Industrial Plastic Market Size to Rake USD 109.20 Bn by 2027
27 November 2020
OTTAWA, Nov. 26, 2020 (GLOBE NEWSWIRE) -- The global industrial plastic market is anticipated to grow at a compound annual growth rate (CAGR) of 4.9% during the forecast period 2020 to 2027.
Industrial plastic is a synthetic compound that are largely used in the various industrial applications that include automotive, packaging, electronics & electrical, construction, healthcare, aerospace & defense, and many other industries. Advanced properties offered by these plastics such as moldability, high tensile strength, and excellent mechanical properties makes them favorable for the industrial applications. Some of the industrial plastics are categorized as Acrylonitrile Butadiene Styrene (ABS), Polyphenylene Ether, Polybutylene Terephthalate (PBT), Polyamide, PEEK, Polysulfone (PSU), Liquid Crystal Polymers, Polyphenylsulfone (PPSU), Polytetrafluoroethylene (PTFE), Polyetherimide, and Polycarbonate.
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Increasing application of plastic materials in packaging, construction, healthcare, transportation, electronics, and many other industries expected to propel the demand for the product over the coming years. Changing purchasing trend from offline to online along with eating habits have prominently triggered the growth of packaging industry over the recent past and expected to influence the market growth as well in the near future. Further, increasing innovations in the electronics & electrical industry has opened up new horizons for the plastic manufacturers to gain significant foothold in the end-use sector.
Apart from the sluggish growth of automotive industry, growing emphasis towards lighter vehicles and electric cars projected to provide new opportunities to the industrial plastic manufacturers over the coming years. Strict regulatory policies by the governments of several regions have further favored the industry growth for industrial plastics.
- The Asia Pacific captured the major market share in terms of value in 2019 and expected to continue the same trend over the coming years due to well-established manufacturing base in the region
- Stringent government regulations for chemical industries in Europe estimated to provide alluring opportunities for renewable and environment-friendly plastic materials in the region
- In respect to revenue, polyamide captured the largest segment share in 2019 accounting for nearly 40% owing to its attractive properties such as dimensional stability, sliding friction, rigidity, and chemical resistance
- Polycarbonate exhibits lucrative growth during the forthcoming years because of its significant demand from transportation and electrical & electronics sectors
- Automotive is a major application segment for the industrial plastics owing to its notable contribution in the weight reduction of a vehicle
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The Asia Pacific is the major market for industrial plastics across the globe and anticipated to retain its dominant position over the forthcoming years. Shifting manufacturing bases of several industries owing to reduced cost of raw material and labor that further reduces the overall production cost and increases the profit ratio to the manufacturers expected to be a major factor that propels the market growth in the region. Further, rising demand for personal transportation system due to rise in the disposable income and purchasing power of the consumer predicted to further drive the market for the Asia Pacific.
Europe market witnesses a slow growth over the past timeframe and expected to recover its growth in the coming years. Stringent emission norms for the industries particularly for the chemical industry expected to be the major factors restricts the market growth in the region. However, significant demand from the automotive industry as a substitute of heavy components is likely to further prosper the market growth in the region.
On the contrary, recent outbreak of COVID-19 in the staring of 2020 anticipated to hinder the product demand primarily in electrical & electronics, automotive, construction, and consumer goods applications. The outbreak has further resulted in the restrictions on supply & transport, halt or slowdown in manufacturing processes, and infrastructure slowdown that expected to have a negative impact on the demand for industrial plastics in the coming years.
- Plastic Compounding Market - The global market size was valued at US$ 58.79 billion in 2019 and expected to reach US$ 104.1 billion by 2027 with a CAGR of around 6.71% during period 2020 to 2027.
- Biodegradable Plastic Market - The global market size was valued at USD 3.39 Billion in 2019 and expected to reach USD 7.06 Billion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 9.6% during the forecast period 2020 to 2027.
- Medical Plastic Compounds Market - The global market was valued at USD 52.24 billion in 2019 and expected to reach USD 79.56 billion by 2027, at a compound annual growth rate (CAGR) of 5.4% during the forecast period 2020 to 2027.
Key Players & Strategies
The market players operating in the global industrial plastics market are facing stiff competition from their competitors owing to high variations in the product offerings and an on-going trend to collaborate raw material production facility with the distribution channel to enhance the product quality. Increasing demand for the environment-friendly plastics from numerous end-use industries is likely to offer immense growth opportunity for the industry players along with strengthening their foothold in the market. In addition, the companies are also investing prominently in the research &development activities to develop new and advanced industrial plastic products to sustain the market competition as well as rapidly changing consumer requirements.
Some of the key players operating in the market are SABIC, BASF SE, Victrex Plc, Evonik Industries AG, Ensinger Gmbh, Lyondellbasell Industries Holdings B.V., Eastman Chemical Company, Arkema S.A., Solvay S.A., Teijin Limited, Formosa Plastics Corporation, Mitsubishi Engineering-Plastics Corporation, Toray Industries, Inc., Covestro AG, and Mitsui & Co., Ltd. among others.
- Acrylonitrile Butadiene Styrene (ABS)
- Polyphenylene Ether
- Polybutylene Terephthalate (PBT)
- Polysulfone (PSU)
- Liquid Crystal Polymers
- Polyphenylsulfone (PPSU)
- Polytetrafluoroethylene (PTFE)
- Building & Construction
- Electrical & Electronics
- Automotive & Transportation
By Regional Outlook
- North America
- Asia Pacific
° South Korea
- Rest of the World
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