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Plastic Market Size, Share, Industry, Forecast and outlook (2023-2030)

Published: 2023 July 27
SKU : MA183
180 pages
Report Summary
Table of Content
List of Tables & Figures

Global Plastic Market is segmented By Type (Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Polycarbonate (PC), Polyurethane (PU), Others), By Processing (Injection Molding, Blow Molding, Extrusion, Rotational Molding, Thermoforming, Compression Molding, Others), By Processing Technology (Thermoplastics, Thermosetting Plastics),  By Plastic Resin (Virgin Plastic, Recycled Plastic), By Application (Bottles and Containers, Films and Sheets, Pipes and Fittings, Automotive Parts, Electrical and Electronic Components, Toys and Games, Furniture, Packaging Films, Medical Devices, Others),  By End-User (Packaging, Automotive, Construction, Electronics and Electrical, Healthcare and Medical, Agriculture, Consumer Goods, Textiles, Aerospace, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030


Plastic Market Overview

Global Plastics Market reached USD 525.5 billion in 2022 and is expected to reach USD 676 billion by 2030, growing with a CAGR of 3.2% during the forecast period 2023-2030. A significant chunk of the global demand for plastics today is generated by the emerging nations of Asia-Pacific, where a lot of the global economic growth is concentrated. 


China and India have been at the forefront of increasing plastics demand. However, the COVID-19 pandemic has somewhat altered market dynamics, with multinational companies looking to relocate to other countries in the region, such as Vietnam, Thailand, Malaysia and Indonesia. One advantage of Asia-Pacific industries is the ability to source plastics cheaply since the region has high production capacity and lower production costs than developed markets like Europe. 

One of the recent trends in the global market is the ongoing development and adoption of bioplastics. The packaging industry has been a major adopter of bioplastics, attracting new investment. In March 2023, the U.S. e-commerce giant Amazon announced an investment of USD 50 million in U.S.-based bioplastics startup Genesis.


Plastic Market Scope





Size Available for Years


Forecast Period


Data Availability

Value (USD )

Segments Covered

Type, Processing, Processing Technology, Plastic Resin, Application, End-User and Region

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle East & Africa

Fastest Growing Region


Largest Region


Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Derivative Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, SWOT Analysis, PESTEL Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights.


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Plastic Market Dynamics

Growing Industrialization of Developing Countries

Developing countries, particularly in Asia-Pacific and Latin America, have been experiencing rapid industrialization in recent decades. Industrial growth has been fueled by favorable investment climates, abundant labor supply, technological advancements and supportive government policies. The plastics industry is vital in supporting and benefiting from this industrialization process.

 As industries expand, there is an increasing demand for plastics in various sectors such as automotive, construction, packaging, electronics and consumer goods. Plastics offer several advantages that make them highly suitable for industrial applications. The versatility, lightweight nature, durability and cost-effectiveness of plastics make them ideal materials for manufacturing a wide range of products. Plastics are used for components in machinery and equipment, electrical insulation, pipes and fittings, automotive parts, toys, home appliances and packaging materials.

The growing industrialization of developing countries produces a multiplier effect on plastic demand since most countries start to industrialize with low-tech industries such as toys, low-value consumer goods and textiles. The finished products produced by these industries often require the extensive usage of plastics. Rapidly rising demand prompts global plastic manufacturers to invest in local production and develop new plastics for use in different industries. 

Tightening Regulatory Measures Due to Environmental Concerns

Governments and regulatory bodies worldwide are implementing stricter regulations and measures to address plastic pollution and promote sustainable practices. It includes plastic bans, restrictions on single-use plastics, extended producer responsibility (EPR) programs and more stringent waste management regulations. 

Such measures can impact the demand and usage of certain plastics, decreasing market growth. The focus on sustainability and environmental concerns is prompting the industry to seek alternative materials and adopt more responsible practices to mitigate the impact of regulatory constraints.


Plastic Market Segment Analysis

The Global Plastics Market is segmented based on type, end-user and region.

Versatile Applications of Polyethylene Grants it a Significant Share

Polyethylene is known for its excellent chemical resistance. It has a relaitvely high melting point compared to other commercial plastics and is highly ductile, making it suitable for a wide range of applications. Polyethylene is available in two main forms, mainly, high-density polyethylene (HDPE) and low-density polyethylene (LDPE).

HDPE is known for its high strength, stiffness and impact resistance, making it suitable for applications such as pipes, containers and packaging. It is also used for making toys, garbage containers, houseware items, ice trays, fishing nets and industrial fabrics. LDPE, on the other hand, is more flexible and has better transparency and moisture resistance, making it ideal for products like plastic bags, garbage bags, laminations, films, food packaging and squeeze bottles.

Source: DataM Intelligence Analysis (2023)


Plastic Market Geographical Penetration

Rising Manufacturing Activity to Propel Market Growth in Asia-Pacific

The Asia-Pacific plastics market is projected to grow at a faster CAGR during the forecast period. Governments in Asia-Pacific have rolled out various policies to promote industrialization, which is expected to augment regional plastic demand in the medium and long term. For instance, in early 2023, the Indian government instituted a Rs 3,500 crore (USD 420 million) production-linked incentive (PLI) scheme for the domestic manufacturing of toys. 

China is a major manufacturing hub and the recovery of Chinese manufacturing activity, generates significant demand for various plastics. The Caixin China manufacturer’s PMI index increased to a new high of 51.6 in February 2023, presenting the first increase in manufacturing activity since July 2022, when COVID-19 restrictions were fully lifted.

Companies are also gradually expanding their regional presence to cater to rising demand. For instance, in September 2022, Lehvoss Group, a German multinational plastics manufacturer, announced the opening a new compounding facility in Shenzhen, China. The new facility is expected to develop, produce and market various plastic compounds. 

Source: DataM Intelligence Analysis (2023)


Plastic Market Players

The major global players include BASF SE, LyondellBasell Industries Holdings B.V., INEOS, SABIC, Borouge, Borealis AG, Reliance Industries Ltd, Braskem, Exxon Mobil Corporation and Formosa Plastics Corporation.


COVID-19 Impact on Plastic Market

COVID Impact

The COVID-19 pandemic created various opportunities and challenges for the global plastics market. The COVID-19 pandemic has had a mixed impact on the global plastics market. On one hand, the increased use of single-use plastics, such as personal protective equipment (PPE) and packaging for essential goods, has led to a surge in demand. The pandemic-driven hygiene measures and e-commerce growth have increased plastic packaging requirements. 

However, on the other hand, disruptions in global supply chains, reduced consumer spending, and economic slowdowns have affected sectors like automotive, construction, and consumer goods, which use significant amounts of plastics. The pandemic has also highlighted the need for sustainable alternatives to single-use plastics, leading to increased focus on plastic recycling and circular economy initiatives.

AI Impact

Artificial intelligence (AI) has the potential to transform the plastics market by improving manufacturing processes, product design, and recycling efforts. Plastic manufacturing processes can be greatly optimized through the usage of AI algorithms, which can enhance production efficiency and reduce wastage. Furthermore, these algorithms can be used to greatly improve the efficiency of automated plastic recycling systems.

Another major application for artificial intelligence is for assistance in research and development. AI-backed testing systems can be used for accurately gauging and recording the exact physical and chemical properties of new plastic compounds under development and also suggesting changes to formulation if necessary. It will greatly reduce the cost and effort required for research and development of new products. 

Ukraine-Russia War Impact 

The Ukraine-Russia war has disrupted energy supply chains and has led to increase in global oil prices, mainly due to sanctions imposed on Russia, a key energy supplier. Energy inflation has increased significantly in Europe, undermining the competitiveness of various energy-intensive industries such as plastic manufacturing. 

Many European plastic manufacturers are contemplating shifting their operations abroad, mainly to Asia-Pacific, in order to keep production costs under control. It has opened up opportunities for Asia-Pacific manufacturers, especially those in India and China to increase exports to Europe, since they have high production capacity and lower costs. 

Key Developments

  • In November 2022, LyondellBasell, a multinational chemical company engaged in plastics production, announced a partnership with the automotive manufacturer Audi to create automotive plastic parts from recycled plastic waste.
  • In November 2022, LyondellBasell, the UK-based multinational chemical company, announced that it was moving forward with the decision to build an advanced plastics recycling plant in Wesseling, Germany. 
  • In August 2022, Reliance Industries Ltd, a major Indian plastics manufacturer, announced the opening of a new polyethylene terephthalate (PET) bottle manufacturing plant in Dahej, Gujarat, India. The company also announced a pledge to recycle more than 5 million PET bottles annually. 

Why Purchase the Report?

  • To visualize the Global Plastics Market segmentation based on type, end-user and region, as well as understand key commercial assets and players.
  • Identify commercial opportunities by analyzing trends and co-development. 
  • Excel data sheet with numerous data points of plastics market-level with all segments.
  • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
  • Derivative mapping available as excel consisting of key products of all the major players.

The Global Plastics Market Report Would Provide Approximately 50 Tables, 59 Figures And 195 Pages.

Target Audience 2023

  • End-User Industries
  • Plastics Manufacturers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies
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What is the Plastic Market growth?
The Plastic Market is growing at a CAGR of 3.2% during the forecast period 2023-2030
Who are the Major key players in Plastic Market?
The major global players include ExxonMobil Corporation, Dow, SABIC, LyondellBasell Industries N.V., BASF SE, INEOS Group, TotalEnergies SE, Chevron Phillips Chemical Company LLC, Lanxess AG, Reliance Industries Limited.
Which region controlled the global plastic market during 2023-2030?
North America region Controls the Plastic Market during 2023-2030.
Which is the fastest-growing region in the Plastic Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period 2023-2030
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