$2.75+ Trillion Plastics and Rubber Products Market Opportunities and Strategies, 2019-2024, 2029F, 2034F

Going forward, the rising demand in the automotive industry, increasing urbanization, expanding construction and infrastructure development, global shift towards electric vehicles (EVs) and government initiatives will drive the growth. Factor that could hinder the growth of the plastics and rubber products market in the future include regulatory pressures.

Dublin, April 04, 2025 (GLOBE NEWSWIRE) -- The "Plastics and Rubber Products Market Opportunities and Strategies to 2034" report has been added to ResearchAndMarkets.com's offering.

This report describes and explains the plastics and rubber products market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global plastics and rubber products market reached a value of nearly $1.5 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 5.66% since 2019. The market is expected to grow from $1.5 trillion in 2024 to $2.08 trillion in 2029 at a rate of 6.71%. The market is then expected to grow at a CAGR of 5.95% from 2029 and reach $2.78 trillion in 2034.

Growth in the historic period resulted from the economic growth in emerging markets, increased applications in aerospace and growing packaging industry. Factors that negatively affected growth in the historic period were labor issues.

The global plastics and rubber products market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.51% of the total market in 2023. BASF SE was the largest competitor with a 0.63% share of the market, followed by Dow Inc with 0.63%, Exxon Mobil Corporation with 0.62%, Sumitomo Chemical Co Ltd with 0.49%, LG Chem Ltd with 0.44%, SABIC (Saudi Basic Industries Corporation) with 0.43%, Good Year Tire & Rubber Company with 0.40%, Bridgestone Corporation with 0.33%, Freudenberg Group with 0.29% and 3M Company with 0.24%.

The plastics and rubber products market is segmented by type into rubber products and plastic products. The plastic products market was the largest segment of the plastics and rubber products market segmented by type, accounting for 73.46% or $1.1 trillion of the total in 2024. Going forward, the plastic products segment is expected to be the fastest growing segment in the plastics and rubber products market segmented by type, at a CAGR of 6.84% during 2024-2029.

The plastics and rubber products market is segmented by end-user industry into automotive and transportation, electrical and electronics, packaging, construction and other end-users. The automotive and transportation market was the largest segment of the plastics and rubber products market segmented by end-user industry, accounting for 28.92% or $436.31 billion of the total in 2024. Going forward, the automotive and transportation segment is expected to be the fastest growing segment in the plastics and rubber products market segmented by end-user industry, at a CAGR of 7.80% during 2024-2029.

Asia Pacific was the largest region in the plastics and rubber products market, accounting for 36.33% or $548.07 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the plastics and rubber products market will be Middle East and Africa where growth will be at CAGRs of 14.14% and 13.22% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 7.50% and 6.87% respectively.

The top opportunities in the plastics and rubber products market segmented by type will arise in the plastic products segment, which will gain $427.79 billion of global annual sales by 2029. The top opportunities in the plastics and rubber products market segmented by end-user industry will arise in the automotive and transportation segment, which will gain $192.02 billion of global annual sales by 2029. The plastics and rubber products market size will gain the most in the USA at $90.42 billion.

Market-trend-based strategies for the plastics and rubber products market include focus on development of bio-based plastics for sustainable and environmentally friendly alternatives, focus on advancements in engineered elastomer composites for enhanced performance and focus on strategic partnerships and collaborations among market players.

Player-adopted strategies in the plastics and rubber products market include focus on product launches to support film producers and converters globally and focuses on strategic partnerships to transform plastic waste into circular products producing high-performance resins.

To take advantage of the opportunities, the analyst recommends the plastics and rubber products companies to focus on developing innovative bio-based plastic derivatives, focus on developing engineered elastomer composites, focus on plastic products for industry leadership, expand in emerging markets, focus on strategic partnerships for sustainable solutions, provide competitively priced offerings, continue to use B2B promotions and focus on developing targeted strategies for high-growth end-users.

Major Market Trends

• Development of Bio-Based Plastics for Sustainable and Environmentally Friendly Alternatives
• Advancements in Engineered Elastomer Composites for Enhanced Performance
• Strategic Partnerships and Collaborations Among Market Players

Key Mergers and Acquisitions

• Longxing Chemical Acquired China National Rubber
• Mutares Acquired CIKAUTXO Rubber and Plastic Components
• Azelis Acquired DBH Osthandelsgesellschaft
• Valgroup Acquired Mirvi Brasil
• Irelli Acquired Hevea-Tec
• Trelleborg Acquired Minnesota Rubber and Plastics
• Hexpol Acquired Almaak International
• Minnesota Rubber Acquired Primasil Silicones

Some of the major companies featured in this Plastics and Rubber Products market report include:

• BASF SE
• Dow Inc
• Exxon Mobil Corporation
• Sumitomo Chemical Co Ltd
• LG Chem Ltd
• SABIC (Saudi Basic Industries Corporation)
• Good Year Tire & Rubber Company
• Bridgestone Corporation
• Freudenberg Group
• 3M Company
• Toray Industries Inc
• Longxing Chemical
• China National Rubber Corporation
• CIKAUTXO Rubber & Plastic Components (Kunshan) Co Ltd
• Formosa Plastics Group
• Asahi Kasei Corporation
• China National Petroleum Corporation (CNPC)
• Sinopec Limited
• Longxing Chemical
• China National Chemical Corporation (ChemChina)
• Zhejiang Materials Industry Group Co Ltd
• Haohua Chemical Group
• Continental
• Michelin Group
• Pirelli & C SpA
• Matco Plastics
• Primasil Silicones Ltd
• Minnesota Rubber and Plastics (MRP)
• Almaak International GmbH
• Hexpol AB
• Freudenberg Group
• Trelleborg
• Borealis AG
• Coca-Cola Hellenic Bottling Company
• MOL Petrochemicals Plc
• Grupa Azoty SA
• PKN Orlen SA
• SIBUR
• Cabot Corporation
• Minnesota Rubber & Plastics
• The Goodyear Tire & Rubber Company
• Stelray Plastic Products Inc
• Braskem
• Arlanxeo
• Valgroup
• Mirvi Brasil
• Pirelli & C. SpA
• Hevea-Tec
• Dana Group
• Zamil Plastic Industries Co
• Universal Rubber Belt Manufacturing
• Gulf Rubber Industries LLC
• Aalmir Plastic Industries
• Nile Plastics and Chemicals Co
• Safrique International
• Green Tech Plastics Machinery
• General Plastics Ltd
• Bidco Africa
• Eagle Rubber Products

For more information about this report visit https://www.researchandmarkets.com/r/71x2mk

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