Plastics Market to Record CAGR of 5.1% Over 2025-2032; Increasing Demand for Plastics Across Various Sectors to Boost Market Growth

The global plastics market size was valued at USD 524.48 billion in 2024 and is predicted to reach USD 533.59 billion in 2025. The market is anticipated to touch USD 754.23 billion by 2032, recording a CAGR of 5.1% over 2025-2032.

Fortune Business Insights™ presents this information in its latest report titled “Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2025-2032”.

Plastics have traditionally been sourced from petroleum and natural gas. These polymers find application in various sectors, including automotive, packaging, healthcare, construction, and consumer products. This is owing to their adaptability, ease of production, capacity for molding, lightweight characteristics, waterproof properties, and affordability. These factors contribute to the expansion of the market.

The COVID-19 pandemic led to a substantial decline in product demand from the automotive and building & construction sectors. Furthermore, a notable fall in crude oil prices, caused by reduced demand and limited storage capacity for excess supply, hindered market growth. Conversely, the medical sector's need for Personal Protective Equipment (PPE), including face masks, goggles, shields, gloves, respirators, gowns, and coveralls, boosted the plastics market growth.

SABIC and POLYRAY Join Forces to Drive Sustainability in Sunglasses and Safety Glasses

In March 2021, SABIC partnered with POLYRAY, a top manufacturer of eyewear lenses, to incorporate SABIC's LEXAN renewable polycarbonate resin into their sunglasses, safety glasses, and sports goggles. This initiative is expected to lead to approximately a 61% reduction in carbon footprint and an estimated 35% decrease in fossil depletion.

Increasing Demand for Plastics Across Various Sectors to Boost Market Growth

The demand for plastics is increasing across various sectors, including food and beverage, consumer goods, automotive, and electrical and electronics. The rising requirement for packaging within the food and beverage sector is boosting global product consumption. Food producers favor packaging that reduces the deterioration of food quality and prevents contamination. The capability of plastics to serve as a barrier between food items and their surroundings is driving demand, thereby promoting the plastics market growth.

However, rules governing the product use and the development of environmentally friendly materials serve as a constraint on the growth of the global market.

Extensive Product Ranges and Global Presence By Leading Firms Help Them Dominate the Market

Many leading firms in the industry operate globally, including LyondellBasell, BASF, Dow, DuPont, Evonik, Sumitomo Chemical, Arkema, Celanese, Eastman Chemical, and Chevron Phillips. These companies are recognized for their extensive product ranges, international presence, and commitments to quality and sustainability.

Notable Industry Development

• November 2023: LyondellBasell revealed its plans to establish a state-of-the-art recycling facility in Germany. The facility is anticipated to process 50,000 tons of plastic annually. Construction is projected to be finished by 2050, aiming to enhance the company's earnings in the plastics sector in the years ahead.

List of the Companies Profiled in the Report

• 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)
• BASF SE (Germany)
• Repsol (Spain)
• Borouge (UAE)
• Borealis AG (Austria)
• MOL Group (Hungary)
• Beaulieu International Group (Belgium)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/plastics-market-102176

Further Report Findings

• The Asia Pacific region accounted for a major plastics market share, reaching USD 277.16 billion in 2024. This growth is due to rapid urbanization, industrial growth, and an expanding middle class in nations such as China and India, which increases demand in the construction and packaging sectors. Within this region, China is expected to maintain its position as the leading country, owing to its easy access to low-cost raw materials.
• In North America, the U.S. accounted for the largest portion of the market, fueled by rising demand from the automotive, packaging, and healthcare sectors. Additionally, the government's growing emphasis on sustainability and technological progress has boosted the use of recycled plastics in the area.
• Based on type, polyethylene is the dominating segment because of its increased demand in sectors such as packaging and automotive. Many producers utilize this polymer for packaging their goods since it offers durability and serves as a protective barrier against moisture.

Table of Segmentation