Global Plastics And Rubber Products Market Report 2024: Size, Drivers, And Top Segments
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How is the Plastics And Rubber Products Market Expected to Expand from 2024 to 2033?
Over the past few years, the market size of plastics and rubber products has significantly increased. It is expected to rise from $1460.18 billion in 2023 to $1566.76 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 7.3%. Factors contributing to this historic growth include the surge in industrialization and manufacturing, expansion of the automotive industry, rise in consumer goods production, healthcare sector development, and the evolution of the packaging industry.
Over the coming years, the market size for plastic and rubber products is anticipated to experience robust growth. It is projected to escalate to $2048.5 billion by 2028, with a compound annual growth rate (CAGR) of 6.9%. The predicted growth within this period is due to factors such as the rise of electric vehicles and lightweighting, initiatives related to the circular economy, resilience in supply chain management, regulatory compliance and certification, as well as the increasing applications in the aerospace sector. Future trends look to involve advanced recycling technologies, the development of bio-based polymers, high-quality rubber compounds, antimicrobial plastic and rubber technologies, and the utilisation of 3D printing with polymers and rubbers.
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What Influences Are Propelling the plastics and rubber products Market Forward?
The escalating need for tires within the automotive sector is propelling the growth of the plastics and rubber products market. Tires, which are typically circular, rubberized and often fortified to go around a wheel’s rim, utilize rubber as the crucial material owing to its distinct qualities that offer grip, cushion blows and cater to the vehicle’s weight. For example, the U.S. Tire Manufacturers Association (USTMA) stated in February 2023 that the total tire shipments in the U.S. are projected to touch 334.2 million units in 2023, an upward trend from 332.0 million units in 2021 and 332.7 million units the following year. Thus, the growing tire demand in the automotive industry will spur the expansion of the plastics and rubber products market.
What Key Segments Exist Within the Plastics And Rubber Products Market?
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
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What Regions Are Leading the Charge in the Plastics And Rubber Products Market?
Asia-Pacific was the largest region in the plastics and rubber products market in 2023. North America was the second largest region in the plastics and rubber products market. The regions covered in the plastics and rubber products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Plastics And Rubber Products Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the plastics and rubber products market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Plastics And Rubber Products Market Include
1. Plastics And Rubber Products Market Executive Summary
2. Plastics And Rubber Products Market Segments
3. Plastics And Rubber Products Market Size And Template Market Growth Rate
4. Key Plastics And Rubber Products Market Trends
5. Major Plastics And Rubber Products Market Drivers
……
25. Key Mergers And Acquisitions In The Plastics And Rubber Products Market
26. Top Plastics And Rubber Products Companies
27. Plastics And Rubber Products Market Opportunities And Strategies
28. Plastics And Rubber Products Market, Conclusions And Recommendations
29. Appendix
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