refining activities. The company has fixed its position by using acquisition strategies and capacity expansion. LyondelBasell announced virgin-quality polymers production from raw materials extracted from plastic waste in Wesseling, Germany, in May 2021.

Notable Industry Development

March 2021 – SABIC and POLYRAY, a leading producer of eyewear lens, formed a collaboration to use LEXAN renewable polycarbonate resin of SABIC in the eyewear lenses of sunglasses, safety glasses, and sports goggles. This development will result in about 61% of carbon footprint reductions and about 35% of fossil depletion reduction.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/plastics-market-102176

List of the Companies Profiled in the Report:

• LyondellBasell Industries N.V. (Netherlands)


• ExxonMobil Chemical (U.S.)


• China National Petroleum Corporation (China)


• INEOS (U.K.)


• China Petroleum & Chemical Corporation (China)


• SABIC (Saudi Arabia)


• Ducor Petrochemicals (Netherlands)


• Reliance Industries Limited (India)


• Formosa Plastic Group (Taiwan)


• Total S.A. (France)


• Braskem (Brazil)


• BASF SE (Germany)


• Repsol (Spain)


• Borouge (UAE)


• Borealis AG (Austria)


• MOL Group (Hungary)


• Beaulieu International Group (Belgium)

Further Report Findings-

• Asia Pacific is expected to hold the largest market share during the forecast period, accounting for USD 316.10 billion in 2022. China is expected to be the leading country in Asia Pacific due to high availability of raw materials at low costs. Strong growth in the packaging and construction sectors is propelling the market growth.


• North America is expected to grow significantly during the forecast period due to the increased adoption of recycled plastics in the region.


• Europe is estimated to have substantial market growth owing to the increasing demand from the automobile industry in the region. Properties, such as corrosion inhibition, low density, heat resistance, and electric insulation, propel polymer adoption in Europe.

Table of Segmentation: