Yahoo Finance Industrial Plastic Market will grow to USD 135.6 billion by 2030 : GreyViews
Industrial Plastic Market Size By Product (Acrylonitrile Butadiene Styrene, Polyamide, Polybutylene Terephthalate, Polyphenylene Ether, PEEK, Polysulfone, Polytetrafluoroethylene, Polyphenylsulfone, Liquid Crystal Polymers, Polycarbonate, Polyetherimide, and Others), By Application (Building & Construction, Electrical & Electronics, Packaging, Healthcare, Aerospace Automotive & Transportation, and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the industrial plastic market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the industrial plastic market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global industrial plastic market are S.A, BASF SE, Celanese Corporation, Chevron Phillips Chemical Co. LLC, Chimei Corporation, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, Sumitomo Chemical Co. Ltd. and Toray Industries Inc. among other. To achieve a substantial market share in the worldwide industrial plastic market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Recent developments in the automotive and electrical & electronic industries are expected to increase demand for lightweight plastic parts in these sectors. The market is expected to develop as energy-saving and environmentally friendly products are used more frequently. Another important factor driving the market's growth is ongoing research and development (R&D) for plastics based on nanotechnology, particularly for industrial applications. This is because these plastics have excellent thermal resistance and strength, as well as improved efficiency and subsequent weight reduction. Innovations, technological advancements, and research studies are currently being conducted in an effort to broaden the product's potential applications, which is expected to support the growth of industrial plastics in the next years. The rising demand for ready-to-eat (RTE) food products as a result of harried lifestyles and jam-packed schedules is another factor fueling expansion. The extensive product use in the automotive industry to create vehicle components and improve safety, decrease weight, and lower production costs is also giving the market a big boost. In addition, due of their lower carbon footprint, non-toxicity, safety, and bio-inertness, bioplastics are promoting a positive outlook for the sector. Potential applications for these materials include food packaging, horticulture, agriculture, medical technology, and cosmetics.
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Scope of Industrial Plastic Market Report
Report Metric | Information |
Study Period | 2022-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Market Share Unit | USD Billion |
Segments Covered | Product, Application, and Regions |
Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
Major Players | S.A, BASF SE, Celanese Corporation, Chimei Corporation, Chevron Phillips Chemical Co. LLC, Covestro AG, Evonik Industries AG, Dow Inc., Sumitomo Chemical Co. Ltd. Eastman Chemical Company, Exxon Mobil Corporation, and Toray Industries Inc. among other. |
Segmentation Analysis
The acrylonitrile butadiene styrene segment is expected to be the fastest-growing segment in 2022.
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 is expected to witness the highest growth rate during the forecast period. ABS is frequently used in electrical, electronic, and consumer goods applications because of its excellent strength, rigidity, and dimensional stability. This strong polymer used in industrial plastics is resistant to heat, corrosive chemicals, and physical impact. It is straightforward to use thermoplastics like ABS in injection moulding and recycling processes because of their propensity to liquefy. ABS, however, is not used in high-heat environments due of its low melting point. LEGO kits and computer keyboards are two common applications for ABS materials.
The aerospace automotive & transportation segment is expected to be the fastest-growing segment in 2022.
The application segment is building & construction, electrical & electronics, packaging, healthcare, aerospace automotive & transportation, and others. The aerospace automotive & transportation segment is expected to witness the highest growth rate during the forecast period. The production of electric passenger cars and heavy-duty trucks, notably in Central and South America and Asia Pacific, as well as increased industrial plastics usage in automotive components are expected to boost the automotive and transportation application segment over the forecast period. The universality of pollution standards and regulations governing vehicle weight are likely to blame for the increase in demand for industrial polymers used in automotive applications. ABS is one of the polymers that is most frequently used in automobile applications. It is used for everything from engine parts to interior components. This material is used in the automotive industry to replace metals and other technical polymers because of its moldability and high mechanical properties.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the industrial plastic include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. The region is expected to continue on its current trend throughout the next years. The developed manufacturing base in the area, especially in China, Taiwan, and South Korea, is primarily responsible for the significant growth of the region. Some Asian countries, such as China and India, have a strong industrial basis in the chemical industry, which broadens the sector's regional market. The key forces behind market expansion include the region's improved economic conditions, expanding urbanisation, and rising infrastructural activity.
Country Analysis
Germany
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 growing as a result of the high demand for composite materials being produced to replace metals like steel and aluminium for uses in industrial engineering, architecture, construction, and machinery.
China
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.
One of the largest market players in the Asia Pacific, China, has undergone remarkable industrial sector growth. The country is presently among the top producers and exporters of a variety of goods as a result of the sector's growth. The National Bureau of Statistics of China estimates that in 2021, the industrial sector contributed 32.6% of China's GDP.
India
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.
A strong industrial base for chemical manufacture supports India's production. Rapid urbanisation, increasing economic conditions, and an increase in infrastructure-related activities are all contributing to the Asia Pacific market's rise.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the industrial plastic market is mainly driven by the rise in construction sector..
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