The global Industrial Plastics market size was estimated to be US$ 80.6 Billion in 2022 and is expected grow at a CAGR of 4.8% between 2023 to 2032.
Industrial plastic refers to a type of plastic that is specifically designed and manufactured for use in industrial and commercial applications. It is typically stronger and more durable than regular plastic, and is able to withstand harsh environments and high levels of stress.
One key difference between industrial plastic and regular plastic is the type of polymer used in the manufacturing process. Industrial plastic is typically made from polymers such as polycarbonate, nylon, and polyethylene, which are known for their strength and durability. Regular plastic, on the other hand, is often made from polymers such as polystyrene and polypropylene, which are less durable and more prone to breaking or cracking.
Industrial plastic is used in a wide variety of applications, including construction, manufacturing, transportation, and packaging. It is typically used in its raw form, or it is formed into specific shapes and sizes through the process of injection molding or thermoforming. It is also often used in combination with other materials, such as metal or glass, to create more durable and long-lasting products.
The global industrial plastic market is driven by several factors, including the increasing demand for lightweight and durable materials in various industries such as automotive, construction, and packaging. The growing use of plastic in packaging and consumer goods is also a key driver for the market, as plastic is a cost-effective and versatile material.
The increasing adoption of plastic in the healthcare sector for medical devices and equipment is also a major driver for the market. The rise in technological advancements and innovations in the plastic industry is also driving the market forward, as new materials and processes are being developed to improve the performance and cost-effectiveness of plastic products.
Additionally, the increasing use of plastic in the construction industry for insulation, roofing, and flooring is also driving market growth. Overall, the growing demand for plastic in various industries is a major driver for the global industrial plastic market.
The polyamide segment is the largest segment in the global industrial plastic market, due to its wide range of applications and the fact that it is a relatively low-cost material.
Polyamide, also known as nylon, is a strong and durable plastic that is commonly used in the manufacturing of gears, bearings, and other mechanical components. It is also used in the construction of vehicles, such as cars, buses, and airplanes, as well as in the packaging industry.
On the other hand, the polycarbonate segment is the fastest growing segment in the global industrial plastic market. This is because polycarbonate is known for its high impact resistance, transparency, and flame retardancy. These properties make polycarbonate an ideal choice for use in a wide range of applications, such as automotive, construction, and medical devices.
In addition, polycarbonate is also increasingly used in the production of electric and electronic devices, such as smartphones, tablets and laptops, as it provides protection and durability.
Another reason for the fast growth of polycarbonate is the increasing demand for sustainable materials, as polycarbonate is fully recyclable and can be processed in an environmentally friendly way.
The automotive & transportation segment is the largest segment in the industrial plastic market by application, due to the high demand for strong and durable materials in the automotive and transportation industries.
Industrial plastic is commonly used in the manufacturing of vehicles, such as cars, buses, and airplanes, as well as in the construction of transportation infrastructure, such as roads and bridges. The materials are used for different purposes such as for interiors, exteriors, and powertrain components.
On the other hand, the electrical & electronics segment is the fastest growing segment in the industrial plastic market by application. This is due to the increasing use of industrial plastic in the production of electronic devices, such as smartphones, tablets, and laptops, as well as in the manufacturing of solar panels, wind turbines, and other renewable energy equipment.
The electronics industry is booming and with it the demand for industrial plastic is increasing as it provides protection and durability to the devices.
The packaging segment is also fast growing as the demand for sustainable packaging is increasing, which led to the development of bioplastics. Bioplastics are made from renewable resources such as corn starch or sugarcane, and are considered more sustainable than traditional plastics. As a result, the use of bioplastics is increasing in industrial applications, such as packaging.
North America, followed by Europe is the second-largest segment in the global industrial plastic market, driven by the strong automotive and packaging industries in countries such as Germany, France, and the UK. These countries have a well-developed industrial infrastructure and a high demand for industrial plastic in various applications.
Additionally, the region has a strong focus on sustainability, which is driving the adoption of industrial plastic in a range of applications. This is particularly true in the packaging industry, where industrial plastic is used to create lightweight and eco-friendly packaging materials.
While, Asia-Pacific is the fastest growing segment in the global industrial plastic market, driven by the rapidly growing economies of countries such as China, India, and Japan.
These countries have a large number of manufacturers, particularly in the automotive and packaging industries, which are driving the growth of the industrial plastic market. Additionally, the increasing population and the rising standard of living in these countries are also contributing to the growth of the market, as it leads to an increase in demand for industrial plastic in various applications.
The key growth strategies of companies in the global industrial plastic market include expanding their product portfolios, increasing investment in research and development, and expanding their geographical presence. Companies are also focusing on strategic partnerships and collaborations with other companies to expand their reach and increase their market share.
Additionally, companies are focusing on sustainable production methods and eco-friendly products to meet the growing demand for sustainable materials. Furthermore, companies are also investing in advanced technologies such as 3D printing and bioplastics to improve the properties of industrial plastic and to stay competitive in the market.
Overall, companies are focusing on product innovation, sustainable production, and strategic partnerships to drive growth in the global industrial plastic market.
Some of the biggest companies operating in the global industrial plastics market are Arkema Inc., BASF SE, Eastman Chemical Company, Ensinger GmbH, Evonik Industries AG, Formosa Plastics Corporation, LyondellBasell Industries Holdings B.V., Mitsubishi Engineering, Plastics Corporation, SABIC, Solvay SA, Teijin Limited, Victrex plc and more.
By Product
By Application
By Region
Industrial plastics market is anticipated to expand at a CAGR of 4.8% from 2023 to 2032.
The industrial plastics market was valued at US$ 80.6 billion in 2022.
The industrial plastic market is driven by several factors, including the increasing demand for lightweight and durable materials in various industries such as automotive, construction, and packaging.
The polyamide segment held the largest share in the industrial plastic market, due to its wide range of applications and the fact that it is a relatively low-cost material.
North America, followed by Europe is the second-largest segment in the global industrial plastic market, driven by the strong automotive and packaging industries in countries such as Germany, France, and the UK.
The automotive & transportation segment is the largest segment in the industrial plastic market by application, due to the high demand for strong and durable materials in the automotive and transportation industries.
Arkema Inc., BASF SE, Eastman Chemical Company, Ensinger GmbH, Evonik Industries AG, Formosa Plastics Corporation, LyondellBasell Industries Holdings B.V., Mitsubishi Engineering, Plastics Corporation, SABIC, Solvay SA, Teijin Limited, Victrex plc, among others, are the top players in this industrial plastics market.
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