Page 49 - Plastics News Issue November - 2024
P. 49
BUSINESS NEWS
Plastic Component Market
Size to worth US$ 798.34 Billion by 2031, Coherent
he global plastic component market is es- goods like home appliances, furniture, and elec-
timated to be valued at USD 520.20 bil- tronics. This is owing to their cost-effectiveness
Tlion in 2024 and is expected to reach USD and durability.
798.34 billion by 2031, exhibiting a compound
annual growth rate (CAGR) of 6.3% from 2024 Market Trends
to 2031
Increasing adoption of recycled plastics: Strict
environmental norms have compelled automo-
According to Coherent Market Insights, the glob-
al plastic component market size is estimated to tive manufacturers to use recycled plastic com-
be valued at USD 500.20 billion in 2024 and is ponents. Use of recycled plastics helps reduce
expected to surpass USD 798.34 billion by 2031, production costs and achieve sustainability
growing at a CAGR of 6.3% from 2024 to 2031. goals.
The growth is attributed to the growing demand Growing demand for innovative and customized
for light weight and durable materials from the solutions: Manufacturers are focused on devel-
automotive industry. Plastic components help re- oping application-specific plastic components
duce vehicle weight and improve fuel efficiency. with technological advancements. It includes
3D printing, multi-material components, and ad-
Growing consumption of consumer goods is also ditive manufacturing. Customized solutions en-
augmenting the demand for plastic components. hance product functionality. This has led to their
Plastic components are widely used in consumer increased adoption across a wide range of end-
use industries.
Plastic Component Market Report Coverage
Report Coverage Details
Market Revenue in 2024 $500.20 billion
Estimated Value by 2031 $798.34 billion
Growth Rate Poised to grow at a CAGR of 6.3%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type of Plastic, By Application
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers Growth in automotive industry
Rise in construction industry
Restraints & Challenges Stringent environmental regulations
Fluctuations in crude oil prices
November 2024 PLASTICS NEWS 49
