Industrial Plastics Strategic Industry Research 2024: Global Market to Reach $138 Billion by 2030 from $91 Billion in 2023, Fueled by Rising Demand for Lightweight Materials and Enhanced Strength

Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) — The “Industrial Plastics – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

The global market for Industrial Plastics was estimated at US$91.3 Billion in 2023 and is projected to reach US$138.0 Billion by 2030, growing at a CAGR of 6.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

The growth in the industrial plastics market is driven by several factors, including the increasing demand for lightweight and durable materials, advancements in plastic production technologies, and the growing emphasis on sustainability. As industries such as automotive and electronics prioritize weight reduction and cost efficiency, the use of industrial plastics as a replacement for metal and other traditional materials is increasing.

Technological innovations in high-performance polymers and plastic recycling are also contributing to market growth by expanding the range of applications for plastics and promoting environmental sustainability. Furthermore, the rapid expansion of the packaging industry, particularly in developing regions, is driving demand for industrial plastics, as they offer cost-effective and versatile solutions for a wide range of packaging needs.

Why Are Industrial Plastics Indispensable in Modern Manufacturing?

Industrial plastics have become indispensable in modern manufacturing due to their versatility, durability, and cost-effectiveness. These plastics are used in various industries, including automotive, construction, electronics, and packaging, to manufacture components that require high strength, chemical resistance, and lightweight properties.

Industrial plastics such as polyethylene, polypropylene, and polyvinyl chloride (PVC) have replaced traditional materials like metal and glass in many applications because they offer greater design flexibility, lower production costs, and improved performance. In the automotive sector, for instance, plastics are used to reduce vehicle weight, enhancing fuel efficiency and reducing emissions. As industries continue to seek materials that combine strength, lightweight properties, and cost savings, the demand for industrial plastics continues to rise.

How Are Technological Advancements Shaping the Industrial Plastics Market?

Technological advancements are driving significant changes in the industrial plastics market, particularly in the development of advanced polymer materials and production processes. Innovations in polymer chemistry have led to the creation of high-performance plastics, such as engineering thermoplastics and bioplastics, which offer superior mechanical properties, thermal stability, and environmental sustainability. These materials are increasingly being used in applications that require high strength and durability, such as aerospace and electronics.

Furthermore, advancements in 3D printing technology are enabling manufacturers to produce complex plastic components more efficiently and with greater precision. The development of new recycling technologies is also contributing to the growth of the industrial plastics market by promoting the circular economy and reducing plastic waste.

How Do Market Segments Define the Growth of the Industrial Plastics Market?

Types of plastics include polyethylene, polypropylene, polyvinyl chloride (PVC), and polystyrene, with polyethylene and polypropylene leading the market due to their extensive use in packaging and automotive applications. Applications of industrial plastics span across automotive parts, construction materials, electronic components, and packaging, with packaging being the dominant segment as it accounts for a large share of plastic consumption globally.

End-use industries include automotive, construction, electronics, packaging, and healthcare, with the automotive and packaging industries driving significant demand for industrial plastics. The market is also expanding in emerging economies where rapid industrialization and urbanization are increasing the demand for plastic products.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Polyamide segment, which is expected to reach US$48.3 Billion by 2030 with a CAGR of a 5.9%. The Acrylonitrile Butadiene Styrene segment is also set to grow at 6.1% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $24.0 Billion in 2023, and China, forecasted to grow at an impressive 9.1% CAGR to reach $31.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Industrial Plastics market such as Arkema S.A., BASF SE, Covestro AG, Eastman Chemical Company, Ensinger Gmbh and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Attributes:

Key Topics Covered:

MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Global Economic Update
• Industrial Plastics – Global Key Competitors Percentage Market Share in 2024 (E)
• Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

MARKET TRENDS & DRIVERS

• Rising Demand for Lightweight Materials in Automotive and Aerospace Drives Growth of Industrial Plastics
• Technological Advancements in High-Performance Plastics Strengthen Business Case for Adoption
• Expansion of the Packaging Industry Spurs Market Growth for Industrial Plastics
• Focus on Reducing Carbon Footprint Propels Demand for Recyclable and Bio-Based Plastics
• Growth in Electronics and Electrical Sectors Drives Demand for Heat-Resistant Plastics
• Increasing Use of Plastics in Medical Devices Expands Market Opportunity
• Emerging Applications in 3D Printing Propel Demand for Specialized Industrial Plastics
• Stringent Regulations on Plastic Waste Disposal Drives Innovation in Sustainable Plastics
• Rising Demand for Plastics in Construction Expands Addressable Market
• Focus on Enhancing Durability and Strength of Materials Strengthens Adoption of High-Performance Plastics
• Expansion of Consumer Goods Manufacturing Spurs Demand for Industrial Plastics
• Technological Innovations in Polymer Blends Propel Market Expansion
• Growing Adoption of Circular Economy Initiatives Expands Market for Recycled Plastics

FOCUS ON SELECT PLAYERS: Some of the leading companies featured in this Industrial Plastics market report include

• Arkema S.A.
• BASF SE
• Covestro AG
• Eastman Chemical Company
• Ensinger Gmbh
• Evonik Industries AG
• Formosa Plastics Corporation
• Lyondellbasell Industries Holdings B.V.
• Mitsubishi Engineering-Plastics Corporation
• Mitsui & Co., Ltd.
• SABIC
• Solvay S.A.
• Teijin Limited
• Toray Industries, Inc.
• Victrex Plc

For more information about this report visit https://www.researchandmarkets.com/r/ecsqhw

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• Industrial Plastics Market