Plastic Market

Plastic Market Size, Share, Growth Analysis, By Product(Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Olyvinyl Chloride (PVC)), By End Use(Packaging, Building & Construction, Electrical & electronics, Automotive), By Application(Injection Molding, Blow Molding, Roto Molding, Compression Molding), By Region - Industry Forecast 2025-2032


Report ID: SQMIG15H2065 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 71 | Figures: 75

Plastic Market Insights

Plastic Market size was valued at USD 624.16 Billion in 2023 and is poised to grow from USD 650.37 Billion in 2024 to USD 903.86 Billion by 2032, growing at a CAGR of 4.2% during the forecast period (2025-2032).

Plastic has emerged as a massively popular material in almost all industry verticals in some or the other way. High use in packaging is projected to be the prime factor driving plastic market growth. Growing use of plastic in multiple industry verticals such as construction and automotive to create lightweight products is also estimated to bolster plastic demand in the future. Advancements in plastic recycling technologies will also create new opportunities for plastic companies over the coming years. The development of bioplastics is also a key opportunity for plastic manufacturers going forward. However, the imposition of bans on plastic use, volatility in raw material pricing, and high demand for sustainable alternatives are slated to be key restraints for plastic market development in the long run.  

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Plastic Market size was valued at USD 624.16 Billion in 2023 and is poised to grow from USD 650.37 Billion in 2024 to USD 903.86 Billion by 2032, growing at a CAGR of 4.2% during the forecast period (2025-2032).

Plastic manufacturers should focus on the development of easily degradable plastic to maximize their business scope. Investing in plastic recycling and reuse facilities will also help plastic companies expand their business scope in the future. Offering recycled plastic products especially for the packaging industry will be a major strategy for all plastic providers across the forecast period and beyond.   'BASF SE (Germany)  ', 'Dow, Inc. (US)  ', 'Evonik Industries AG (Germany)  ', 'Sumitomo Chemical Co., Ltd. (Japan)  ', 'Arkema (France)  ', 'Celanese Corporation (US)  ', 'Chevron Phillips Chemical Co., LLC (US)  ', 'Lotte Chemical Corporation (South Korea)  ', 'Exxon Mobil Corporation (US)  ', 'Covestro AG (Germany)  ', 'Toray Industries, Inc. (Japan)  ', 'Mitsui & Co. Plastics Ltd. (Japan)  ', 'TEIJIN LIMITED (Japan)  ', 'INEOS Group (UK)  ', 'LG Chem (South Korea)  ', 'LANXESS (Germany)  ', 'CHIMEI (Taiwan)  ', 'RTP Company (US)  ', 'Huntsman International LLC (US) '

Rapidly increasing e-commerce activity around the world has boosted the demand for packaging materials around the world and this is projected to primarily augment plastic market growth over the coming years as plastic remains a preferred packaging material.  

Bio-based Plastic Development: almost all plastic companies are projected to focus on the development of bio-based plastic products. Focusing on this trend will help companies bypass the bans on plastic and ride the sustainability wave to maximize their revenue generation. 

The Asia-Pacific region is estimated to hold sway over global plastic demand outlook going forward. The presence of robust industrial activity and growing use of plastic in the same is helping this region maintain a high market share. India, China, Japan, and Vietnam are projected to be attractive markets in this region. Growing use of plastic in the manufacturing of multiple components is also helping this region maintain a high market share on a global level. 

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Plastic Market

Report ID: SQMIG15H2065

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