Press Releases

Global Market for High-Performance Plastics to Reach $18.2 Billion by 2023

October 30, 2018

WELLESLEY, Mass., Oct 30, 2018 – Due to growing demand for consumer goods as consumer spending increases and capital investments in new machinery and equipment, the global market for high-performance plastics is expected to top $18 billion over the next five years, according to a report from BCC Research.

In 2017, the global market for high-performance plastics was worth $12.5 billion. BCC Research estimates that it will reach a value of $18.2 billion by 2023, indicating a compound annual growth rate (CAGR) of 6.5%, according to High-Performance Plastics: Applications and Global Markets.

Thermoplastics and thermosets are the two major kinds of materials that belong to the plastics group. Thermoplastics are a category of plastics which can be melted when they are heated and hardened when they are cooled. These processes are reversible, and they can be reheated, reshaped or frozen repetitively. Thermosets are a category of plastics which undergo a chemical change when they are heated and create a three-dimensional network. This process is irreversible; they cannot be re-melted and reformed. 

Research Highlights

  • The production of plastics increased from 1,500 kilotons in 1950 to more than 322,000 kilotons in 2015, yielding a CAGR of 8.6%.
  • In 2015, the Asia-Pacific region accounted for more than 49% of global plastic production, with China the leading producer.
  • Standard plastics, such as polyolefins, polyvinyl chloride (PVC), PS (polystyrene) and EPS (expanded polystyrene), and polyethylene terephthalate (PET), account for around 85% of total plastics demand. Approximately 10% of the total demand for plastics comes from engineering plastics.

“Plastics are a crucial part of the economy and affect almost every industry of the world. The production of plastics increased from 1,500 kilotons in 1950 to more than 322,000 kilotons in 2015, yielding a CAGR of 8.6%,” the report noted. “In 2015, the global production of plastics grew by 3.4% when compared to 2014, when the growth rate was 4.0%.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

High Performance Plastics: Applications and Global Markets( PLS097A )
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