Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Plastic Market Outlook

The global plastic market size attained a value of approximately USD 559.38 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.2%, reaching a value of around USD 811.85 billion by 2032.

Increasing consumerism culture worldwide is surging the demand for plastics in a wide range of applications. The versatility of plastics and wide variety of plastics available are driving the growth of the plastic market. Use of plastic in consumer goods and electrical and electronics is on the rise, with increasing incorporation of polyvinyl chloride in in the manufacturing of electrical wiring, light fittings, switches, and handles. The growth of the e-commerce sector is also catalysing the market for plastics, by accelerating the demand for light and efficient packaging of consumer goods to facilitate domestic and international shipping.  Development of more eco-friendly plastics and means of recycling are anticipated to aid the market for plastic in the coming years.

Plastic Market

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Rising Use of Plastics in Packaging is Augmenting the Plastic Market

The increasing production activities in various industries such as construction, transportation, and textile, among others, owing to the rising population, are fuelling the plastic market. The increasing construction activities in emerging economies, due to the population rise and rapid urbanisation is further catalysing the growth of global market for plastics. In the construction sector, plastics are used in various applications, including decoration, flooring, and waterproofing, among others. Plastic is durable, cost-effective, safe, and energy effective; these properties also contributing to the expansion of market.

Plastics are suited for use in the packaging industry due to their durability and cost-effectiveness. In this regard, the thriving packaging sector, supported by the escalating sale of consumables and drinkables, is providing impetus to the plastic market. Innovations in plastics are increasing their demand from various industries, including food and beverage, healthcare and pharmaceuticals, and cosmetics, among others. Modified atmosphere packaging in the food and beverage industry preserves food freshness and extends the product’s shelf life. In cosmetics, plastic offers lightweight, durable, and attractive packaging solutions. The varying types of plastics and their unique properties increase their usage in consumer goods, which is further augmenting the growth of the market for plastics.

Plastic: Market Segmentation

Plastics are a wide range of synthetic and semi-synthetic materials that contain carbon and hydrogen. Polymers used to create plastics are mixed with additives, such as colourants, stabilisers, and fillers, which affects the chemical and physical properties. Plastics are used in a wide range of applications and in almost every industry, such as construction, textile, healthcare, transportation, and electronics, among others.

plastic market by segmentation

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Based on product, the market is segmented into:

  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyurethane (PU)
  • Polyvinyl chloride (PVC)
  • Polyethylene terephthalate (PET)
  • Polystyrene (PS)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polybutylene Terephthalate (PBT)
  • Polycarbonate (PC)
  • Others

On the basis of application, the market is classified into:

  • Injection Moulding
  • Blow Moulding
  • Roto Moulding
  • Compression Moulding
  • Casting
  • Thermoforming
  • Extrusion
  • Calendering
  • Others

Based on end use, the market is divided into:

  • Packaging
  • Construction
  • Electrical and Electronics
  • Automotive
  • Medical Devices
  • Agriculture
  • Furniture and Bedding
  • Consumer Goods
  • Utility
  • Others

The EMR report looks into the regional markets of plastic like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Use of Plastics as Metal Substitute to Bolster the Growth of the Plastic Market

The substitution of metal such as aluminium and iron with plastics is facilitating the market growth. Advanced and cost-effective plastics are increasingly used in all types of industries owing to the high strength, superior flexibility, and consistent reliability while reducing the cost by 20-25%, which is further enlarging the market for plastic. Moreover, with the use of specialised design techniques, plastics with better physical and chemical properties than metal can be developed; this is expected to lead to a transition from metals to plastics in the chemical industry, which is expected to augment the global plastic market. As plastics are extremely lightweight, they are used in a variety of transportation activities, including glazing, partitions, light diffusers, and headliners, while improving the fuel economy, consequently invigorating the market growth.

Rising demand for medical personal protective equipment owing to the increasing awareness of the need to protect against infectious diseases is aiding the growth of the market for plastics. The demand for masks, face shields, gowns, goggles, gloves, and overalls, among others, is escalating exponentially, leading to the expansion of plastic market.

However, excessive use of plastics has led to the accumulation of plastic waste around the globe, which can hinder the growth of the plastic. Accordingly, various innovations and evolutions in the market are aiming at promoting the sustainability and recyclability of plastic. Development of recycling applications such as use of plastics in the construction of roads for reduced construction time and low maintenance are propelling the market growth of plastic. The increasing use of recyclable plastics in beauty packaging is providing further impetus to the market growth.

plastic market by region

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Key Players in the Global Plastic Market

The report presents a detailed analysis of the following key players in the global plastic market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • BASF SE
  • Evonik Industries AG
  • Sumitomo Chemical Co., Ltd.
  • Lyondellbasell Industries Holdings B.V.
  • Eastman Chemical Company
  • Saudi Basic Industries Corporation
  • The Dow Chemical Company
  • Celanese Corporation
  • LOTTE Chemical Corporation
  • Exxon Mobil Corporation
  • DuPont de Nemours, Inc.
  • Toray Industries, Inc
  • INEOS Limited
  • Ducor Petrochemicals B.V
  • Repsol S.A.
  • Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Application
  • End Use
  • Region
Breakup by Product
  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyurethane (PU)
  • Polyvinyl chloride (PVC)
  • Polyethylene terephthalate (PET)
  • Polystyrene (PS)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polybutylene Terephthalate (PBT)
  • Polycarbonate (PC)
  • Others
Breakup by Application
  • Injection Moulding
  • Blow Moulding
  • Roto Moulding
  • Compression Moulding
  • Casting
  • Thermoforming
  • Extrusion
  • Calendering
  • Others
Breakup by End Use
  • Packaging
  • Construction
  • Electrical and Electronics
  • Automotive
  • Medical Devices
  • Agriculture
  • Furniture and Bedding
  • Consumer Goods
  • Utility
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • BASF SE
  • Evonik Industries AG
  • Sumitomo Chemical Co., Ltd.
  • Lyondellbasell Industries Holdings B.V.
  • Eastman Chemical Company
  • Saudi Basic Industries Corporation
  • The Dow Chemical Company
  • Celanese Corporation
  • LOTTE Chemical Corporation
  • Exxon Mobil Corporation
  • DuPont de Nemours, Inc.
  • Toray Industries, Inc
  • INEOS Limited
  • Ducor Petrochemicals B.V
  • Repsol S.A.
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global market for plastic attained a value of approximately USD 559.38 billion.

The market is projected to grow at a CAGR of 4.2% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 811.85 billion by 2032.

The major market drivers include the increasing use of plastics in the packaging and construction industries, rapid urbanisation, and changing lifestyles.

The key trends guiding the market growth include the increasing use of advanced and affordable plastics in diverse end-use sectors and the rising substitution of metals such as aluminium and iron with plastics in various applications.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The various products of plastic in the market are polyethylene (PE), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polybutylene terephthalate (PBT), and polycarbonate (PC), among others.

The significant applications of plastic are injection moulding, blow moulding, roto moulding, compression moulding, casting, thermoforming, extrusion, and calendering, among others.

The primary end uses of plastic are packaging, construction, electrical and electronics, automotive, medical devices, agriculture, furniture and bedding, consumer goods, and utility, among others.

The major players in the market are BASF SE, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Lyondellbasell Industries Holdings B.V., Eastman Chemical Company, Saudi Basic Industries Corporation, The Dow Chemical Company, Celanese Corporation, LOTTE Chemical Corporation, Exxon Mobil Corporation, DuPont de Nemours, Inc., Toray Industries, Inc, INEOS Limited, Ducor Petrochemicals B.V, Repsol S.A., among others.

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