USD 602.66 billion
Report ID:
SQMIG15A2572 |
Region:
Global |
Published Date: June, 2025
Pages:
189
|Tables:
157
|Figures:
78
Global Plastic market size was valued at USD 602.66 billion in 2023 and is poised to grow from USD 628.42 billion in 2024 to USD 866.67 billion by 2032, growing at a CAGR of 4.10% in the forecast period (2025-2032).
Rapidly increasing global population and subsequent urbanization are the primary factors that have resulted in increased production of plastics in the construction industry. Increasing demand for e-commerce services and food delivery services among people are other factors that bolster plastic demand for packaging. Incentives for recycling and advancements in plastic recycling technologies are also expected to alter the global plastic market development trajectory across the study period.
However, strict regulations regarding the use of single-use plastics, plastics as packaging materials etc., volatility in price of petroleum which is raw material for plastic, and community opposition regarding the health and environment concerns associated with plastic are some top restraints that could impede plastic demand in the future.
How is Chemical Recycling Creating New Opportunities in the Market?
Chemical recycling processes such as depolymerization and pyrolysis are changing market dynamics. Depolymerization breaks plastic waste down into monomers to produce virgin-quality plastics. Unlike mechanical recycling, it handles mixed or contaminated plastics while at the same time enabling closed-loop recycling for industries like automotive and packaging. A recent example is LOTTE Chemical’s January 2025 collaboration with Hyundai and Kia. These companies came together to introduce depolymerized recycled PMMA for vehicle components. This recycled plastic, used in Kia’s EV3 concept rear lamp lens, matches the quality of virgin material and aligns with EU End-of-Life Vehicle (ELV) regulations.
Market snapshot - 2025-2032
Global Market Size
USD 602.66 billion
Largest Segment
Thermoplastics
Fastest Growth
Thermoplastics
Growth Rate
4.10% CAGR
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The global plastic market is segmented into product type, processing method, biodegradability, application, end-use industry and region. By product type, the market is classified into Thermoplastics and Thermosets. Depending on processing method, it is divided into injection molding, blow molding, roto molding, compression molding, casting, thermoforming, extrusion, calendering, and others. According to biodegradability, the market is categorized as biodegradable, and non-biodegradable. Based on application, the market is categorized into general plastic, engineering plastic, and functional plastic. Based on end-use industry, the market is categorized into packaging, building & construction, electrical & electronics, automotive, healthcare & pharmaceuticals, agriculture, furniture & bedding, consumer goods, utility, textiles, chemicals, and others. Regionally, the plastic market is analyzed across North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
As per the 2024 global plastic market analysis, thermoplastics sub-segment held the largest share of revenue and controlled the market. Thermoplastics have versatile properties. They are easy to mold, recyclable, and find use across industries such as packaging, automotive, electronics, and construction. They can be melted and reshaped multiple times without altering their chemical properties, which makes them preferable. Common types like polyethylene (PE), polypropylene (PP), and polyvinyl chloride (PVC) have found extensive industrial applications. All these factors solidify thermoplastics' position as the largest market segment.
The thermosets segment is expected to experience the highest compound annual growth rate (CAGR) through the forecasted period. This is due to their properties of superior heat resistance, structural integrity, and use in high-performance applications. Industries such as aerospace, electronics, wind energy, and automotive are using thermosets like epoxy resins and polyurethanes for their lightweight and durable nature.
Based on the 2024 global plastic market forecast, the packaging industry in the end-use industry segment dominated the market. It accounted for the highest consumption of plastics. Starting from food and beverage to personal care and industrial packaging, plastic materials like PET, HDPE, and LDPE are extensively used in each of these industries’ end products. The rise in e-commerce, and demand for convenience packaging also make this segment the largest contributor to the market’s revenue.
The healthcare and pharmaceuticals category are expected to have the highest growth rate during the forecast period of 2025-2032. The increased health awareness and aging population demand safe, sterile medical products. Plastics are essential in producing items like syringes, IV bags, implants, and diagnostic tools. The new advancements in medical-grade polymers are also playing a role in this sector’s expansion.
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As per the 2024 plastic market regional forecast, the Asia Pacific market is predicted to hold the largest share among all regions in 2024. The region sees a high rate of consumption of plastics in the packaging, automotive, electronics, and construction sectors. The manufacturing bases in countries such as China, India, Japan, and South Korea are massive. The production costs are low and domestic demand for plastics is on the rise. China alone accounts for a about 1/3rd of the global plastic production capability. These factors are making Asia-Pacific the most dominant region in the plastic value chain.
China Plastic Market
In Asia Pacific, China leads the plastic market share. China’s massive manufacturing base and strong demand for plastic from packaging, automotive, electronics, and construction sectors, contribute to its growth. By the end of 2025, the annual production of primary form plastics in China is to reach more than 130 million tons. There has also been government support for recycling infrastructure and innovation in plastic packaging. In December 2023, Mars China launched a new Snickers dark chocolate cereal bar with mono-material recyclable polypropylene (PP) flexible packaging. This perfectly aligns with China's recycling standards and acts a significant driver for the plastic market growth.
India Plastic Market
India in Asia Pacific falls behind China in the plastic market demand. Japan has been setting a global benchmark for efficient management of wastes. Rapid industrialization, rising urbanization, and booming packaging and automotive industry contribute to the market’s growth. India ranks 12th in the world export of plastics according to the World Bank estimates of 2022. The country’s initiatives like “Make in India” encourage domestic production. Currently the Indian market is large but highly fragmented where small and medium units majorly dominate. In 2022, LyondellBasell and Shakti Plastic Industries signed an MoU to establish India’s largest mechanical recycling plant. This plant will process 50,000 tonnes of post-consumer rigid plastic waste annually.
North America is predicted to grow at the highest rate in the plastic market share over the projection period of 2025-2032. The growth in the region is led by technological advancements, a surge in sustainable and specialty plastic demand, and growing investments in recycling infrastructure. Other factors such as supportive regulations and corporate sustainability commitments also support greater growth of plastic market. The U.S. emerges as the leading nation in innovation for biodegradable and high-performance plastics.
U.S. Plastic Market
The U.S. plastic market grew at a steady rate during the forecast period. The U.S. has a strong demand for plastic from the packaging, automotive, healthcare, and consumer goods sectors. Innovation in sustainable plastics, such as bioplastics and chemically recycled materials, is gaining momentum. However, the full-year production in 2024 was estimated to be 1.7% lower than in 2023. In 2024, BASF launched its ChemCycling initiative in the U.S. This initiative focused on producing Ccycled products using plastic waste-derived feedstock at its Port Arthur, Texas facility.
Canada Plastic Market
Canada is among the most dominant countries of North America’s plastic market growth in 2024. The Canada, plastic production is a more than a $30 billion industry. Canada’s market growth is shaped by the growing investment in circular economy initiatives and government’s zero plastic waste agenda. In April 2024, the Government of Canada launched the Federal Plastics Registry. This requires plastic producers to report on the types and quantities of plastics they are placing on the market. This tool will track plastic across its lifecycle, support the Zero Plastic Waste Agenda, and help in encouraging transparency and innovation in the market.
Europe held a significant plastic market share in 2024 and is likely to continue so during the forecast period of 2025-2032. This is due to the strong environmental regulations, along with already existing consumer awareness, and wide adoption of circular economy frameworks. The EU’s Green Deal and Single-Use Plastics Directive are also contributing factors. Major industries in Europe like automotive, packaging, and construction are shifting toward biodegradable plastics.
Germany Plastic Market
Germany holds a huge part of the European plastic market. Germany oversees about 22 percent of plastics production in Europe. Its recycling system is very well structured. Germany has a strong demand from the industrial side as well. The country’s engineering and manufacturing sectors have a huge demand for high-performance and technical plastics. Regulatory policies in the country also encourage innovation and material recovery across the value chain.
U.K. Plastic Market
The U.K. plastic market share is also experiencing steady growth. According to the British Plastics Federation, the UK produces about 1.6 million Tonnes of plastics raw materials annually. Ineos, Basell Polyolefins, Sabic, Inovyn and Lotte Chemicals, are a few of the 5500+ companies that are present in the UK plastic industry. Key sectors such as retail, food packaging, and healthcare are key customers of the UK plastic industry.
France Plastic Market
The France plastic market’s plastic dynamic is hugely influenced by the environmental policy, like the French Anti-Waste Law for a Circular Economy. This aims to reduce plastic usage and improve recyclability. There is also emphasis on the use of recycled content, especially in packaging and consumer goods. France is promoting alternatives to conventional plastics.
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Urbanization and Population Growth
Huge Demand from Packaging Industry
Strict Environmental Regulations
Volatility in Prices of Raw Materials
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The global market for plastic is a highly competitive one. Leading companies, such as ExxonMobil, Dow, SABIC, LyondellBasell, BASF, etc. have been adopting strategies centred around scaling up, innovation, global outreach and creating strategic partnerships across the value chain. LOTTE Chemical is expanding its partnership with Hyundai Motor and Kia in 2025. The partnership will aim to develop eco-friendly plastics for future mobility. This includes depolymerized recycled PMMA for EV components and a high content (70%) recycled PC/PET material. These innovations will contribute towards reducing carbon emissions while still maintaining performance and flexibility in design. These types of collaborations show how the industry is slowly shifting towards scientific R&D. Other tactics followed by market influencers include focusing on circular economy models, offering recycled-content resins and investing in bioplastics. Startups are focusing on bio-based plastic to standout in the market.
Shift Toward Bioplastics Production
Advancements in Recycling Technologies
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rapidly increasing use of plastic in various industries such as packaging, healthcare & pharmaceuticals, automotive, construction, etc. is projected to be the key factor driving up the demand for plastic around the world. However, strict regulatory watch including bans of single use plastic and scrutiny over plastic in packaging, volatility of prices of raw materials and growing environmental and health concerns over plastic use are some restraints that trouble plastic companies. The presence of a massive manufacturing base has allowed the Asia Pacific region to become the leader in the global plastic market. Thermoplastics will be the most lucrative segment for market players going forward. Incorporation of circular economy principles will offer remunerative opportunities for plastic companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 602.66 billion |
Market size value in 2032 | USD 866.67 billion |
Growth Rate | 4.10% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plastic Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plastic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plastic Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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Global Plastic market size was valued at USD 602.66 billion in 2023 and is poised to grow from USD 628.42 billion in 2024 to USD 866.67 billion by 2032, growing at a CAGR of 4.10% in the forecast period (2025-2032).
BASF SE (Germany), Dow Inc. (United States), SABIC (Saudi Basic Industries Corporation) (Saudi Arabia), INEOS Group (United Kingdom), ExxonMobil Chemical (United States), LyondellBasell Industries N.V. (United States), LG Chem (South Korea), Chevron Phillips Chemical (United States), Formosa Plastics Group (Taiwan), Covestro AG (Germany), TotalEnergies SE (France), DuPont de Nemours, Inc. (United States), Toray Industries, Inc. (Japan), Mitsubishi Chemical Group (Japan), Braskem S.A. (Brazil), Reliance Industries Limited (India), Hanwha Group (South Korea), Sumitomo Chemical Co., Ltd. (Japan), Westlake Corporation (United States), Celanese Corporation (United States)
Rising urbanization—set to reach 66% by 2050—is driving infrastructure growth and boosting demand for plastics in construction across emerging economies.
Driven by regulations and sustainability goals, producers are shifting to bio-based plastics, with global capacity set to grow from 2.47M to 5.73M tonnes by 2029.
Asia Pacific dominates the 2024 plastic market, driven by strong demand in key sectors, low production costs, and China’s one-third share of global output.
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