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KEY MARKET INSIGHTS

2025-03-18

KEY MARKET INSIGHTS
The global plastics market size was valued at USD 507.16 billion in 2023 and is projected to grow from USD 532.64 billion in 2024 to USD 778.67 billion by 2032, exhibiting a CAGR of 5.1% during 2024-2032. Asia Pacific dominated the plastics market with a market share of 54.84% in 2023. The plastics market in the U.S. is projected to grow significantly, reaching an estimated value of USD 93.43 billion by 2032, backed by increasing product demand from the electrical & electronics, healthcare & pharmaceuticals, and packaging industries.

Plastics are polymers that are used to manufacture various products, including paper clips, spacecraft, and others due to their versatility, easy manufacturing, moldability, lightweight, waterproof nature, and low cost. They are traditionally derived from petroleum and natural gas. The depleting sources of polymers have encouraged manufacturers to use renewable sources. The plastics manufactured using renewable biomass sources, such as corn starch, vegetable oil, food waste, and sawdust, are called bioplastics. Moreover, rising awareness about the environmental harm caused by polymers influences manufacturers to develop recyclable products. Rising demand for high-performance plastic packaging solutions for the protection of products coupled with increasing technological advancement are the key factors driving the market.

In the wake of the COVID-19 pandemic, the plastics demand from the automotive and building & construction industries declined substantially. This drop was associated with decreased manufacturing activities in these industries along with lockdown restrictions imposed globally. Additionally, a significant drop in the prices of crude oil due to the decline in demand and lower storage capacity for oversupply reduced the market expansion. On the contrary, the demand for the production of Personal Protective Equipment (PPE), such as face masks, goggles, shields, gloves, respirators, gowns, and coveralls, from the medical industry propelled the market. For instance, according to the National Health Service trust in Lincolnshire, England, about 2.3 billion PPE products were distributed to health and social care personnel in England between February and July 2020.

PLASTIC MARKET TRENDS
Increasing Demand for Engineering Plastics Due to their Properties to Favor the Market Growth

Engineering plastics being more robust and durable than regular ones have increased product demand. They provide better thermal and mechanical properties and are lightweight and cost-effective. The rising need for greater polymer solutions for different end-use industries, such as componentry, machinery, and construction, supports the market expansion. Moreover, the rising demand for metal substitution increasingly leads to broader usage of engineering polymers in various industries. These materials offer more decisive benefits over metal structures in automotive engineering, construction, solar, and water industries. As per DSM, several global OEMs are replacing metal parts with engineered plastic components and materials. For instance, the crankshaft covers for Volkswagen earlier, made from aluminum, are now made from polymers. This resulted in about 40% weight reduction of the part.