Plastics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Plastics Market
The plastics market size was valued at USD 507.16 billion in 2023, and the market is now projected to grow from USD 532.64 billion in 2024 to USD 778.67 billion by 2032, exhibiting a CAGR of 5.1 % during the forecast period of 2023-2030.
The COVID-19 pandemic was a major hindrance for the growth the plastics market. The interruption of supply chains, drop of consumer demand from major industries like the automotive and building, and logistic challenges have all contributed to this reduction of imputation and shipment of such commodities fell off the shelves. Additionally, improved hygiene concerns including single-use plastic use became more acceptable, but sustainability initiatives faced setbacks.
Major factors driving the plastics market growth are rising applications across various industries such as packaging, automotive, construction and electronics, as well as demand for light-weight and durable materials. The innovative polymer technology, such as bio-based and recycled plastics, are also adding to the market growth, which is mainly driven by the growing environmental concerns and regulatory pressures. Moreover, fast-growing economies of the world, especially the emerging ones, are experiencing an increase in production and urbanization, which again leads to an increase in consumption.
The plastics market is currently undergoing several notable tendencies. Sustainability is a major concern with more and more focus on environmentally friendly and recyclable materials to contribute addressing environmental issues. Additive manufacturing using emerging technologies including 3D printing is changing plastic production by providing better customization and speed. Additionally, industry players focus on improving the characteristics and endurance of plastics for utilization in broad applications, including vehicle and health care sectors as well as packaging.
Comprehensive Analysis of Plastics Market
The plastics industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by types and by end users. Based on type, market is categorized into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene and others. Based on application, market is divided into packaging, automotive & transportation, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceuticals, electrical & electronics, textile and others.
The Asia Pacific holds leading position in plastics market share by benefitting a market size of USD 278.15 billion in 2023 due to rapid industrialization, urbanization and a growing middle class. As a result of the region's economic expansion and a supportive government policy towards plastic industry as well as investments, there is a rise in the region leading in plastic manufacturing.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, LyondellBasell Industries N.V. (Netherlands), ExxonMobil Chemical (U.S.), China National Petroleum Corporation (China), INEOS (U.K.), China Petroleum & Chemical Corporation (China), SABIC (Saudi Arabia), Ducor Petrochemicals (Netherlands), Reliance Industries Limited (India), Formosa Plastic Group (Taiwan), Total S.A. (France), Braskem (Brazil). These market players provide a level-playing competitive landscape.
October 2022: In line with its increasing involvement in the development of a circular economy, Braskem has started the Wenew, a circular ecosystem.
Segmentation Table
Global Plastics Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.1% from 2024 to 2032
Unit Value (USD Billion) and Volume (Million Ton)
Segmentation By Type
Polyethylene
Polypropylene
Polyethylene Terephthalate
Polyvinyl Chloride
Acrylonitrile Butadiene Styrene
Polyamide
Polycarbonate
Polyurethane
Polystyrene
Others
By End-Use Industry
Packaging
Automotive & Transportation
Infrastructure & Construction
Consumer Goods/Lifestyle
Healthcare & Pharmaceuticals
Electrical & Electronics
Textile
Others
By Geography
North America (By Type, By End-Use Industry, By Country)
- U.S.
- Canada
Europe (By Type, By End-Use Industry, By Country)
- Germany
- U.K.
- France
- Italy
- Spain
- Poland
- Rest of Europe
Asia Pacific (By Type, By End-Use Industry, By Country)
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America (By Type, By End-Use Industry, By Country)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa (By Type, By End-Use Industry, By Country)
- Saudi Arabia
- Turkey
- Egypt
- Rest of Middle East & Africa
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Market Trends
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc. .
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of COVID 19 on Global Plastics Market
- 5. Global Plastics Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Type (Value and Volume)
- 5.2.1. Polyethylene
- 5.2.2. Polypropylene
- 5.2.3. Polyethylene Terephthalate
- 5.2.4. Polyvinyl Chloride
- 5.2.5. Acrylonitrilie Butadiene Styrene
- 5.2.6. Polyamide
- 5.2.7. Polycarbonate
- 5.2.8. Polyurethane
- 5.2.9. Polystyrene
- 5.2.10. Others
- 5.3. By End-use Industry (Value and Volume)
- 5.3.1. Packaging
- 5.3.2. Automotive & Transportation
- 5.3.3. Infrastructure & Construction
- 5.3.4. Consumer Goods/ Lifestyle
- 5.3.5. Healthcare & Pharmaceuticals
- 5.3.6. Electrical & Electronics
- 5.3.7. Textile
- 5.3.8. Others
- 5.4. By Region (Value)
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Plastics Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Type (Value and Volume)
- 6.2.1. Polyethylene
- 6.2.2. Polypropylene
- 6.2.3. Polyethylene Terephthalate
- 6.2.4. Polyvinyl Chloride
- 6.2.5. Acrylonitrilie Butadiene Styrene
- 6.2.6. Polyamide
- 6.2.7. Polycarbonate
- 6.2.8. Polyurethane
- 6.2.9. Polystyrene
- 6.2.10. Others
- 6.3. By End-use Industry (Value and Volume)
- 6.3.1. Packaging
- 6.3.2. Automotive & Transportation
- 6.3.3. Infrastructure & Construction
- 6.3.4. Consumer Goods/ Lifestyle
- 6.3.5. Healthcare & Pharmaceuticals
- 6.3.6. Electrical & Electronics
- 6.3.7. Textile
- 6.3.8. Others
- 6.4. By Country (Value and Volume)
- 6.4.1. U.S
- 6.4.2. Canada
- 7. Europe Plastics Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Type (Value and Volume)
- 7.2.1. Polyethylene
- 7.2.2. Polypropylene
- 7.2.3. Polyethylene Terephthalate
- 7.2.4. Polyvinyl Chloride
- 7.2.5. Acrylonitrilie Butadiene Styrene
- 7.2.6. Polyamide
- 7.2.7. Polycarbonate
- 7.2.8. Polyurethane
- 7.2.9. Polystyrene
- 7.2.10. Others
- 7.3. By End-use Industry (Value and Volume)
- 7.3.1. Packaging
- 7.3.2. Automotive & Transportation
- 7.3.3. Infrastructure & Construction
- 7.3.4. Consumer Goods/ Lifestyle
- 7.3.5. Healthcare & Pharmaceuticals
- 7.3.6. Electrical & Electronics
- 7.3.7. Textile
- 7.3.8. Others
- 7.4. By Country (Value and Volume)
- 7.4.1. Germany
- 7.4.2. U.K.
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Spain
- 7.4.6. Poland
- 7.4.7. Rest of Europe
- 8. Asia-Pacific Plastics Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Type (Value and Volume)
- 8.2.1. Polyethylene
- 8.2.2. Polypropylene
- 8.2.3. Polyethylene Terephthalate
- 8.2.4. Polyvinyl Chloride
- 8.2.5. Acrylonitrilie Butadiene Styrene
- 8.2.6. Polyamide
- 8.2.7. Polycarbonate
- 8.2.8. Polyurethane
- 8.2.9. Polystyrene
- 8.2.10. Others
- 8.3. By End-use Industry (Value and Volume)
- 8.3.1. Packaging
- 8.3.2. Automotive & Transportation
- 8.3.3. Infrastructure & Construction
- 8.3.4. Consumer Goods/ Lifestyle
- 8.3.5. Healthcare & Pharmaceuticals
- 8.3.6. Electrical & Electronics
- 8.3.7. Textile
- 8.3.8. Others
- 8.4. By Country (Value and Volume)
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. South Korea
- 8.4.5. Southeast Asia
- 8.4.6. Rest of Asia-Pacific
- 9. Latin America Plastics Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Type (Value and Volume)
- 9.2.1. Polyethylene
- 9.2.2. Polypropylene
- 9.2.3. Polyethylene Terephthalate
- 9.2.4. Polyvinyl Chloride
- 9.2.5. Acrylonitrilie Butadiene Styrene
- 9.2.6. Polyamide
- 9.2.7. Polycarbonate
- 9.2.8. Polyurethane
- 9.2.9. Polystyrene
- 9.2.10. Others
- 9.3. By End-use Industry (Value and Volume)
- 9.3.1. Packaging
- 9.3.2. Automotive & Transportation
- 9.3.3. Infrastructure & Construction
- 9.3.4. Consumer Goods/ Lifestyle
- 9.3.5. Healthcare & Pharmaceuticals
- 9.3.6. Electrical & Electronics
- 9.3.7. Textile
- 9.3.8. Others
- 9.4. By Country (Value and Volume)
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Plastics Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Type (Value and Volume)
- 10.2.1. Polyethylene
- 10.2.2. Polypropylene
- 10.2.3. Polyethylene Terephthalate
- 10.2.4. Polyvinyl Chloride
- 10.2.5. Acrylonitrilie Butadiene Styrene
- 10.2.6. Polyamide
- 10.2.7. Polycarbonate
- 10.2.8. Polyurethane
- 10.2.9. Polystyrene
- 10.2.10. Others
- 10.3. By End-use Industry (Value and Volume)
- 10.3.1. Packaging
- 10.3.2. Automotive & Transportation
- 10.3.3. Infrastructure & Construction
- 10.3.4. Consumer Goods/ Lifestyle
- 10.3.5. Healthcare & Pharmaceuticals
- 10.3.6. Electrical & Electronics
- 10.3.7. Textile
- 10.3.8. Others
- 10.4. By Country (Value and Volume)
- 10.4.1. Saudi Arabia
- 10.4.2. Turkey
- 10.4.3. Egypt
- 10.4.4. Rest of the Middle East & Africa
- 11. Competitive Landscape
- 11.1. Global Plastics Market Revenue Share/Ranking Analysis, By Key Manufacturer
- 11.2. Company Profiles
- 11.2.1. LyondellBasell Industries N.V.
- 11.2.1.1. Overview
- 11.2.1.2. Description
- 11.2.1.3. Product Portfolio
- 11.2.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.1.5. Recent Developments
- 11.2.2. ExxonMobil Chemical
- 11.2.2.1. Overview
- 11.2.2.2. Description
- 11.2.2.3. Product Portfolio
- 11.2.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.2.5. Recent Developments
- 11.2.3. China National Petroleum Corporation
- 11.2.3.1. Overview
- 11.2.3.2. Description
- 11.2.3.3. Product Portfolio
- 11.2.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.3.5. Recent Developments
- 11.2.4. INEOS
- 11.2.4.1. Overview
- 11.2.4.2. Description
- 11.2.4.3. Product Portfolio
- 11.2.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.4.5. Recent Developments
- 11.2.5. China Petroleum & Chemical Corporation
- 11.2.5.1. Overview
- 11.2.5.2. Description
- 11.2.5.3. Product Portfolio
- 11.2.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5.5. Recent Developments
- 11.2.6. SABIC
- 11.2.6.1. Overview
- 11.2.6.2. Description
- 11.2.6.3. Product Portfolio
- 11.2.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.6.5. Recent Developments
- 11.2.7. Ducor Petrochemicals
- 11.2.7.1. Overview
- 11.2.7.2. Description
- 11.2.7.3. Product Portfolio
- 11.2.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.7.5. Recent Developments
- 11.2.8. Reliance Industries Limited
- 11.2.8.1. Overview
- 11.2.8.2. Description
- 11.2.8.3. Product Portfolio
- 11.2.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.8.5. Recent Developments
- 11.2.9. Formosa Plastic Group
- 11.2.9.1. Overview
- 11.2.9.2. Description
- 11.2.9.3. Product Portfolio
- 11.2.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.9.5. Recent Developments
- 11.2.10. Total S.A.
- 11.2.10.1. Overview
- 11.2.10.2. Description
- 11.2.10.3. Product Portfolio
- 11.2.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.10.5. Recent Developments
- 11.2.11. Braskem
- 11.2.11.1. Overview
- 11.2.11.2. Description
- 11.2.11.3. Product Portfolio
- 11.2.11.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.11.5. Recent Developments
- 11.2.12. BASF SE
- 11.2.12.1. Overview
- 11.2.12.2. Description
- 11.2.12.3. Product Portfolio
- 11.2.12.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.12.5. Recent Developments
- 11.2.13. Repsol
- 11.2.13.1. Overview
- 11.2.13.2. Description
- 11.2.13.3. Product Portfolio
- 11.2.13.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.13.5. Recent Developments
- 11.2.14. Borouge
- 11.2.14.1. Overview
- 11.2.14.2. Description
- 11.2.14.3. Product Portfolio
- 11.2.14.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.14.5. Recent Developments
- 11.2.15. Borealis AG
- 11.2.15.1. Overview
- 11.2.15.2. Description
- 11.2.15.3. Product Portfolio
- 11.2.15.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.15.5. Recent Developments
- 11.2.16. MOL Group
- 11.2.16.1. Overview
- 11.2.16.2. Description
- 11.2.16.3. Product Portfolio
- 11.2.16.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.16.5. Recent Developments
- 11.2.17. Beaulieu International Group
- 11.2.17.1. Overview
- 11.2.17.2. Description
- 11.2.17.3. Product Portfolio
- 11.2.17.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.17.5. Recent Developments
- 12. Strategic Recommendations
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