Plastics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

 

Plastics Market Overview:

According to the International Trade Centre (ITC), the trade value of plastics and its products was $655.79 billion in 2018, after registering an annual growth of 9% over 2017. The increasing trade of plastics can be attributed to a myriad of applications in the residential, textile, packaging, building & construction, and other sectors. This resonates with the growing plastic market size that was gauged to be $516 billion in 2018. Owing to these varied applications, the demand for plastics is estimated to grow at a CAGR of 4% during the forecast period 2019-2025.

APAC had the greatest plastics market share of 45% in 2018, which is attributed to increasing trade of plastics in countries such as China and India. Moreover, the end user industries of plastics such as automotive and electronics are booming in APAC, which has created demand for plastics in the region.

According to the PlastIndia Foundation, India has 15,788 KTA production capacity of thermoplastics alone. Similarly, engineering plastics, polyolefin, polystyrene, and polyurethane have a major marketplace in India.

According to the Indian Brand Equity Foundation (IBEF),  China and Bangladesh imported $553.42m and $168.33m worth of plastic products from India between April to October 2018. This indicates the lucrative prospects in the APAC plastics market.  Even though the Indonesian plastic industry witnessed a decline due to the overwhelming problem of plastic wastes in the country, other countries such as Malaysia, Japan, and the Philippines contributed to the APAC plastics market share in 2018.

Plastics Market Outlook:

Plastics such as polyethylene terephthalate (PETE or PET), high-density polyethylene (HDPE), polyvinyl chloride (PVC), and low-density polyethylene (LDPE) are used to make products through plastic injection molding of plastic resin. There is a variety of plastics which include elastomers, epoxy resins, fluoropolymers, and bio-plastics, that are used in a gamut of industries.

Key application which offers lucrative opportunities in the plastic market is packaging, and the use of plastics in packaging is poised to grow at a CAGR of 3.35% through to 2025. This is majorly attributed to rise in demand from the flexible packaging market segment of the packaging industry. According to the Flexible Packaging Industry (FPI), the flexible packaging market was worth $30.9 billion in 2017, and is the fastest growing segment of the global packaging industry. Furthermore, sales of drinking water bottles and soft-drinks are increasing, which is further driving the plastics market.

Plastics Market Growth Drivers:

· The Growth Prospects In the Consumer Electronics Sector –

According to the Global System for Mobile Communication (GSMA), the number of mobile users will increase from 5.1 billion in 2018 to 5.8 billion in 2025, at a CAGR of 1.9%. Subsequently, there will an increase in demand for plastics for use in mobile phones during the forecast period. Similarly, consumer electronic products such as washing machines, smart TV, and others are made of plastics. Growing usage of plastics in the consumer electronics industry is creating a demand influx in the plastics market.

· The Automotive Industry: A Major Plastics Marketplace –

According to the International Organization of Motor Vehicles Manufacturers, 95.63 million vehicles were manufactured in 2018. Many parts of vehicles are made of plastics such as polypropylene, polyvinyl chloride (PVC), acrylonitrile-butadiene-styrene (ABS), and polycarbonate. Owing to increase in the disposable income of people, people are now able to afford cars, leading to an increase in sales of cars worldwide. Furthermore, there will be enhanced production of vehicles in the future with the advent of electric vehicles, semi-autonomous and autonomous vehicles, and self-driving trucks. The plastics market is poised to generate demand from the automotive industry as the increase in production of vehicles will augment application of plastics in the sector.

Plastics Market Trends –

  • Demand for Reinforced Plastics Will Rise – The automobile industry will be using reinforced plastics as they are robust and resistive to deformation. Reinforced plastics are also gaining grounds in the construction, medical, military, and marine industries.
  • In August 2018, LyodellBasell acquired A. Schulman, Inc. The acquisition is expected to help the company leverage demand for plastics from the automotive, construction, electronic goods, and packaging industries. 
Location: United States

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