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The global Plastic Market size is projected to reach USD 616.82 billion by 2028, on account of increasing utilization of polyethylene terephthalate (PET) in 3D printing, finds Fortune Business Insights™ in its report, titled “Plastic Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-Use (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2021-2028”. The report states that the value of the market stood at USD 434.71 billion in 2020 and is expected to register a CAGR of 5.0% from 2021 to 2028.
The COVID-19 pandemic is anticipated to have a notable impact on the Plastic Market growth mainly as a result of declining demand for polymers from the automotive and construction industries and disruptions in global supply chains. However, soaring demand for polymers for protective equipment in the healthcare industry will offset revenue losses to a limited extent.
Partnership of SABIC and POLYRAY to Support Development
In March 2021, SABIC and POLYRAY, signed a partnership agreement to utilize SABIC’s LEXAN renewable polycarbonate resin in sunglasses, safety glasses, and sports goggles. This venture will impact about 61% of carbon footprint reductions and about 35% of fossil depletion reduction. Moreover, in July 2019, ExxonMobil announced the commencement of production at its high-performance polyethylene line at Beaumont, Texas. With this expansion, the polyethylene plant will be able to increase its production capacity by 65% to 650,000 tons per year, boosting the overall site capacity to 1.7 million tons per year. Further, the new high-performance line will complement the company’s site at Mont Belvieu, also in Texas, which was set up in 2017. The two plants required multi-billion dollar investments from ExxonMobil and together, these plants will enable the company to meet the surging demand for high-performance polyethylene products for heavy applications such as food & beverage packaging, agricultural films, and construction liners.
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Emergence of Bioplastics to Herald New Era of Innovation
Bioplastics are derived from natural materials such as vegetable oils and corn starch. Given the staggering level of non-biodegradable waste generated every year globally, the need for bio-plastics has never felt more desperate. As a result, several entities in academia and industry research develop polymers derived from natural sources. For example, researchers at the University of Bath in the UK created a biodegradable form of plastic made by combining a sugar called thymidine with carbon dioxide at low pressures. Similarly, in 2018, researchers at the University of Otago in New Zealand developed food packaging material derived from the byproducts from the corn & shellfish industries. Further, in February 2020, INEOS and UPM Biofuels announced an exciting collaboration, under which the two companies will develop the world’s first bio-attributed polyvinyl chloride (PVC) from wood pulp manufacture. Advancements in bio-plastics will thus reshape the dynamics of this industry.
Strengthening of Production Capacity to be the Critical Focus Area for Key Players
The plastics industry is massive in size, with most companies having their presence all over the globe. The main strategy implemented by these companies to cement and expand their international presence is strengthening and enhancing their production capacities to meet the enormous demand for polymers. Furthermore, companies are also eyeing the developing nations of Asia and Africa, where rapid economic growth is being witnessed, leading to widening adoption of advanced plastic solutions in various end-user industries such as construction and automotive.
List of Key Companies Profiled in this Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion), Volume (Million ton)
Type; End-Use; and Geography