Plastics And Rubber Products Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Plastics And Rubber Products Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The plastics and rubber products market has experienced robust growth in recent years. It is projected to rise from $1,460.18 billion in 2023 to $1,566.76 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.3%. This growth during the historical period can be attributed to the expansion of industrialization and manufacturing, growth in the automotive industry, consumer goods manufacturing, advancements in the medical and healthcare sectors, and the evolution of the packaging industry.
What Is the Expected Size of the Global Plastics And Rubber Products Market, and How Fast Will It Grow?
The plastics and rubber products market is anticipated to experience substantial growth in the coming years, projected to reach $2,048.5 billion by 2028, with a compound annual growth rate (CAGR) of 6.9%. This growth during the forecast period can be attributed to advancements in electric vehicles and light weighting, initiatives supporting the circular economy, improved resilience in supply chain management, adherence to regulatory compliance and certification, and the expansion of aerospace applications.
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What Is Accelerating Growth in the Plastics And Rubber Products Market?
The rising demand for tires from the automotive industry is a significant driver of the plastics and rubber products market. A tire is a circular component, typically coated in rubber and often reinforced, that encircles a wheel's rim. Rubber is an essential material for automotive tires due to its unique properties, which offer traction, absorb shocks, and support the weight of the vehicle.
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Who Are the Major Players Influencing the Plastics And Rubber Products Market's Growth?
Key players 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
What Are the Latest Trends Influencing Plastics And Rubber Products Market Size?
Leading companies in the plastics and rubber products market are concentrating on creating innovative products, such as the E2C DX9660, to enhance profitability. The E2C DX9660 is an Engineered Elastomer Composite (E2C) solution that offers a 30% improvement in abrasion resistance compared to traditional compounds.
How Is The Global Plastics And Rubber Products Market Segmented?
1) By Type: Rubber Products, Plastic Products
2) By End-User Industry: Automotive & Transportation, Electrical & Electronics, Medical, Construction, Other End Users
Geographical Insights: Asia-Pacific Leading The Plastics And Rubber Products Market
Asia-Pacific was the largest region in the market in 2023. North America was the second largest region in the market. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Plastics And Rubber Products Market?
Plastics and rubber products encompass any materials that are part of the various semi-synthetic or synthetic solids utilized in manufacturing different goods, along with any elastic substances derived from the latex sap of trees, particularly those from the Hevea and Ficus genera. These materials can be vulcanized and processed into a wide array of products.
The Plastics And Rubber Products Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Plastics And Rubber Products Market Report: Trends, Opportunities, Strategies, and More
The Plastics And Rubber Products Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into plastics and rubber products market size, plastics and rubber products market drivers and trends, plastics and rubber products competitors' revenues, and plastics and rubber products market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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