The plastic and rubber industry is an integral component of the economy since it provides key raw materials that are used by diverse sectors such as automotive, construction, healthcare, consumables, consumer goods, and electronics, to mention a few. In 2023, the market value for the cumulative growth of plastic and rubber would be less than $1.2 trillion. This market has a projection of growth at a compound annual growth rate (CAGR) of 4.5 percent, or approximately 4.5%, from 2024 to 2030. This estimation is based on trends that depict increased usage of light structures and resistant materials for various applications, the availability of better materials, and higher precedence in the less developed parts of the world.
The majority of market share is held by the plastic sector, with over 70% of the total market. This dominance is due to the fact that most of the plastic produced is used for various applications, such as packaging, automotive parts, and consumer goods. However, the rubber sector, which is worth more than $300 billion, is also crucial in the manufacture of tires as well as in other industries. Asia-Pacific is the leading geographical region, with a share of about 45%, overtaking Western Europe and North America.
The plastic and rubber industry is an integral component of the economy since it provides key raw materials that are used by diverse sectors such as automotive, construction, healthcare, consumables, consumer goods, and electronics, to mention a few. In 2023, the market value for the cumulative growth of plastic and rubber would be less than $1.2 trillion. This market has a projection of growth at a compound annual growth rate (CAGR) of 4.5 percent, or approximately 4.5%, from 2024 to 2030. This estimation is based on trends that depict increased usage of light structures and resistant materials for various applications, the availability of better materials, and higher precedence in the less developed parts of the world.
The majority of market share is held by the plastic sector, with over 70% of the total market. This dominance is due to the fact that most of the plastic produced is used for various applications, such as packaging, automotive parts, and consumer goods. However, the rubber sector, which is worth more than $300 billion, is also crucial in the manufacture of tires as well as in other industries. Asia-Pacific is the leading geographical region, with a share of about 45%, overtaking Western Europe and North America.
The production and supply of reinvented and raw plastic products fall under the plastic and rubber industry, inclusive of the holders of the superior-grade polymers. Plastics are chemicals formulated from the oil family, while rubbers include latex (natural rubber) and polymer (synthetic rubber). They are useful because they are adaptable, last long, and are cheap.
Plastic—thermoplastic plastic—polyethylene [PE], polypropylene [PP], polyvinyl chloride [PVC], and polystyrene [PS].
Plastic—Thermosetting Plastic—This group includes epoxy, phenolic, and polyurethanes.
Plastic Engineering Plastic – Engineering plastics include polycarbonate (PC). Acrylonitrile Butadiene Styrene (ABS) and Nylon.
1. Circular Economy: The idea of reusable resources and recycling them is revolutionizing the production and consumption of goods.
2. Effect of Regulations: Enhanced policies are in place to reduce the use of such plastics and encourage the use of less harmful products.
3. State of the Art Techniques: Development of new materials ranges the performance of thermoplastics as well as rubbers that can self-repair.
4. Developing regions: As many of them industrialize, developing economies in Asia, Africa, and Latin America are in a position to drive demand.
Change in Sustainability Footprints: The introduction of environmental sustainability and the need to act in the interest of the environment has increased demand for biodegradable plastics, along with recycled rubber.
Electric Vehicles: The e-mobility sector needs more plastic and rubber components, with advanced properties incorporated into their fuel cells and tires.
Improvement in Health Sector: The use of Mat Grade medical plastics has gained traction in the healthcare sector after the pandemic.
Advancements in 3D Printing: Developments in 3D printing have led to new applications of a number of kinds of plastics and rubbers.
Material Types: Natural and synthetic rubbers, thermoplastics, and thermoset materials.
Use by Application: Automobiles, buildings, health care, and public service announcements (PSAs) are examples of applications where polymers are available for use in food packages and/or automotive glass.
Area-Based Rough Disposition: Asia Pacific, United States of America, European Union, Latin
BASF SE—a German company. The company is a leader in the production of chemicals, including plastics.
Dow Inc. is based in the USA. The company is known for polymer science and material discoveries.
ExxonMobil Chemical—market leader in plastic materials. ExxonMobil Chemical is renowned for producing high-end plastic and rubber materials.
SABIC: A company focused on the production of high-performance thermoplastic and engineering resins.
Goodyear Tire and Rubber Company: Not surprisingly, the most famous producer of synthetic tire rubber is this company.