U.S. Plastics Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Country Forecast, 2023-2030

The U.S. plastics market size was worth USD 61.91 billion in 2022 and is projected to grow at a CAGR of 4.2% during the forecast period.

Plastic, a widely used polymer, finds extensive application across various industries for manufacturing products ranging from dashboards and blood bags to paper clips. The growth of the plastics market is closely tied to the increasing utilization of plastic-based components and assemblies in the automotive sector. In recent years, the U.S. has invested billions of dollars in automating its automotive & transportation, healthcare, and pharmaceutical industries, contributing to the expansion of plastic-based products. These activities, along with the burgeoning end-use industries, are anticipated to elevate the U.S.'s share in the global market.

However, in the aftermath of the COVID-19 pandemic, the plastic industry experienced a significant decline in product demand. This downturn was a consequence of the temporary closure of key end-use industries such as automotive, consumer goods, and infrastructure.

LATEST TRENDS

Increasing Demand for Engineering Plastics from Automotive Industry is the Prominent Trend

The demand for engineering plastic materials is gradually increasing in the country due to the surge in EVs and HEVs consumption. The automotive industry extensively employs various types of plastic to manufacture e-vehicles, leveraging their versatility, ease of manufacturing, moldability, lightweight nature, waterproof properties, and cost-effectiveness. Consequently, the rising consumption of e-vehicles has generated significant opportunities for both existing and new plastic manufacturers.

DRIVING FACTORS

Increasing Packaging Demand from E-Commerce Industry to Drive Market Growth

The U.S. hosts numerous e-commerce players collaborating across diverse industries to deliver and ship consumer goods and commercial products. This surge in activity has presented an opportunity for the packaging industry, where materials such as plastic wraps, polybags, and microfilms are extensively employed for product shipment.

Furthermore, plastic pallets find application in warehouses for storing hazardous chemical containers and boxes. The utilization of plastic products across various end-use industries is anticipated to fuel the U.S. plastics market growth.

RESTRAINING FACTORS

Imposed Regulations on Product Usage May Hinder Market Growth

Growing environmental concerns within the country are anticipated to impede market growth. The U.S. has implemented bans on plastic bag use across California, Delaware, Hawaii, Maine, New York, Oregon, and Vermont. Additionally, the U.S. government has instructed plastic resin manufacturing companies to cease producing single-use plastics. Consequently, these regulations are expected to hinder plastic consumption across various end-use industries.

SEGMENTATION

By Type Analysis

Based on type, the market is segmented into polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, polyurethane, polystyrene, and others.

The polyethylene segment accounted for the leading U.S. plastics market share in 2022. The segment's growth is linked to increasing demand from applications such as automotive and packaging. Major manufacturers utilize polymers for packaging due to their durability and ability to act as a moisture barrier, factors expected to drive segment growth.

The escalating consumption of plastic products such as pipes, bags, and automotive components is projected to bolster the polyethylene terephthalate, polyvinyl chloride, polypropylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, polyurethane, polystyrene, and other segments. Plastic offers diverse properties such as a high elasticity modulus, electrical insulation, chemical resistance, and thermal insulation.

By End-use Industry Analysis

Based on end-use industry, the market is segmented into automotive & transportation, packaging, consumer goods/lifestyle, infrastructure & construction, healthcare & pharmaceutical, electrical & electronics, textile, and others.

The packaging segment holds the largest share in the U.S. market. Anticipated growth in this segment is attributed to the surging e-commerce industry and the emerging trend of packaged food.

In recent years, there has been a notable increase in demand for EVs and HEVs. Plastic plays a pivotal role in automotive components such as dashboards, seat covers, indicators, and more, offering strength and manufacturing flexibility through injection-molded production techniques. This escalating demand for plastic in EVs is expected to drive growth in the automotive & transportation segment, further propelling the U.S. market.

Additionally, the consumption of plastic products in various construction projects and consumer electronics is expected to boost the growth of the infrastructure & construction and electrical & electronics segments, respectively. Plastics used to produce items such as strips, gloves, blood bags, syringes, and prosthetics deploy a variety of polymers.

KEY INDUSTRY PLAYERS

Within the competitive landscape, the market showcases the presence of both emerging and established plastic companies. Major players such as LyondellBasell Industries N.V., ExxonMobil Chemical, INEOS, and SABIC dominate the industry. Competition among industry players predominantly revolves around the characteristics and pricing of their products. Companies are concentrating on acquisitions, product innovation, collaborations, and social marketing to maintain their competitive edge.

LIST OF KEY COMPANIES PROFILED:

• LyondellBasell Industries N.V. (Netherlands)


• ExxonMobil Chemical (U.S.)


• INEOS (U.K.)


• SABIC (Saudi Arabia)


• Formosa Plastic Group (Taiwan)


• Total S.A. (France)


• Braskem (Brazil)


• BASF SE (Germany)


• Repsol (Spain)


• Borealis AG (Austria)

KEY INDUSTRY DEVELOPMENTS:

• April 2023: LyondellBasell announced the utilization of its renewable CirculenRenew polymer in the medical device industry. This bio-plastic grade is certified by ISCC PLUS and provides a certificate of mass balance, enabling the adoption of bio-based raw materials into final products.


• April 2022: ExxonMobil launched Exceed S, a Performance Polyethylene (PE) resin designed to offer toughness and stiffness while being easy to process. The new PE is expected to provide the company with lucrative opportunities to simplify film designs and formulations, enhance conversion efficiency, and improve packaging durability and film performance compared to its competitors.

REPORT COVERAGE

The study report thoroughly examines key factors such as leading companies, end-use industries, and products. It also provides market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities and historical data and revenue growth estimates at the country level.

Report Scope & Segmentation