Global Plastics Industry Expected To Witness Steady Growth From 2024 to 2030: Grand View Research, Inc.

SAN FRANCISCO, Aug. 12, 2024 /PRNewswire/ -- The global plastics industry is set to witness steady growth from 2024 to 2030, as per the forecast by Grand View Research. Growing demand for specialized and engineering plastics, particularly from key end-user industries such as construction, packaging, medical and automotive, will remain a key driving force for the overall demand. The plastics industry is also characterized by the increasing efforts taken by major producers to reduce their carbon footprint in accordance with the Net Zero Industry Act across various regions.

Some of the key plastics and plastic products driving the trend include:

The global 3D printing plastics market size was USD 972.1 million in 2022 and is projected to grow at a CAGR of 24.0% from 2023 to 2030. Ease in customized product development, coupled with favorable government investments are likely to augment the market growth over the coming years. In addition, rising demand from end user industries such as automotive, medical, aerospace & defense are likely to drive the market demand.

The antimicrobial plastic market size was USD 37.87 billion in 2021 globally and is expected to expand at a CAGR of 7.8% from 2022 to 2030. Antimicrobial plastic contains antimicrobial additive that makes it effective against the growth of microbes such as algae, fungi, and mold. These microbes tend to shorten the life of plastic products; thus, the use of antimicrobial plastics has increased in recent years in various end-use industries such as food and beverage, packaging, and healthcare, which are expected to be the main drivers of the global market during the forecast period.

Global automotive plastics market size was USD 30.44 billion in 2023 and is anticipated to grow a CAGR of 5.6% from 2024 to 2030. The expansion of the market is being fueled by the increasing demand for lightweight materials in vehicle manufacturing, driven by the pursuit of enhanced fuel efficiency and reduced emissions.

The automotive silicone market size was USD 439.19 million in 2021 globally and is expected to expand at a CAGR of 3.3% from 2022 to 2030. Factors, such as growth in demand for silicones in various applications of automobiles and government regulations on vehicle emissions is expected to boost the market growth.

The global biodegradable plastic market size was USD 5.43 billion in 2023 and is projected to grow at a CAGR of 9.2% from 2024 to 2030. Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding the ill effects of plastic waste are among the key trends stimulating market growth.

The bioplastics market size was USD 11,610.5 million in 2022 globally and is expected to expand at a CAGR of 18.8% from 2023 to 2030. Growing environmental concerns linked to the usage of conventional plastics, coupled with growth of key end-user industries in emerging markets of Asia Pacific and Middle East are expected to fuel the market growth.

Global breathable films market size was USD 18.23 billion in 2022 and is expected to expand at a CAGR of 5.3% from 2023 to 2030. Breathable films are majorly used in various end-uses such as feminine hygiene, adult incontinence types, surgical drapes, and diapers. Growing demand for hygiene products in accordance with growing population and increasing disposable income level in Asia Pacific is expected to boost the demand for breathable films over the forecast period.

The medical plastics market size was USD 52.9 billion in 2023 globally and is expected to grow at a CAGR of 7.4% from 2024 to 2030. This growth can be attributed to the development of advanced plastics and plastic composites used in medical components such as catheters, surgical instrument handles, and syringes. The demand for medical device packaging is likely to be driven by a rise in demand for in-house and advanced medical devices.

The global polylactic acid market size was USD 713.22 million in 2023 and is expected to grow at a CAGR of 21.4% from 2024 to 2030. The growth of the PLA market is mainly driven by the growing demand for polylactic acid (PLA) biodegradable resin in packaging across both developed economies and emerging economies such as China, India, Italy and others.

The polyurethane foam market size was USD 43.70 billion in 2023 globally and is expected to expand at a CAGR of 7.8% from 2024 to 2030. Increasing demand from various industries, including automotive, construction, and furniture is expected to fuel the market growth. Polyurethane (PU) foam's demand is driven by its versatility and excellent insulation properties, thus making it an ideal material for ensuring the comfort, safety, and energy efficiency of using products.

Global post-consumer recycled plastics market size was USD 10.66 billion in 2023 and is expected to grow at a CAGR of 10.7% from 2024 to 2030. The market growth can be attributed to the rising sustainability measures undertaken by food & beverage and packaging companies to use recycled plastic materials.

The recycled plastics market size was USD 51.70 billion in 2023 globally and is projected to grow at a CAGR of 9.5% from 2024 to 2030. Increasing plastic consumption in the production of lightweight components which are used in various industries, including building & construction, automotive, electrical & electronics, and various other industries, are expected to propel the market growth over the forecast period.

Global super absorbent polymer market size was USD 6.49 billion in 2023 and is expected to grow at a CAGR of 6.5% from 2024 to 2030. The market is expected to grow significantly owing to increasing demand in various application segments such as baby diapers, adult incontinence, agriculture, and female hygiene products.

The synthetic leather market size was USD 38.98 billion in 2023 globally and is projected to grow at a CAGR of 7.87% from 2024 to 2030. Globally increasing demand from the footwear sector is expected to be a key factor propelling the overall market growth. The high cost of natural leather is another factor that has driven the need for natural leather replacements.

The global epoxy resin market size was USD 11.25 billion in 2023 and is expected to grow at a CAGR of 6.3% from 2024 to 2030. Increasing demand for paints and coatings is anticipated to drive market growth significantly during the forecast period. Increasing demand for epoxy resins is attributed to growing spending on construction, particularly residential construction, especially in North America and Western Europe.

The ethylene propylene diene monomer (EPDM) market size was USD 4.45 billion in 2022 globally and is expected to grow at a CAGR of 5.7% from 2023 to 2030 The growth of the industry is mainly driven by the increasing investments in the automotive sector across emerging economies, such as China and India.

Global nylon market size was USD 34.39 billion in 2023 and is projected to grow at a CAGR of 6.5% from 2024 to 2030. Growth of automotive industry in Asia Pacific and Middle East is expected to propel the market growth. Nylon has been increasingly find new usage with the automotive industry and this has helped the product to penetrate further within the industry. 

The phenolic resins market size was USD 13.6 billion in 2022 globally and is anticipated to witness a CAGR of 5.5% from 2023 to 2030. Phenolic resins are commonly used to across applications, including wood adhesives, molding, insulations, laminates, paper impregnation, coatings, and other applications such as abrasives, composites, carbon binders, friction materials, sound-roof bonding felt, and tires & rubbers. Increasing construction activities across Asia Pacific and Middle East to remain a key driver over the forecast period.

The global polyethylene market size was USD 155.18 billion in 2023 and is expected to grow at a CAGR of 5.0% from 2024 to 2030. The ongoing technological advancements in several end-use industries and the growing demand for lightweight and cost-effective products are expected to boost market growth over the forecast period.

The polymethyl methacrylate (PMMA) market size was USD 5,419.3 million in 2022 globally and is expected to exhibit a CAGR of 5.3% from 2023 to 2030. The increasing demand for lighter and more fuel-efficient vehicles in the automobile industry is one of the primary drivers for the growth of the polymethyl methacrylate (PMMA) industry.

The global polyvinyl alcohol (PVA) market size was USD 1,006.9 million in 2022 and is projected to grow at a CAGR of 6.4% from 2023 to 2030. Increasing demand from the packaging industry on back of growing e-commerce industry globally is expected to remain a key driver over the forecast period.

The silicone market size was USD 21.33 billion in 2023 globally and is expected to grow at a CAGR of 6.0% from 2024 to 2030. Growing demand for silicone in various end-use industries, including personal care, consumer goods, industrial processes, and construction, is expected to drive market growth.

Global thermoplastic vulcanizates market size was USD 1.65 billion in 2023 and is projected to grow at a CAGR of 8.7% from 2024 to 2030. The market for thermoplastic vulcanizates (TPV) is expected to grow during the forecast period due to rising demand for lightweight, environmentally friendly solutions that offer exceptional durability as well as increased safety particularly in the automotive industry.

Ultra-high molecular weight polyethylene market size was USD 1.87 billion in 2023 globally and is expected to grow at a CAGR of 11.3% from 2024 to 2030. Increasing demand from various applications such as batteries, medical grade & prosthetics, additives, fibers, filtration, and membranes are significantly driving the growth of UHMWPE market.

The global unsaturated polyester resin market size was USD 12.2 billion in 2022 and is expected to expand at a CAGR of 7.1% from 2023 to 2030. Recent developments in the construction and end-use of tanks & pipes are likely to drive demand for isophthalic compounds in these segments. The increase in the use of environment-friendly and energy-saving products is also expected to have a positive impact on the market during the forecast period.

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