Plastic Market Trends

Growth Drivers

Worldwide Growth in Production Rate of Plastic - Plastic is being widely used in all sectors of manufacturing processes as a result of rapid industrialization and its numerous advantages The versatility of plastic has propelled the population to produce more plastics which is further projected to fuel the drive market growth. As per the reports provided by the Organization for Economic Co-operation and Development, it was estimated that global plastic production rose from 2000 to 2019 and stood up at approximately 460 million tons.
High Demand for Plastic Products - The recent data disclosed in 2022 disclosed that around 1 million plastic bottles are purchased every minute, and around 5 trillion plastic bags are used every year across the world.
Global Expansion of the Automotive Industry - For instance, as per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach around USD 9 trillion.
Notable Elevation in the Packaging Industry - The latest reports, revealed that the packaging industry in the United States was valued at USD 190 Billion in 2021 and is forecasted to reach USD 220 Billion by 2027.
Worldwide Growth in Chemical Industry - Latest reports stated that the revenue garnered by the global chemical industry in the year 2021 was approximately 4 trillion dollars, a considerable increment from the previous year with 3 trillion dollars.

Challenges

Stringent Governmental Rules Regarding Environmental Protection - Governments of nations have taken various steps and several governmental policies and rules have been declared to protect the environment from the hazardous effects of plastic polymers. Currently, the government of several nations has adopted non-plastic alternatives at a significant proportion to protect the environment. Therefore, this factor is anticipated to hamper the market growth over the projected time frame.
Adverse Effect on Humans and the Environment
Rising Awareness About Plastic Waste

Plastic Market: Key Insights

Base Year	2024
Forecast Year	2025-2037
CAGR	3.9%
Base Year Market Size (2024)	USD 650.54 billion
Forecast Year Market Size (2037)	USD 1.05 trillion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of plastic is assessed at USD 670.32 billion.

The plastic market size was valued at USD 650.54 billion in 2024 and is set to reach USD 1.05 trillion by the end of 2037, expanding at around 3.9% CAGR during the forecast period i.e., between 2025-2037. Worldwide growth in production rate of plastic, high demand of plastic products, and global expansion of automotive industry will boost the market growth.

Asia Pacific is predicted to hold largest industry share by 2037, attributed to increased demand and production of automobiles in the region, backed by presence of huge facilities producing automobiles.

The major players in the market include Exxon Mobil Corporation, BASF SE, Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, DuPont de Nemours, Inc., Evonik Industries AG, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation.

Plastic Market Trends