Global Industrial Plastic Market Size By Product (Acrylonitrile Butadiene Styrene (ABS), Polybutylene Terephthalate (PBT), Polyamide, Polysulfone (PSU)), By Application (Building and Construction, Automotive and Transportation, Healthcare, Packaging, Aerospace), By Geographic Scope And Forecast

Industrial Plastic Market Size And Forecast

Industrial Plastic Market size was valued at USD 83.43 Billion in 2022 and is projected to reach USD 122.33 Billion by 2030, growing at a CAGR of 4.90% from 2023 to 2030.

The growing demand from several end-use industries is anticipated to propel the worldwide Industrial Plastic Market to considerable growth over the coming years. Factors like population growth, urbanization, and increased disposable income are what drive the industry. The market for Industrial Plastic is expanding as a result of the rising usage of strong, lightweight polymers in the aerospace and automotive sectors. The Global Industrial Plastic Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing a substantial role in the market.

Global Industrial Plastic Market Definition

Industrial Plastic, also known as the electrical grid, is a complex network of power plants, electrical substations, transformers, and transmission lines that deliver electricity to homes, businesses, and industries. It is a critical infrastructure that forms the backbone of the energy industry, providing a constant and reliable supply of electricity to meet the demands of consumers.

Global Industrial Plastic Market Overview

The demand for lightweight Industrial Plastic components in various application areas is projected to be driven by recent innovations in the industrial sectors, including electrical and electronics, and automotive. It is also anticipated that increased adoption of environmentally and energy-friendly goods would favorably impact market expansion. Industrial Plastic based on nanotechnology are now being researched and developed, and this is projected to spur market expansion since these polymers have exceptional strength and heat resistance, which leads to less weight and increased efficiency.

The product’s application range is being expanded by technological developments, inventions, and research, which is expected to increase demand for Industrial Plastic in the years to come. Additionally, the demand for these industrial polymers is being fueled by public and private organizations’ growing investments in the aerospace and defense industries.

In the upcoming years, it is anticipated that increased demand for Industrial Plastic components in the packaging, building and construction, electrical and electronics, automotive and transportation, healthcare, and aerospace sectors will drive industrial manufacturers towards backward integration and add raw materials to the value chain. Greater involvement in the value chain is expected to speed up the process of turning raw materials into finished goods and provide participants with a cost advantage.

Global Industrial Plastic Market Segmentation Analysis

The Global Industrial Plastic Market is Segmented on the Basis of Product, Application, And Geography.

Industrial Plastic Market, By Product

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

Based on Product, the market is further segmented into acrylonitrile butadiene styrene (ABS), polybutylene terephthalate (PBT), polyamide, polysulfone (PSU), polyphenyl sulfone (PPSU), liquid crystal polymers, polytetrafluoroethylene (PTFE), polyetherimide, peek, polycarbonate, and others. The largest product category in terms of revenue in 2022 was polyamide, which had a share. This Industrial Plastic is excellent for a variety of industries because of its characteristics including stiffness, sliding friction, dimensional stability, and chemical resistance above other alternatives. The reduced weight of polyamide makes it easier to use and transport.

Polycarbonate plastic has recently seen growing demand from electrical and automotive applications. Because it is easily moldable and flexible, this Industrial Plastic is perfect for thermoforming applications. Polycarbonate is a robust and sturdy plastic, and certain grades are even optically clear, making them easy to manufacture. Furthermore, increased data storage need is likely to generate development possibilities for these Industrial Plastic throughout the forecast period.

ABS is widely used in electrical and electronic applications, as well as consumer items, and is increasing in popularity because of its high strength, stiffness, and dimensional stability. This durable Industrial Plastic is resistant to physical force, corrosive chemicals, and heat. Because thermoplastics like ABS liquefy, they may be conveniently employed in injectimoldinging and recycling operations. ABS, on the other hand, is not employed in high-heat conditions because of its low melting points. ABS chemicals are also used extensively in LEGO toys and computer keyboards.

Industrial Plastic Market, By Application

• Building and Construction
• Automotive and Transportation
• Healthcare
• Packaging
• Aerospace
• Others

Based on Application, the market is segmented into building and construction, automotive and transportation, healthcare, packaging, aerospace, and others. The increasing use of Industrial Plastic in automotive components, combined with the growing production of electric passenger cars and heavy-duty vehicles in Asia Pacific, is expected to drive the automotive and transportation application segment during the forecast period.

Vehicle weight limits and emission norm standardization are projected to contribute to rising demand for Industrial Plastic in automotive applications. ABS is one of the most extensively utilized polymers in automobile applications, with uses ranging from engine parts to interior components. Due to its moldability and outstanding mechanical qualities, this plastic is utilized as an alternative for metals and other technical polymers in the automobile sector.

Industrial Plastic Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Regional Analysis, The Global Industrial Plastic Market is classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. In terms of revenue, Asia Pacific accounted for the majority of the worldwide Industrial Plastic Market in 2022. The region is projected to maintain its current trajectory in the future years. The region’s strong development is mostly due to a well-established industrial base, notably in China, Taiwan, and South Korea.

Some Asian nations, such as India and China, have a strong industrial base for the chemical sector, which helps to strengthen their market in the area. Furthermore, better economic circumstances, expanding urbanization, and increased infrastructure activities are major drivers supporting regional market growth.

Key Players

The “Global Industrial Plastic Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are BASF SE, Arkema S.A., Eastman Chemical Company, Covestro AG, Evonik Industries AG, Ensinger Gmbh, LyondellBasell Industries Holdings B.V., Formosa Plastics Corporation, Mitsubishi Engineering-Plastics Corporation, Mitsui & Co., Ltd., SABIC, Solvay S.A., Toray Industries, Inc., Victrex Plc, and Teijin Limited.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

Key Developments

• In March 2023, Covestro AG announced plans to expand its global production capacity for polycarbonate (PC) specialty films in order to fulfill increased demand in the Asia-Pacific area and globally. The firm has begun construction of additional extrusion lines at Thailand’s Map Ta Phut Industrial Park. The films are mostly utilized in identification papers, automobile displays, and electrical and electronic applications.
• In October 2021, Arkema announced the construction of a polyamide 11 powder production on its Changshu platform in China, with a planned start-up date in the first quarter of 2023. This investment will aid in meeting Asia’s growing need for advanced bio-circular materials.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Industrial Plastic Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Industrial Plastic Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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