Plastics Market (By Product: Polyethylene, Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene Terephthalate, Polystyrene, Acrylonitrile Butadiene Styrene, Polybutylene Terephthalate, Polyphenylene Oxide, Epoxy Polymers Liquid Crystal Polymers, Polyether Ether Ketone, Polycarbonate, Polyamide, Polysulfone, Polyphenylsulfone, Others; By Application: Injection Molding, Blow Molding, Others; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033
The global plastics market size was valued at USD 624.84 billion in 2023 and is anticipated to reach around USD 943.76 billion by 2033, growing at a CAGR of 4.21% from 2024 to 2033. The primary reasons behind this market's growth are a rise in the automotive, packaging, manufacturing, and construction industries.
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The Asia Pacific plastics market size was estimated at USD 199.95 billion in 2023 and is predicted to be worth around USD 306.72 billion by 2033, at a CAGR of 4.37% from 2024 to 2033.
Asia Pacific dominated the plastics market in 2023. Asia Pacific has countries that are leading in terms of population, like India and China. With a rising population, packaging, manufacturing, automotive, and other industries requiring plastics are in high demand. China is the top manufacturer of EVs, and there is a high need for plastic in making these vehicles.
In India, it can be seen that e-commerce is boosting, as Amazon, Flipkart, and food delivery apps like Zomato and Swiggy have started to give services in rural and remote areas as well. These services require a lot of plastic for packaging purposes and ensure that the product’s quality is maintained. Thus boosting the plastics market in the region.
Europe will establish a significant presence in the global plastics market during the forecast period. Europe is one of the largest producers of plastic. In order to prevent plastic pollution, Europe is also getting active in recycling plastic. Recycling plastics is helping to reduce the piles in landfills and keep up with plastic production in Europe. Plastics are in high demand in Europe for packaging, building, development, construction, automotive, and many more industries.
The North America plastics market size was calculated at USD 174.96 billion in 2023 and is projected to expand around USD 268.97 billion by 2033, poised to grow at a CAGR of 4.39% from 2024 to 2033.
| Year | Market Size (USD Billion) |
| 2023 | 174.96 |
| 2024 | 182.32 |
| 2025 | 190.00 |
| 2026 | 198.00 |
| 2027 | 206.33 |
| 2028 | 215.02 |
| 2029 | 224.07 |
| 2030 | 233.50 |
| 2031 | 243.33 |
| 2032 | 253.58 |
| 2033 | 268.97 |
Plastics Market Overview
Plastics are polymers that are widely used because they are versatile, lightweight, flexible, and easily moldable. Plastics are used in the making of containers, automobiles, stationery items, household items, and construction, and the list of uses is never-ending. Plastics are made of petroleum. There are several advancements that also produce eco-friendly plastics that can be made from corn or cotton cellulose. These plastics are durable and biodegradable as well.
It is lightweight and strong. Research and development are constantly working on improving plastic strength. Being easily moldable, it has many applications. Its flexibility allows innovations in packaging, construction, electronics, and many other industries. Plastics are cost-effective, and the production of plastics can cost less than metal or glass. The cost advantage ensures that plastic is accessible and affordable to many customers and businesses. Hence, it promotes economic development. Plastic containers and packaging are used for food delivery, as they also help preserve the shelf life of food. This quality is helpful for the pharmaceutical industry. Plastic, being lightweight, also saves fuel and reduces transportation costs.
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 4.21% |
| Plastics Market Size in 2023 | USD 624.84 Billion |
| Plastics Market Size in 2024 | USD 651.15 Billion |
| Plastics Market Size by 2033 | USD 943.76 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product, By Application, and By End-use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver
Multipurpose applications
Plastic is heavily used in innumerable places, and the list of uses can be never-ending. We have so much plastic being used around us, but we just don’t notice it much. From a plastic pen to a plastic body in a car, there are so many places and things where plastic plays a major role. Plastics are lightweight, and more focus is given to making them stronger and more durable. They are used in aircraft and automobiles to make the vehicles more fuel efficient. Of the entire car volume, 50% is plastic, and it comprises a very small proportion of car weight. When cars consume less fuel, it also contributes to less CO2 emission. Plastics are bad conductors of electricity and are used in electrical appliances to insulate cables and wires.
Restraint
Environmental harm and pollution
The biggest restraint in the plastics market is the pollution it causes. Plastic gained dominance in the 20th century and then gave rise to many problems. This was because plastics decompose at an extremely slow rate (They almost don’t decompose at all). There used to be a lack of knowledge regarding plastic recycling; however, even today, a large amount of plastic goes unrecycled and is decomposed. This gives rise to many environmental problems. Many users don’t recycle because recycling can be more expensive than producing fresh plastics. The unrecycled plastic keeps accumulating in landfills and can affect aquatic habitats.
According to the Organisation for Economic Co-operation and Development (OECD), there was a plastic waste leakage of 6.1 million tonnes and 1.7 million tonnes into the oceans. At this moment, there are around 30 million tonnes of plastic waste in seas and oceans. There is a further accumulation of 109 million tonnes in rivers.
Although plastics are known for their flexibility and the property of being molded, there are several plastics that cannot be recycled, as they undergo certain chemical changes after being freshly made and can lose their properties if one tries to remold them. Hence, such plastics have to be discarded and cannot be recycled. For example, thermoset plastics have irreversible bonds that cannot be recycled. Such plastics can keep accumulating in the environment and lead to serious environmental problems. Hence, the disposal of such plastics is a challenge in itself.
Opportunities
Growth in the automotive sector
Plastics have a wide range of uses. Apart from the long list of uses where plastic is used, the automotive industry shows a heavy use of plastics. Plastics comprise around 50% of the entire automotive volume and only 10% of the vehicle's weight. Plastic is lightweight and hence reduces fuel consumption, saving money and the environment. The car interior, seat covers, fabrics, and many other components in an automobile are made of high-quality plastic.
A boost in the construction industry
Plastic is irreplaceable in the construction industry. Cables, wires, bathwares, pipes, and many more things in the construction industry are made up of plastics. They are lightweight and strong, so transporting them is an easy task. Unlike metals, they are corrosion resistant. They can be easily installed and fitted, as many plastics have snap-fit-lock systems because of the flexibility offered by plastics. Many pigments can be added to plastics, and they are available in a range of vibrant colors. They are good insulators and are widely used in electric appliances, wires, and cables. Plastics are easy to see and nail, and they can be removed easily as well.
The plastics market was dominated by the polyethylene segment. Polyethylene is the most common and popular type of plastic. It is used in shopping bags, bottles, and toys, and a large proportion of the plastic market is covered by polyethylene. It is highly ductile and flexible. It gets stretched but does not break because of strength. Polyethylene is water resistant and has a high durability. It is a good insulator and is used in wiring or cables. Low-density polyethylene has good transparency and is used in packaging. Polyethylene can be recycled, too.
The polypropylene segment is projected to be the fastest growing segment in the plastics market. Polypropylene is the second most popular plastic. Polypropylene does not react with acids and, hence, is used as a container for acids. Since it doesn't corrode, polypropylene is used in pipes. It also has a good resistance against freezing. It is easily moldable, and this process of remolding can be done many times. It is highly impermeable to water and is hence used in products like raincoats. Polypropylene is also used to carry huge loads, as it has a high tensile strength.
The injection molding segment dominated the plastics market in 2023. Injection molding is a process where plastic granules or powder are put into a machine, which is then further melted and processed to make finished plastic products. Injection molding has a higher accuracy rate and works at a high efficiency. Every cycle is completed in only around 2 minutes. It is cost-saving as well. Higher efficiency allows the production of more products in a short time. Due to high accuracy and precision, injection molding is used to produce complex machine parts. The parts produced have high strength. Various vibrant colors can be added while processing to produce aesthetic products. Labor costs are low in injection molding.
The thermoforming segment is expected to witness the fastest growth in the plastics market during the forecast period. In this process, plastic is formed into sheets and then trimmed to make products. This process is useful for huge plastic products, and the molding process can be versatile, unlike other processes of plastic molding limited to smaller items. Almost all types of plastics are suitable for thermoforming. Thermoforming is a simpler technology where one can create high-quality products in a short time span.
The packaging segment dominated the plastics market in 2023. Packaging is a booming market because of a rise in e-commerce business. The packaging industry is expanding in personal and household care, food and beverage, pharma, and several other industries. Plastic is lightweight and flexible, and several e-commerce companies package the goods in high-quality plastic packaging, which ensures that the product is not damaged. Plastics are also engineered so that they can withstand extreme environments and temperatures and preserve product quality. The packages can also be printed, and this makes them good packaging material.
The building & construction segment will expand substantially during the forecast period. Plastic is lightweight and strong. It can be transported easily to construction sites. The products don't corrode easily. Acrylic is highly used because of its optical clarity, resistance to scratches, and rigidness. It is used for LCD screens, windows, and other applications. Composites are made up of two or more constituents that improve the characteristics of the combined product. Polycarbonate is used to create sustainable plastic building supplies. It is a plastic that can be melted and recast several times. It has a high level of optical clarity.
Segments Covered in the Report
By Product
By Application
By End-use
By Geography
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