There is no need to mention that the plastics industry is one of the most lucrative fields in the world. Now let us support this statement with concrete facts and figures. In this article, we will give you a brief review of the top-performing markets in the plastics industry in 2022. Don’t forget that numbers don’t lie. Follow this article to take advantage of the answers to these critical questions:
- What is the global plastic market size in 2022, how can we forecast the future?
- What are the most important takeaways to learn from 2022?
- What are the growth factors of the plastics industry?
- What are the top performing markets in 2022?
- Which plastic materials are the highest selling?
To forecast the future of the plastics industry, we must watch out for its growth every year. Starting from the pandemic to the supply chain disruptions to the Russian-Ukrainian war, how far can it be affected? let’s answer the most important questions:
1- What is the global plastic market size in 2022, how can we forecast the future of the industry?
The size of the plastics market is expected to grow at a CAGR of 3.7% in the period from 2022 to 2023. To understand this percentage, Let’s look at some numbers: The global plastic market is expected to reach 695 billion US dollars by the year 2022. It is also expected to be valued at $885 billion by the end of 2023.
There is an increase in plastic consumption in many fields, such as electronic industries, construction, and the automotive industry.
2- What are the most important takeaways to learn from 2022 in the plastics industry?
In parallel with the impressive growth rate that the plastic industry has been witnessing and the critical events that happened this year, we must learn some lessons:
1. Polymer suppliers and distributors have to realise that resin prices will continue to rise at a reasonable rate. But we have to be careful when it comes to surprising circumstances such as war or a pandemic.
2. The global demand for plastic products will rise in the next few years. According to recent studies, the annual average will range between 2.0% and 3.0%, in line with the global economic recovery.
3. The global market for the packaging industry will grow during 2023 & 2024 by an average of 2.8% per year.
3- What are the growth factors of the plastics industry?
There is no need to confirm that every dollar you invest in the plastic industry will yield a high rate of return in comparison with other industries such as steel, glass, and aluminium.
There is also an increasing demand for polyethylene because of the global demand for food containers, platters, and fruit juices.
When it comes to the automotive industry, it becomes more dependent on plastics.
Plastics are affordable and lightweight. Plastics are also long-lasting, malleable, and corrosion-resistant. That is why plastics sales will witness an increase in the next few years.
Regarding the construction section, the growing population and industrialization will increase the infrastructure needs, especially plastics.
When plastic is used in the construction and automotive industries, the manufacturer achieves almost 80% weight savings. Plastics have almost 85% less specific gravity than metals.
4- What are the top performing markets in 2022?
Let’s see which markets are the top-performing ones that will use plastic the most in 2022:
1. Medical Market:
The global medical plastic market is expected to expand between 2022 & 2026 at a CAGR of 5%. The reason for this increasing demand is the growing demand for engineering plastics. These types of polymers are widely used to manufacture vials and surgical instruments.
2. Packaging Industry:
The packaging industry is considered the largest end-use, commanding almost 36% of the international plastic market.
3. Other Industries:
Plastic has proven to be the best material for many industries. Plastics are perfect for building and automotive applications. For instance, the PC (polycarbonate) sheet provides more benefits than metal sheets for building and construction.
When it comes to the best-performing regions, the American market is the winner. The US plastics market is expected to be worth more than 90 billion dollars.
Asia Pacific remains the most lucrative region for the global plastic market. It gains a net share of 44%. The reason is the higher consumption of end-use products.
5- Which plastic materials are the best-selling?
There are many types of plastic materials to consider when answering this question. HDPE, LDPE, and LLDPE
Let’s dig in to know what the most commercial plastic materials are:
Polyethylene terephthalate is the first type of the most widely distributed plastic material. It is a highly recycled plastic material. It also has many advantages, such as being inexpensive and lightweight.
PET is the perfect material to manufacture soft drink bottles, juice bottles, water bottles, and shampoo bottles.
High-density polyethylene is the second type of commercial material. It is one of the most popular types that are used in thermoplastic manufacturing. Recyclability is one of the most important advantages of HDPE.
HDPE is resistant to oil, fading, moisture, insects, and fading. It is widely used to manufacture toys, outdoor signage, and reusable water bottles.
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