In 2021, the global plastics market size was estimated to be worth $439.2 billion USD. These products market value is expected to grow at a CAGR of 5.0 percent during the forecast period, from $457.73 billion in 2022 to $643.37 billion in 2029. The global COVID-19 pandemic is unprecedented and shocking, and demand for plastics is lower than expected in all regions when compared to pre-pandemic levels. According to our analysis, the global market in 2020 will be 2.5 percent lower than in 2019. 
Because of their versatility, ease of manufacture, formability, light weight, impermeability, and low cost, plastics, also known as polymers, are used to make products ranging from clips to spaceships. Traditionally, they are derived from natural gas and oil. The scarcity of polymer sources has prompted manufacturers to turn to renewable sources. Bioplastics are plastics made from renewable biomass sources such as cornstarch, sawdust, vegetable oils, and food waste. Furthermore, growing public awareness of the environmental damage caused by polymers is encouraging manufacturers to create recyclable products. A key factor driving the market is the rise in demand for high-performance plastic packaging solutions for product protection. 
Plastic market size
As a result of the COVID-19 pandemic, demand for plastic in the building and construction industries, as well as the automotive industry, has decreased significantly. This decline was linked to a drop in manufacturing activity in these industries, as well as global lockdown restrictions imposed. Furthermore, the significant drop in crude oil prices, caused by a decrease in demand as well as a reduction in storage capacity for an oversupply, slowed market growth. On the contrary, the medical industry's demand for personal protective equipment (PPE) such as face masks, shields, goggles, respirators, gloves, gowns, and coveralls will propel the market forward. For example, the National Health Service trust in Lincolnshire, England reported that between February and July 2020, approximately 2.3 billion personal protective equipment (PPE) products were distributed to health and social care personnel in England. 
The fact that engineering plastics are more robust and durable than regular plastics has increased demand for this product. They are noticeably lighter, in addition to being significantly less expensive and having superior thermal and mechanical properties. Another factor driving market growth is the growing demand for superior polymer solutions in a variety of applications such as componentry, machinery, and construction. Furthermore, the growing demand for metal substitution is driving an increase in the use of engineering polymers in a variety of industries. These materials provide significant advantages over metal structures in a variety of fields, including automotive engineering, construction, solar energy, and water management. According to DSM, several multinational OEMs are shifting away from metal components and toward engineered plastic materials and components. As an example, consider the crankshaft covers for Volkswagen vehicles, which were previously made of aluminum but are now made of polymers. The weight of the component was reduced by approximately 40% as a result of this. 
Trending plastic products
Statistics shows that plastic products trending is changing in a variety of industries, including food and beverage, consumer goods, automotive, electrical, and electronics. The growing demand for packaging in the food and beverage industry is driving global product consumption. Packaging that minimizes food degradation and contamination is preferred by food manufacturers. Plastics' ability to act as a barrier between food and the outside environment is driving demand. Furthermore, the polymer's ability to withstand physical stress and provide high durability is expanding its application in sports, fashion, polymer clay, and toy manufacturing. It is also simple to mold and allows for the production of packages of any shape and size. Applications in the textile industry are rapidly expanding due to its high elasticity, durability, and improved visual appeal. Furthermore, due to the polymer's hardness, it is suitable for packaging automotive and electrical spare parts. Thus, expanding applications in the food and beverage, textile, electrical and electronics, automotive, and consumer goods industries are propelling the plastics industry forward. 
Product usage regulations have the potential to influence market growth rates. Growing environmental concerns about polymers have resulted in stringent government regulations and other policies. Many manufacturers and governments have worked to adopt green, non-plastic alternatives to reduce environmental pollution caused by the use of plastics. For example, the United Nations Environment Program (UNEP) launched the Clean Oceans campaign in more than 50 countries in 2017, urging governments to implement plastic reduction policies and industries to reduce polymer packaging and reform their products. Many countries, including India, have also pledged to phase out single-use polymers by 2022. The transition to non-polymer products, as well as the practice of using plastics, act as restraints on market growth. Furthermore, at the United Nations Environment Assembly in Nairobi in March 2022, delegations from 175 countries and environment ministers backed a historic resolution to establish a legally binding international agreement on the eradication of plastic waste by the end of 2024. 
Plastic market value
Plastic statistics of market size and value is increasing. This market is divided into several types, including polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, polyurethane, polystyrene, and others. Polyethylene and polypropylene (PP) are the most common of these, owing to increased demand from end users such as packaging and automotive. Polymers are used in product packaging by many manufacturers because they are durable and act as a barrier between moisture and the product. Its use in the automotive industry is growing as manufacturers seek to reduce vehicle weight in order to increase efficiency and reduce carbon emissions. Because of its many advantages, such as high modulus of elasticity, electrical insulation, chemical resistance, and thermal insulation properties, polyvinyl chloride (PVC) is primarily used in the manufacture of pipes and fittings. Because of its long life, better appearance, and ease of material availability, PVC products such as doors, windows, and frames are used in the construction industry. PET (polyethylene terephthalate) is widely used in packaging and bottling applications. Packaging in the food and beverage industry is in high demand because it is non-toxic, lightweight, strong, and easily recyclable. PET is also a popular material for 3D printing due to its strength and flexibility. Polyamides are primarily used in the textile industry due to their strength and flexibility. It has high tensile strength, good elasticity, and is not prone to wrinkling. Because of these benefits, they are suitable for use in clothing, rugs, and other products. In the furniture and automotive industries, foam polyurethanes are in high demand. Because of its high electrical insulating properties, polycarbonate is primarily used in electrical and electronic applications. ABS (Acrylonitrile Butadiene Styrene) is a tough, tough polymer with chemical resistance. As a result, they can be found in camera bodies, home appliances, packing boxes, and luggage. Because of its insulating and dampening properties, polystyrene is in high demand in the electronics and packaging industries. 
Global plastic market
According to the end-use industry, the global market is divided into several subcategories, including automotive and transportation, plastic packaging, consumer and lifestyle goods, infrastructure and construction, medical and pharmaceutical, electrical and electronic, textile, and other applications. As a result of the high demand for polyethylene in the food and beverage packaging industry, it is anticipated that the packaging sector will hold the largest share of the plastics market throughout the evaluation period. The demand for products in the infrastructure and construction end-use industries is being driven by the rising utilization in the production of construction-related products such as flooring, window films, fittings, and pipes. During the period covered by the forecast, the Automotive and Transportation as well as the Consumer Goods and Lifestyle sectors are anticipated to make significant contributions to the expansion of the market. The growth of the market is being driven by the increasing use of polymers in the automotive industry. This is being done to improve the fuel efficiency of vehicles and the durability of their components. This polymer is the material of choice for the manufacturing of a wide variety of products including refrigerators, containers, household items, toys, and packaging because it is both durable and flexible and is also easy to mold. The ability of polymers to act as a barrier and thus protect against the contamination that can occur in certain environments has led to an increase in the use of polymers in the medical industry. A wide variety of polymers are utilized in the production of a variety of medical supplies, including gloves, syringes, bandage strips, blood bags, and prostheses. Due to the insulating properties that they possess, they are utilized in the production of household appliances, switches, and lighting devices in the electrical and electronic industries. 
High demand plastic products
It is anticipated that the Asia-Pacific region will hold the highest demand in terms of market share. It is anticipated that China will continue to hold the leadership position in the region as a result of its abundant availability of raw materials at competitive prices. This reduces the challenges that are associated with the production of plastic even further. Strong expansions in the construction and packaging industries are also contributing factors to the overall progress made in the Asia-Pacific region. In addition, an increase in demand from the sector of the economy that deals in consumer goods for the production of toys, textiles, and sporting goods is anticipated to drive growth in this region's market. The United States held the largest market share in North America, which was driven by increased demand for products from the medical and pharmaceutical, packaging, and electrical and electronics industries. Concerns about the pollution caused by plastics and the development of technologies that can recycle them have led to an increase in the use of recycled plastics in the region. As a result of rising demand from the regional automotive industry, the polymer market in Europe is anticipated to experience significant expansion in the coming years. In addition, due to its excellent heat resistance, electrical insulation, anti-corrosion properties, and low density, it helps promote the adoption of polymers in Europe. The rising demand from the textile and packaging industries is a significant factor that is contributing to the expansion of economies in Africa and the Middle East. Local markets will be driven by the rising demand for lightweight packaging as well as the incorporation of polymers into glass and metal. It is also anticipated that Latin America will grow as a result of the region's increasing urbanization and the rise in the number of businesses that specialize in providing solutions for industrial packaging. 
Plastics industry trends 2022
The majority of the large companies operating in this market have a presence in multiple countries and regions. In addition, in order to provide the best possible service to our customer base, we keep up with the most recent market trends. For instance, the company made an announcement in May 2021 that its plant in Wesseling, Germany would produce virgin quality polymers from raw materials derived from plastic waste. This was mentioned in the context of the May 2021 event. The Saudi Basic Industries Corporation (SABIC) is another significant player that is well established in both the Middle East and Africa. 
The company provides a variety of polymers, which has contributed to its growth and allowed it to participate in joint ventures. The research report on the market provides an in-depth analysis of the market and focuses on key aspects such as the most successful companies, applications, and types. In addition to this, the report provides insights into the trends and dynamics of the plastics market and highlights important developments in the industry. The report includes, in addition to the insights that were discussed above, a number of different factors that have been driving the growth of the market in recent years. For more information to start business related to plastic industry, contact our experts.
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