The Plastics And Rubber Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plastics And Rubber Products Global Market Report 2024, 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.
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.
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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
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.
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 Market Trends And Strategies
4.Plastics And Rubber Products market analysis
5. Plastics And Rubber Products Market Size And Growth
6.Plastics And Rubber Products Segmentation
7.Plastics And Rubber Products Regional And Country Analysis
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27.Plastics And Rubber Products Competitive Landscape And Company Profiles
28.Plastics And Rubber Products Key Mergers And Acquisitions
29.Plastics And Rubber Products Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Exxon Mobil Corporation
- BASF SE
- The Dow Chemical Company
- SABIC (Saudi Basic Industries Corporation)
- LyondellBasell Industries N.V
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