How big is the plastics and rubber products market today, and what are its future growth expectations?
The plastics and rubber products market size has grown strongly in recent years. It will grow from $1508.6 billion in 2024 to $1621.51 billion in 2025 at a compound annual growth rate (CAGR) of 7.5%. 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 $2087.48 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. 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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What are the top drivers to the rising demand in the plastics and rubber products market?
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 an 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.
How is the plastics and rubber products market segmented?
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:
1) By Rubber Products: Tires, Seals And Gaskets, Hoses And Belts, Rubber Sheets And Mats, Rubber Boots And Gloves, Rubber Flooring, Rubber Bands, Other Rubber Products
2) By Plastic Products: Plastics Packaging Materials And Unlaminated Film And Sheet, Plastic Pipes And Shapes, Laminated Plastics Plate, Sheet, And Shape, Plastics Bottles, Polystyrene Foam Products, Urethane And Other Foam Products, Other Plastics Products
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Who are the top competitors in the plastics and rubber products market?
Major companies operating in the plastics and rubber products market include 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.
What significant trends should we anticipate in the plastics and rubber products market over the forecast period?
Major companies operating in the plastics and rubber products market are focused on developing innovative products, such as E2C DX9660, to increase the profitability in the market. E2C DX9660 is an Engineered Elastomer Composite (E2C) solution that provides a 30% increase in abrasion resistance compared to a conventional compound. For instance, in February 2023, Cabot Corporation, a US-based chemicals company, launched a new product called E2C DX9660. The new product has been engineered to provide significantly enhanced rubber durability by offering excellent resistance to abrasion. This addition expands Cabot’s range of E2C solutions for use across various applications, including on-road commercial tires and industrial rubber products.
Which regional trends are influencing the plastics and rubber products market, and which area dominates the industry?
The countries covered in the plastics and rubber products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Does The Plastics And Rubber Products Market Report 2025 Offer?
The plastics and rubber products market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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