Overview and Scope
Plastics and rubber products refer to any substance that is a component of one of the many semi- or synthetic solids used in the production of various goods, as well as any elastic substance made from the latex sap of trees-particularly those in the genus Hevea and genus Ficus—that can be vulcanized and finished into a range of goods.
Sizing and Forecast
The plastics and rubber products market size has grown strongly in recent years. It will grow from $1460.18 billion in 2023 to $1566.76 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrialization and manufacturing growth, automotive industry expansion, consumer goods manufacturing, medical and healthcare sector growth, packaging industry evolution.
The plastics and rubber products market size is expected to see strong growth in the next few years. It will grow to $2048.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to electric vehicles and lightweighting, circular economy initiatives, resilience in supply chain management, regulatory compliance and certification, expansion of aerospace applications. Major trends in the forecast period include advanced recycling technologies, bio-based polymers, high-performance rubber compounds, antimicrobial plastics and rubber, 3d printing with polymers and rubbers.
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Segmentation & Regional Insights
The plastics and rubber products market covered in this report is segmented –
1) By Type: Rubber Products, Plastic Products
2) By End-User Industry: Automotive & Transportation, Electrical & Electronics, Medical, Construction, Other End Users
Subsegments Covered: Tire, Hoses And Belting, Other Rubber Product, Plastics Packaging Materials And Unlaminated Film And Sheet, Plastic Pipes And Shapes, Laminated Plastics Plate, Sheet, And Shape, Plastics Bottle, Urethane And Other Foam Product, Polystyrene Foam Products, Other Plastics Product
Asia-Pacific was the largest region in the plastics and rubber products market in 2023. North America was the second largest region in the plastics and rubber products market. The regions covered in the plastics and rubber products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing demand for tires from the automotive industry is driving the plastics and rubber products market. A tire is a circular, usually rubber-coated, and frequently strengthened component encircling a wheel’s rim. Rubber is a key material used in automotive tires due to its unique properties that provide traction, absorb shocks, and support vehicle weight. For instance, in February 2023, according to the U.S. Tire Manufacturers Association (USTMA), a US-based trade association representing tire manufacturers, total tire shipments in the U.S. are expected to reach 334.2 million units in 2023, representing a increase from 332.0 million units in 2021 and 332.7 million units in 2022. Therefore, increasing demand for tires from the automotive industry will propel the growth of the plastics and rubber products market.
Key Industry Players
Major companies operating in the plastics and rubber products market report are Exxon Mobil Corporation, BASF SE, The Dow Chemical Company, SABIC (Saudi Basic Industries Corporation), LyondellBasell Industries N.V., Continental AG, LG Chem Ltd., Mitsubishi Chemical Holdings Corporation, Bridgestone Corporation, The Michelin Group, Good Year Tire & Rubber Company, Asahi Kasei Corporation, Evonik Industries AG, Covestro AG, Toray Industries Inc., Braskem S.A., Formosa Plastics Corporation, Lotte Chemical Corporation, Solvay S.A., Amcor Limited, Berry Global Group Inc., DuPont de Nemours Inc., Arkema S.A., Eastman Chemical Company, Avery dennison, Sumitomo Rubber Group, Teijin Limited, Pirelli & C SpA, The Hankook Tire group, Trinseo S.A.
The plastics and rubber products market report table of contents includes:
1. Executive Summary
2. Plastics And Rubber Products Market Characteristics
3. Plastics And Rubber Products Product/Service Analysis -Product/Service Examples
4. Plastics And Rubber Products Market Trends And Strategies
5. Plastics And Rubber Products Market – Macro Economic Scenario
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68. Global Plastics And Rubber Products Market Competitive Benchmarking
69. Global Plastics And Rubber Products Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Plastics And Rubber Products Market
71. Plastics And Rubber Products Market Future Outlook and Potential Analysis
72. Appendix
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