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 expansion in the historical period can be ascribed to the growth of industrialization and manufacturing, the automotive industry's expansion, the manufacturing of consumer goods, the growth of the medical and healthcare sector, and the evolution of the packaging industry.
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 forecasted growth in the period can be linked to factors such as the adoption of electric vehicles and lightweighting, initiatives towards a circular economy, enhanced resilience in supply chain management, compliance with regulations and certifications, and the expanding applications in the aerospace industry. Key trends expected in the forecast period include advancements in recycling technologies, the use of bio-based polymers, the development of high-performance rubber compounds, the integration of antimicrobial properties in plastics and rubber, and the utilization of 3D printing with polymers and rubbers.
The plastics and rubber products market is being driven by the increasing demand for tires from the automotive industry. Tires, essential components that provide traction, absorb shocks, and support the weight of vehicles, heavily rely on rubber as a key material. For example, the U.S. Tire Manufacturers Association (USTMA) reported in February 2023 that total tire shipments in the U.S. are expected to reach 334.2 million units in 2023, marking an increase from 332.0 million units in 2021 and 332.7 million units in 2022. This surge in demand for tires in the automotive sector is anticipated to boost the growth of the plastics and rubber products market.
The plastics and rubber product manufacturing industry is influenced by the growth of the packaging sector. Ongoing developments in packaging, such as the introduction of convenience features such as resealable packs, easy-to-open stand-up pouches, and smaller single-serving pack sizes, contribute to increased demand for plastic materials. These innovations in packaging drive the consumption of plastics and rubber, consequently fostering market growth.
The outbreak of the COVID-19 pandemic in 2022 posed significant challenges to the plastics and rubber products manufacturing market. Disruptions in supply chains due to trade restrictions and a decline in consumption resulting from global lockdowns negatively impacted the industry. While the pandemic acted as a considerable restraint, it is expected that the market will recover gradually across the forecast period, as the impact is viewed as a 'black swan' event and not indicative of ongoing or fundamental weaknesses in the market or the global economy.
Key players in the plastics and rubber products market are actively engaged in the development of innovative solutions, exemplified by products such as E2C DX9660, aimed at enhancing market profitability. E2C DX9660, introduced by Cabot Corporation, a US-based chemicals company in February 2023, is an Engineered Elastomer Composite (E2C) solution that exhibits a 30% improvement in abrasion resistance compared to traditional compounds. This innovative product from Cabot is designed to significantly enhance the durability of rubber, particularly excelling in resistance to abrasion. By broadening the scope of E2C solutions, including applications in on-road commercial tires and industrial rubber products, Cabot aims to cater to diverse industry needs.
Manufacturers within the plastic and rubber products sector are increasingly investing in automation technologies to drive down production costs, boost productivity, and elevate product quality. The incorporation of sensors and wireless technology facilitates the collection of valuable data, leading to improved operational efficiencies and error reduction. This automation trend results in streamlined manufacturing processes and higher product quality at reduced costs. Notably, industrial robot manufacturer ABB reports that some of their customers experienced a productivity increase ranging from 15% to 30% after implementing robotic automation systems. The plastic manufacturing industry is set to witness the deployment of approximately 180,000 machines in 2021, marking a notable increase of 67,000 machines over four years. Key players in the industrial robotics domain, including FANUC Corporation, Yaskawa Electric Corporation, ABB Group, KUKA AG, and Kawasaki Heavy Industries, Ltd., play a pivotal role in providing advanced automation solutions to the plastic and rubber products industry.
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.
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. 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.
The primary categories of plastics and rubber products consist of rubber products and plastic products. Plastics represent a broad class of synthetic or semi-synthetic compounds primarily composed of polymers. Due to their fluidity, plastics can be molded, stretched, or compressed into solid objects of various shapes. The sectors in which these products find application include automotive and transportation, electrical and electronics, medical, construction, and others.
The plastics and rubber products market research report is one of a series of new reports that provides plastics and rubber products market statistics, including plastics and rubber products industry global market size, regional shares, competitors with a plastics and rubber products market share, detailed plastics and rubber products market segments, market trends and opportunities, and any further data you may need to thrive in the plastics and rubber products industry. This plastics and rubber products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The plastics and rubber products market consists of sales of polymer products, elastic products, and flexible products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
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 forecasted growth in the period can be linked to factors such as the adoption of electric vehicles and lightweighting, initiatives towards a circular economy, enhanced resilience in supply chain management, compliance with regulations and certifications, and the expanding applications in the aerospace industry. Key trends expected in the forecast period include advancements in recycling technologies, the use of bio-based polymers, the development of high-performance rubber compounds, the integration of antimicrobial properties in plastics and rubber, and the utilization of 3D printing with polymers and rubbers.
The plastics and rubber products market is being driven by the increasing demand for tires from the automotive industry. Tires, essential components that provide traction, absorb shocks, and support the weight of vehicles, heavily rely on rubber as a key material. For example, the U.S. Tire Manufacturers Association (USTMA) reported in February 2023 that total tire shipments in the U.S. are expected to reach 334.2 million units in 2023, marking an increase from 332.0 million units in 2021 and 332.7 million units in 2022. This surge in demand for tires in the automotive sector is anticipated to boost the growth of the plastics and rubber products market.
The plastics and rubber product manufacturing industry is influenced by the growth of the packaging sector. Ongoing developments in packaging, such as the introduction of convenience features such as resealable packs, easy-to-open stand-up pouches, and smaller single-serving pack sizes, contribute to increased demand for plastic materials. These innovations in packaging drive the consumption of plastics and rubber, consequently fostering market growth.
The outbreak of the COVID-19 pandemic in 2022 posed significant challenges to the plastics and rubber products manufacturing market. Disruptions in supply chains due to trade restrictions and a decline in consumption resulting from global lockdowns negatively impacted the industry. While the pandemic acted as a considerable restraint, it is expected that the market will recover gradually across the forecast period, as the impact is viewed as a 'black swan' event and not indicative of ongoing or fundamental weaknesses in the market or the global economy.
Key players in the plastics and rubber products market are actively engaged in the development of innovative solutions, exemplified by products such as E2C DX9660, aimed at enhancing market profitability. E2C DX9660, introduced by Cabot Corporation, a US-based chemicals company in February 2023, is an Engineered Elastomer Composite (E2C) solution that exhibits a 30% improvement in abrasion resistance compared to traditional compounds. This innovative product from Cabot is designed to significantly enhance the durability of rubber, particularly excelling in resistance to abrasion. By broadening the scope of E2C solutions, including applications in on-road commercial tires and industrial rubber products, Cabot aims to cater to diverse industry needs.
Manufacturers within the plastic and rubber products sector are increasingly investing in automation technologies to drive down production costs, boost productivity, and elevate product quality. The incorporation of sensors and wireless technology facilitates the collection of valuable data, leading to improved operational efficiencies and error reduction. This automation trend results in streamlined manufacturing processes and higher product quality at reduced costs. Notably, industrial robot manufacturer ABB reports that some of their customers experienced a productivity increase ranging from 15% to 30% after implementing robotic automation systems. The plastic manufacturing industry is set to witness the deployment of approximately 180,000 machines in 2021, marking a notable increase of 67,000 machines over four years. Key players in the industrial robotics domain, including FANUC Corporation, Yaskawa Electric Corporation, ABB Group, KUKA AG, and Kawasaki Heavy Industries, Ltd., play a pivotal role in providing advanced automation solutions to the plastic and rubber products industry.
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.
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. 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.
The primary categories of plastics and rubber products consist of rubber products and plastic products. Plastics represent a broad class of synthetic or semi-synthetic compounds primarily composed of polymers. Due to their fluidity, plastics can be molded, stretched, or compressed into solid objects of various shapes. The sectors in which these products find application include automotive and transportation, electrical and electronics, medical, construction, and others.
The plastics and rubber products market research report is one of a series of new reports that provides plastics and rubber products market statistics, including plastics and rubber products industry global market size, regional shares, competitors with a plastics and rubber products market share, detailed plastics and rubber products market segments, market trends and opportunities, and any further data you may need to thrive in the plastics and rubber products industry. This plastics and rubber products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The plastics and rubber products market consists of sales of polymer products, elastic products, and flexible products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Plastics and Rubber Products Market Characteristics4. Plastics and Rubber Products Market Trends and Strategies68. Global Plastics and Rubber Products Market Competitive Benchmarking69. Global Plastics and Rubber Products Market Competitive Dashboard70. Key Mergers and Acquisitions in the Plastics and Rubber Products Market
3. Plastics and Rubber Products Product/Service Analysis -Product/Service Examples
5. Plastics and Rubber Products Market - Macro Economic Scenario
6. Global Plastics and Rubber Products Market Size and Growth
7. Plastics and Rubber Products Market Segmentation
8. Plastics and Rubber Products Market Regional and Country Analysis
9. Asia-Pacific Plastics and Rubber Products Market
10. China Plastics and Rubber Products Market
11. India Plastics and Rubber Products Market
12. Japan Plastics and Rubber Products Market
13. Australia Plastics and Rubber Products Market
14. Indonesia Plastics and Rubber Products Market
15. South Korea Plastics and Rubber Products Market
16. Bangladesh Plastics and Rubber Products Market
17. Thailand Plastics and Rubber Products Market
18. Vietnam Plastics and Rubber Products Market
19. Malaysia Plastics and Rubber Products Market
20. Singapore Plastics and Rubber Products Market
21. Philippines Plastics and Rubber Products Market
22. Hong Kong Plastics and Rubber Products Market
23. New Zealand Plastics and Rubber Products Market
24. Western Europe Plastics and Rubber Products Market
25. UK Plastics and Rubber Products Market
26. Germany Plastics and Rubber Products Market
27. France Plastics and Rubber Products Market
28. Italy Plastics and Rubber Products Market
29. Spain Plastics and Rubber Products Market
30. Austria Plastics and Rubber Products Market
31. Belgium Plastics and Rubber Products Market
32. Denmark Plastics and Rubber Products Market
33. Finland Plastics and Rubber Products Market
34. Ireland Plastics and Rubber Products Market
35. Netherlands Plastics and Rubber Products Market
36. Norway Plastics and Rubber Products Market
37. Portugal Plastics and Rubber Products Market
38. Sweden Plastics and Rubber Products Market
39. Switzerland Plastics and Rubber Products Market
40. Eastern Europe Plastics and Rubber Products Market
41. Russia Plastics and Rubber Products Market
42. Czech Republic Plastics and Rubber Products Market
43. Poland Plastics and Rubber Products Market
44. Romania Plastics and Rubber Products Market
45. Ukraine Plastics and Rubber Products Market
46. North America Plastics and Rubber Products Market
47. USA Plastics and Rubber Products Market
48. Canada Plastics and Rubber Products Market
49. Mexico Plastics and Rubber Products Market
50. South America Plastics and Rubber Products Market
51. Brazil Plastics and Rubber Products Market
52. Chile Plastics and Rubber Products Market
53. Argentina Plastics and Rubber Products Market
54. Colombia Plastics and Rubber Products Market
55. Peru Plastics and Rubber Products Market
56. Middle East Plastics and Rubber Products Market
57. Saudi Arabia Plastics and Rubber Products Market
58. Israel Plastics and Rubber Products Market
59. Iran Plastics and Rubber Products Market
60. Turkey Plastics and Rubber Products Market
61. United Arab Emirates Plastics and Rubber Products Market
62. Africa Plastics and Rubber Products Market
63. Egypt Plastics and Rubber Products Market
64. Nigeria Plastics and Rubber Products Market
65. South Africa Plastics and Rubber Products Market
66. Plastics and Rubber Products Market Competitive Landscape and Company Profiles
67. Plastics and Rubber Products Market Other Major and Innovative Companies
71. Plastics and Rubber Products Market Future Outlook and Potential Analysis
72. Appendix
Executive Summary
Plastics and Rubber Products Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on plastics and rubber products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for plastics and rubber products? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered: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
Key Companies Mentioned: Exxon Mobil Corporation; BASF SE; The Dow Chemical Company; SABIC (Saudi Basic Industries Corporation); LyondellBasell Industries N.V.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ExxonMobil 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.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 400 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 1566.76 Billion |
Forecasted Market Value ( USD | $ 2048.5 Billion |
Compound Annual Growth Rate | 6.9% |
Regions Covered | Global |