Plastics Market Revenue to Reach USD 4.4 billion by 2031| Says Transparency Market Research, Inc.

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Dec 18, 2023, 05:50 ET

WILMINGTON, Del., Dec. 18, 2023 /PRNewswire/ -- Innovations in polymer technology and material science are leading to the creation of novel plastic compositions that improve durability and characteristics. Increased urbanization, a growing population, and growing environmental concerns are all driving the growth of the plastics business.

Transparency Market Research Inc. - The global plastics market was projected to attain US$ 1.9 billion in 2022. It is anticipated to garner a 9.6% CAGR from 2023 to 2031 and by 2031; the market is likely to attain US$ 4.4 billion by 2031.

Demand for natural, sustainable goods and environmentally friendly packaging is being driven by a growing desire for better lives and an increased knowledge of the advantages to the environment. The market for biodegradable plastics is being helped by this change, which is especially noticeable in the packaging industry.

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Applications for bioplastics may be found in a wide range of sectors, such as consumer electronics, automotive, and packaging, and they are growing and diversifying rapidly. Biodegradable plastic is in high demand in the food packaging industry as consumers want for long-lasting, environmentally friendly products. The usage of biodegradable plastic bags is widespread in industries including food processing, lodging, and grocery stores, demonstrating the reach of this movement to retail items.

Plastics Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2022
Size in 2022	US$ 1.9 Bn
Forecast (Value) in 2031	US$ 4.4 Bn
Growth Rate (CAGR)	9.6 %
No. of Pages	350 Pages
Segments covered	Material Vs. Application, End-use

Key Findings of the Market Report

The need for biodegradable plastics is being driven by governments throughout the world pushing biodegradable polymers in response to the rise in single-use plastic waste.
Biodegradable polymers are being adopted as a solution to the global problem of plastic pollution.
Bio-based waste and conventional garbage may be recycled together, making industrial composting a more practical choice for managing waste.
For the sustainable use of resources and the environment, biodegradable product waste management systems must be effective.
Biodegradable plastics are versatile enough to be recycled mechanically and organically.
Turning waste biodegradable plastic into fuel through thermochemical and biological processes is becoming more and more popular as a sustainable waste management technique.

Market Trends for Plastics

Renewable resources like crops, plants, or other biological components are the source of bio-based plastics. Bio-based plastics have an advantage over conventional plastics in that they are more sustainable and kinder to the environment. Traditional plastics are usually manufactured from fossil fuels.
A popular feedstock for the manufacturing of bio-based plastics is sugarcane, specifically the bio-ethylene kind of this material. Polyethylene is a common material that are produced from bio-ethylene. Bioethanol derived from sugarcane is a vital component used to produce bio-ethylene.

Global Market for Plastics: Regional Outlook

The Asia Pacific region dominates the global landscape for a number of reasons. Rapid development and urbanization have occurred in China and India. The need for plastics has grown across a number of industries, including consumer products, automotive, packaging, and construction.
A sizable and developing middle class with rising spending power drives the demand for commodities that primarily rely on plastics, such as consumer goods, packaging materials, and vehicles.
Asia Pacific is becoming the center of global manufacturing for many different sectors. The infrastructure and manufacturing capacity of the area support the manufacture and use of plastics in a variety of applications.

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Global Plastics Market: Key Players

There are several small and medium-sized plastics manufacturers operating globally, and they are in competition with one another. Companies are heavily spending in extensive research and development operations, mainly to manufacture environmentally friendly products,

Two of the main tactics used by major companies in the plastics industry, including Corbion, Novamont, Futerro, BASF SE, NatureWorks LLC, and LyondellBasell Industries Holdings B.V., are product portfolio expansion, mergers, and acquisitions. The following companies are well-known participants in the global plastics market:

Corbion
Novamont
Avantium
Futerro
BASF SE
NatureWorks LLC
Biome Bioplastics
BRASKEM
LyondellBasell Industries Holdings B.V.
Kaneka Corporation
Mitsubishi Chemical Group Corporation
Eastman Chemical Company
FKuR
PTT MCC Biochem Co., Ltd.
NaturePlast
Others

Some prominent developments by the players in this market are:

Company name

Key Developments

NatureWorks

● A Master Collaboration Agreement (MCA) was signed on November 15, 2022, between CJ Biomaterials, Inc., a division of CJ CheilJedang, a South Korean company, and NatureWorks, the world's leading producer of polylactic acid (PLA).

● The MCA called for the two companies to collaborate on the development of environmentally friendly product solutions based on IngeoTM biopolymer from NatureWorks and PHACTTM Biodegradable Polymers from CJ Biomaterials.

BASF SE

● BASF SE completed the purchase of Solvay's polyamide division (PA 6.6) on January 31, 2020. The corporation was able to increase its market share in North America, South America, and Asia because of this purchase.

● Eight industrial facilities in Germany, France, China, India, South Korea, Brazil, and Mexico were part of the deal.

● It also assisted the business in setting up research and development facilities throughout North America and Asia.

Global Plastics Market Segmentation

Material vs. Application

Bio-based
- Polypropylene (PP)
  - Food Containers
  - Trash Cans & Plastic Bags
  - Syringes
  - Medical Containers
  - Pipes
  - Others (Electrical Insulation, Consumer Goods, etc.)
- Poly Lactic Acid (PLA)
  - Clamshells Containers
  - Round Plates
  - Food Cups
  - Trays
  - Cutlery
  - Flexible Packaging Film
  - Coating Paper
  - Implants & Medical Devices
  - Others (Fibers, Safety Helmets, etc.)
- Polyethylene Terephthalate (PET)
  - Plastic Bottles
  - Films
  - Filter Cloth
  - Packaging Trays & Blisters
  - Microwavable Containers
  - Bracing Wires
  - Others (Engine Cover, Solar Junction Boxes, etc.)
- Polystyrene (PS)
  - Test Tubes
  - Petri Dishes
  - Diagnostic Components
  - Compost Bins
  - Electronic Packaging
  - Temperature Controlled Packaging
  - Synthetic Corks
  - Others (Toys, Automotive Insulation)
Bio-based Paper and Sugarcane
- Paper/Cardboard
  - Packaging
  - Plates
  - Cups
  - Trays
  - Others
- Sugarcane Fiber/Bagasse
  - Clamshells Containers
  - Round Plates
  - Others
Petro-based
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- Others
Foamed Plastic
- Expanded Polystyrene Foam (EPS)
- Extruded Polystyrene Foam (XPS)
- Expanded Polystyrene Beads
- Polyethylene Foam (PE)
- Polypropylene Foam (PP)
- PS Low Foam
- Foamed PLA
- Others
End Use
- Packaging
- Food & Beverages
- Medical
- Agricultural
- Electrical & Electronics
- Automotive
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America

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