Plastics Market (2022-2029) Expectation Surges With Rising Demand and Changing Trends |
As the chemical industry moves into 2022, strong demand for both commodity and specialty chemicals should keep prices robust throughout the year. However, the industry could face margin pressures amid raw material cost inflation, which will likely remain high through the first half of 2022.
The global plastic market size was valued at USD 439.28 billion in 2021. The market is projected to grow from USD 457.73 billion in 2022 to USD 643.37 billion by 2029, exhibiting a CAGR of 5.0% during the forecast period. Skyrocketing demand for personal protective equipment (PPE) such as facemasks and gloves amid the COVID-19 will emerge as a major growth accelerator for this market, shares Fortune Business Insights™ in its report, PPE products are mostly made from plastic as the material is easy to use for mass manufacturing. The coronavirus pandemic has led to an unprecedented spike in demand for PPE from the healthcare industry as frontline workers are constantly exposed to COVID patients and need adequate protection. According to the World Health Organization (WHO), approximately 89 million medical masks and 76 million disposable gloves are required every month to battle the virus. In March 2020, the WHO, citing these estimations, urged companies to increase their manufacturing capacity by 40%. The pandemic, therefore, is generating lucrative opportunities for this industry.
As per the report, the global market value stood at USD 450.88 billion in 2019. The main highlights of the report include:
- Comprehensive overview of the industry trends and outlook;
- In-depth examination of the impact of the COVID-19 outbreak on the market;
- Tangible research into the market drivers, restraints, and segments; and
- Detailed study of the competitive landscape and regional prospects of the market.
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Rampant Plastic Pollution Worldwide to Stem Adoption
The extensive and rampant utilization of plastics around the globe has heightened the problem of pollution and it is slated to intensify in the next few decades. According to a model developed by researchers from the University of Leeds, University of Oxford, SYSTEMIQ, and The Pew Charitable Trusts, over 1.3 billion tons of waste will be dumped into the oceans and on land between 2016 and 2040. Presently, the study finds that roughly 30 million tons of plastic is dumped on land, 50 million tons is burnt, and 11 million tons ends up in seas. Furthermore, plastic burning is expected to lead to massive increases in air pollution. For example, a recent report by the Center for Environmental Law found that the current rate of polymer incineration is approximately equivalent to the emissions released by 189 coal-fired plants. With governments tightening the screws on production and consumption to curtail pollution, the growth of this market is likely to dampen in the coming years.
Asia Pacific to Present Attractive Business Opportunities to Plastic Manufacturers
Asia Pacific is anticipated to dominate the plastics market share during the forecast period owing to exponential growth in polymer consumption in the region’s developing economies. In China, polymer production is rapidly expanding as a result of wide availability raw materials, while promising growth in India’s consumer goods industry is attracting large investments in the domestic polymer industry. In 2019, the region’s market size stood at USD 226.8 billion.
The North America market is also expected to display excellent owing to extensive adoption of polymer in the pharmaceutical, healthcare, and automotive industries. The prospects for the market in Europe also appear promising as major automotive industry giants in the region have been commonly using polymers for manufacturing vehicles.
Key Companies to Broaden Horizons through Novel Product Developments
With a view to broaden business horizons, key players in this market are focusing on developing innovative products and solutions. These innovations are enabling companies to carve a niche space in the polymer industry and gradually advance sustainability in this industry, which will further boost the plastics market growth.
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- August 2020: Oman-based Duqm Refinery and Petrochemical Industries Company handpicked LyondellBasell’s high-density polyethylene (HDPE) and polypropylene (PP) technologies for a new facility. At this facility, the company will employ LyondellBasell’s Hostalen ACP and Spheripol PP processes for producing HDPE and PP resins.
- August 2020: BASF’s announced that its plastics waste blockchain project in Canada called “reciChain”, which was launched in February 2020, is gaining ground. The project involves leveraging blockchain technology to prolong plastics’ life-cycles, enhance resource efficiency, and incentivize plastic recycling.
List of Key Players Covered in this Market Report:
- Beaulieu International Group (Belgium)
- Borealis AG (Austria)
- Repsol (Spain)
- Braskem (Brazil)
- Formosa Plastic Group (Taiwan)
- Ducor Petrochemicals (Netherlands)
- China Petroleum & Chemical Corporation (China)
- ExxonMobil Chemical (U.S.)
- MOL Group (Hungary)
- Borouge (UAE)
- BASF SE (Germany)
- Total S.A. (France)
- Reliance Industries Limited (India)
- SABIC (Saudi Arabia)
- INEOS (UK)
- LyondellBasell Industries N.V. (Netherlands)
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