Industrial Plastic Market Size to Hit USD 132.8 Bn by 2032

The global industrial plastic market is projected to reach USD 132.8 billion by 2032, with a compound annual growth rate (CAGR) of 5.1% during the forecast period 2023 to 2032.

Industrial Plastic Market Size 2016-2027

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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Growth Factors

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.

Report Scope of the Industrial Plastic Market

Report Highlights Details
Market Size in 2023 USD 84.85 Billion
Market Size by 2032 USD 132.8 Billion
Growth Rate from 2023 to 2032 CAGR of 5.1%
Largest Market Asia Pacific
Fastest Growing Market Europe
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Type, Application, Region

Report Highlights

  • 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

Regional Snapshots

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.

Read Also: U.S. In Vitro Diagnostics Market Size to Grow USD 41.62 Bn By 2033

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 prominent players in the industrial plastic market include:

  • SABIC
  • BASF SE
  • Victrex Plc
  • Evonik Industries AG
  • EnsingerGmbh
  • 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
  • Mitsui & Co., Ltd.

Segments Covered in the Report

By Product

  • Acrylonitrile Butadiene Styrene (ABS)
  • Polyphenylene Ether
  • Polybutylene Terephthalate (PBT)
  • Polyamide
  • PEEK
  • Polysulfone (PSU)
  • Liquid Crystal Polymers
  • Polyphenylsulfone (PPSU)
  • Polytetrafluoroethylene (PTFE)
  • Polyetherimide
  • Polycarbonate
  • Others

By Application

  • Building & Construction
  • Packaging
  • Electrical & Electronics
  • Healthcare
  • Automotive & Transportation
  • Aerospace
  • Others

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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