Global Plastics Industry Expected To Witness Steady Growth From 2024 to 2030
23 August 2024: Global plastics industry is set to witness steady growth from 2024 to 2030, as per the forecast by Grand View Research. Growing demand for specialized and engineering plastics, particularly from key end-user industries such as construction, packaging, medical and automotive, will remain a key driving force for the overall demand. The plastics industry is also characterized by the increasing efforts taken by major producers to reduce their carbon footprint in accordance with the Net Zero Industry Act across various regions.
Global 3D printing plastics market size was USD 972.1 million in 2022 and is projected to grow at a CAGR of 24.0% from 2023 to 2030. Ease in customized product development, coupled with favorable government investments are likely to augment the market growth over the coming years. In addition, rising demand from end user industries such as automotive, medical, aerospace & defense are likely to drive the market demand.
The antimicrobial plastic market size was USD 37.87 billion in 2021 globally and is expected to expand at a CAGR of 7.8% from 2022 to 2030. These microbes tend to shorten the life of plastic products; thus, the use of antimicrobial plastics has increased in recent years in various end-use industries such as food and beverage, packaging, and healthcare, which are expected to be the main drivers of the global market during the forecast period.
Global automotive plastics market size was USD 30.44 billion in 2023 and is anticipated to grow a CAGR of 5.6% from 2024 to 2030. The expansion of the market is being fueled by the increasing demand for lightweight materials in vehicle manufacturing, driven by the pursuit of enhanced fuel efficiency and reduced emissions.
Automotive silicone market size was USD 439.19 million in 2021 globally and is expected to expand at a CAGR of 3.3% from 2022 to 2030. Factors, such as growth in demand for silicones in various applications of automobiles and government regulations on vehicle emissions is expected to boost the market growth.
Global biodegradable plastic market size was USD 5.43 billion in 2023 and is projected to grow at a CAGR of 9.2% from 2024 to 2030. Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding the ill effects of plastic waste are among the key trends stimulating market growth.
Bioplastics market size was USD 11,610.5 million in 2022 globally and is expected to expand at a CAGR of 18.8% from 2023 to 2030. Growing environmental concerns linked to the usage of conventional plastics, coupled with growth of key end-user industries in emerging markets of Asia Pacific and Middle East are expected to fuel the market growth.
Medical plastics market size was USD 52.9 billion in 2023 globally and is expected to grow at a CAGR of 7.4% from 2024 to 2030. This growth can be attributed to the development of advanced plastics and plastic composites used in medical components such as catheters, surgical instrument handles, and syringes. The demand for medical device packaging is likely to be driven by a rise in demand for in-house and advanced medical devices.
Global polylactic acid market size was USD 713.22 million in 2023 and is expected to grow at a CAGR of 21.4% from 2024 to 2030. Growth of the PLA market is mainly driven by the growing demand for polylactic acid (PLA) biodegradable resin in packaging across both developed economies and emerging economies such as China, India, Italy and others.
Global post-consumer recycled plastics market size was USD 10.66 billion in 2023 and is expected to grow at a CAGR of 10.7% from 2024 to 2030. The market growth can be attributed to the rising sustainability measures undertaken by food & beverage and packaging companies to use recycled plastic materials.
Recycled plastics market size was USD 51.70 billion in 2023 globally and is projected to grow at a CAGR of 9.5% from 2024 to 2030. Increasing plastic consumption in the production of lightweight components which are used in various industries, including building & construction, automotive, electrical & electronics, and various other industries, are expected to propel the market growth over the forecast period.
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