INDUSTRIAL PLASTIC MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The industrial plastic market is estimated to be valued at USD 93.19 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. The industrial plastic market has experienced steady growth over the past few decades driven by the rising demand from end-use industries. Plastics have largely replaced traditional materials in industrial applications owing to their lightweight, durable, and corrosion-resistant properties. Additionally, plastics aid in reducing production costs for manufacturers. Some of the major industrial plastic types include polyvinyl chloride (PVC), polyethylene (PE), polypropylene (PP), polyurethane (PU), and others. These plastics find wide applications across various industries such as construction, packaging, automotive, electronics, and other industrial verticals. Going forward, the growth of the industrial plastic market will be fueled by rising industrialization across developing nations, rapid urbanization, and increasing investment in infrastructure development projects.

 Market Dynamics:

The industrial plastic market is witnessing positive growth driven by several factors. Rapid industrialization and infrastructural development activities across emerging economies are creating significant demand for durable and cost-effective plastic materials. For instance, growth in the construction and automotive industries in Asia Pacific is a major driver. Additionally, properties of plastics such as resilience to weathering, corrosion resistance, and flexibility make them suitable for industrial applications. However, volatility in raw material prices poses a major challenge as it increases production costs. Moreover, growing environmental concerns regarding plastic waste have led regulatory bodies to impose stringent norms regarding the recycling and disposal of plastics. Nevertheless, the market players are increasingly investing in R&D to develop bio-based and recyclable plastics, which is expected to present lucrative opportunities for sustainable growth over the forecast period.

Key Features of the Study:

• This report provides in-depth analysis of the global industrial plastic market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global industrial plastic market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Exxon Mobil Corporation, Sumitomo Chemical Co., Ltd., BASF SE, SABIC, Dow, Inc., Evonik Industries AG, Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, Formosa Plastics Corporation, Covestro AG, Toray Industries, Inc., Mitsui & Co. Plastics Ltd., TEIJIN LIMITED, LG Chem, Huntsman International LLC, Chevron Phillips Chemical Co., LLC, and LyondellBasell Industries Holdings B.V.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global industrial plastic market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Detailed Segmentation-

• By Product Type:
• • Polyphenylene Ether
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polybutylene Terephthalate (PBT)
  • PEEK
  • Polyamide
  • Polysulfone (PSU)
  • Others
• By Application:
• • Packaging
  • Building & Construction
  • Electrical & Electronics
  • Automotive & Transportation
  • Healthcare
  • Aerospace
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Exxon Mobil Corporation
  • Sumitomo Chemical Co., Ltd.
  • BASF SE
  • SABIC
  • Dow, Inc.
  • Evonik Industries AG
  • Arkema
  • Celanese Corporation
  • Eastman Chemical Company
  • Chevron Phillips Chemical Co., LLC
  • Formosa Plastics Corporation
  • Covestro AG
  • Toray Industries, Inc.
  • Mitsui & Co. Plastics Ltd.
  • TEIJIN LIMITED
  • LG Chem
  • Huntsman International LLC
  • Chevron Phillips Chemical Co., LLC
  • LyondellBasell Industries Holdings B.V.