The Top 10 Plastics market size was estimated at USD 503.11 billion in 2023 and is projected to reach USD 777.21 billion in 2030 at a CAGR of 6.41% during the forecast period 2023-2030.
Although they generally incorporate additional materials, plastics are high molecular mass organic polymers. The majority of the time, they are synthetic and made from petrochemicals. However, the current emphasis on the environment has led to an increase in the number of plastics made from renewable resources, such as cellulosic from cotton linters and polylactic acid made from corn. Due to their comparatively low cost, simplicity of production, adaptability, and water resistance, plastics are now used in a wide variety of items. Plastic is used in everything, from basic items like paperclips to large ones like airplanes. Based on their availability and application, the top 10 most abundantly used plastics are polyethylene, polypropylene, polystyrene, polyethylene terephthalate, polyvinyl chloride, polycarbonate, acrylonitrile butadiene styrene, polyoxymethylene, polyamide and polyurethane.
Plastic consumption is being driven by the food and beverage sectors' expanding requirement for packaging materials. product manufacturers seek packaging that guards against contamination and deterioration of product quality. Demand is being fuelled by plastic's ability to act as a shield between food products and the outside world. Moreover, their increased demand in textile, electrical and electronic, automotive, and consumer goods sectors is driving the growth of the market further.
On the other hand, stringent government regulations due to plastics’ contribution to pollution as well as increasing demand for greener alternatives is expected to hamper the growth of the market during the forecast period.
The COVID-19 pandemic had a significant impact on the growth of the Top 10 Plastics Market. The demand for Polyethylene terephthalate (PET) declined in 2020 due to the closure of restaurants and other businesses as well as shift to online shopping. Moreover, the demand for polyethylene and polypropylene also declined, but not as much as PET. This is because polypropylene is used in a number of essential industries, such as healthcare.
The Top 10 Plastics market is expected to grow during the forecast period. This growth can be attributed to several factors. With the rapidly growing food and beverages industry, the demand for packaging material is also increasing which is driving the growth of the top 10 plastics market. their increased demand in textile, electrical and electronic, automotive, and consumer goods sectors is driving the growth of the market further. However, strict government regulations against the use of plastics and increasing alternatives in the market, might hamper the growth of the market during the forecast period.
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