The global industrial plastic market was valued at USD 74.48 billion in 2019 and expected to reach USD 109.20 billion by 2027, with at a compound annual growth rate (CAGR) of 4.9% during the forecast period 2020 to 2027.
Recent advancements in the industrial sector that includes electrical &electronics and automobile anticipated to propel the demand for lightweight plastic components in these industries. Increasing application of energy-saving and environment-friendly products estimated to positively influence the market growth.
Further, on-going Research &Developments (R&D) for nanotechnology based plastics mainly for industrial applications is the other prominent factor that boosts the market growth owing to excellent thermal resistance and strength along with improved efficiency and subsequent weight reduction offered by these plastics.
Presently, innovations, technological breakthroughs, and research studies are going on in order to expand the scope of the product’s application that projected to foster the growth of industrial plastics in the upcoming years. Furthermore, the government along with the private institutions invests prominently in the aerospace &defense industry, thereby flourishing the demand for these industrial plastics over the coming years.
In respect to revenue, polyamide captured the largest segment share in 2019 accounting for nearly 40%. Properties of the product such as dimensional stability, sliding friction, rigidity, and chemical resistance compared to other counterparts make it suitable for the application in wide range of industries. Further, polyamide is lighter in weight compared to others that results in ease of transportation and usage.
Polycarbonate exhibits lucrative growth during the forthcoming years because of its significant demand from transportation and electrical & electronics sectors. The product is greatly helpful in reducing the weight of the vehicle and hence improving the fuel efficiency that triggers its demand among several automotive Original Equipment Manufacturers (OEMs). Furthermore, polycarbonate is completely recyclable plastic, thus, favored as a substitute in various applications of plastics; for example, polycarbonate is used as a substitute of PVC mainly in medical devices. Apart from all this, polycarbonate offers high tensile strength and is easily processed and blended with its copolymers such as ABS and polyester. Hence, the aforementioned factors are likely to propel the industry growth for polycarbonate over the analysis period.
Automotive is a major application segment for the industrial plastics owing to its notable contribution in the weight reduction of a vehicle. Technological innovations has brought several reforms in the plastic industry with the development of environment-friendly and light weight plastics this creates new horizon for its implementation in the automotive sector. Increasing production of electric cars and heavy-duty vehicles further expected to provide alluring opportunity for the industrial plastics in the automotive sector. Stringent norms for weight reduction and carbon emission are likely to contribute notably to the application segment.
ABS is one of the most prominently used plastics in the automotive application ranging from interior components to engine parts. This type of plastic is also used as a substitute material for engineering plastics and metal components in the automotive industry because of its flexibility as well as excellent mechanical properties.
The Asia Pacific captured the major market share in the global industrial plastic market in terms of revenue in 2019. The region expected to continue the same trend over the coming years. The significant growth of the region is mainly because of well-established manufacturing base particularly in China, Taiwan, and South Korea. Some of the Asian countries such as India and China has strong manufacturing base for chemical industry that strengthens its market in the region. Furthermore, improving economic conditions, rapid urbanization, and increasing infrastructural activities are the key factors that supports the market growth in the region.
Various factors such as increasing unemployment, stalled industrial output, and debt crisis have negatively impacted the market growth in Europe. However, Eastern Europe expected to have a positive growth owing to rising consumer as well as manufacturing base in the region. Furthermore, stringent government regulations for chemical industries issued by the European Commission and the European Chemicals Agency (ECHA) estimated to provide alluring opportunities for renewable and environment-friendly plastic materials in the region.
Key Companies & Market Share Insights
The global industrial plastic market seeks several disruptions owing to majority of the key market players have integrated their distribution operations and raw material production to maintain their product quality as well as to expand their regional presence. This helps these companies to gain a competitive advantage in terms of cost benefits, thereby increasing their profitability ratio.
Some of the prominent players in the industrial plastic market include:
Report Scope of the Industrial Plastic Market
|Market Size||USD 109.20 Billion by 2027|
|Growth Rate||CAGR of 4.9% from 2021 to 2027|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Europe|
|Forecast Period||2021 to 2027|
|Segments Covered||Type, Application, Region|
|Companies Mentioned||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, and Mitsui & Co., Ltd.|
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:
By Regional Outlook
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