According to Fortune Business Insights the global plastics market size was valued at USD 524.48 billion in 2024. The market is projected to grow from USD 533.59 billion in 2025 to USD 754.23 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period. Engineering plastics offer superior strength, thermal stability, and cost-efficiency, driving demand across industries like automotive, machinery, and construction.
Plastics are polymers that are versatile, easy to produce, moldable, waterproof in nature, low cost, and lightweight, used to produce different products such as spacecraft and others. The plastics produced using renewable biomass sources, including vegetable oil, sawdust, food waste, and corn starch, are known as bioplastics. The increasing demand for high-performance plastic packaging solutions integrated with growing technological advancement to protect products is boosting the plastics market growth.
Fortune Business Insights™ mentioned this in a report titled "Plastics Market, 2025-2032.".
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Segments:
Rising Adoption of Packaging Products to Boost Segment's Growth
By type, the market is segmented into polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, polyurethane, polystyrene, and others. Polyethylene and polypropylene are estimated to dominate the market during the forecast period attributed to their rising demand from packaging and automotive.
Increasing Food and Beverage Industry to Propel Segment's Growth
Based on end-use industry, the market is classified into automotive & transportation, packaging, consumer goods/lifestyle, infrastructure & construction, healthcare & pharmaceutical, electrical & electronics, textile, and others. The packaging segment is estimated to hold the largest market share during the forecast period due to the increasing use in producing construction products including floor covering, windows, fittings, and pipes.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increasing Packaging Industry Demand for Plastics to Drive Market Growth
The demand for plastics is rising across various industries, including food & beverage, automotive, consumer goods, and electrical and electronics. The rising need for packaging from the food & beverage industry is boosting the market growth during the forecast period. The demand for plastics is increasing due to their ability to act as a barrier between the external environment and food products.
Regional Insights:
High Availability of Raw Materials to Propel Market in Asia Pacific
Asia Pacific will hold the largest plastics market share during the forecast period, accounting for USD 316.10 billion in 2022. China will lead the region due to high availability of raw materials at low rates. Strong construction and packaging industry growth will propel market growth in Asia Pacific.
North America is estimated to have substantial growth in the market due to increasing demand from the automobile industry in the region during the forecast period.
Competitive Landscape:
Key Players Focus on Partnership to Aid Market Growth
Most of the major key players in the market have worldwide presence. The key players are adopting collaborative strategies to maintain their position in the market during the forecast period. For instance, ExxonMobil is adopting joint ventures and new product development strategies to expand its business worldwide.
Key Industry Development:
January 2022 – The Reclay Group, a world leader in environmental and material recovery management, and Borealis, a leading advanced and circular polyolefin solutions producer, partnered to meet the rising demand for recyclate material for high-end plastic applications. The partnership is estimated to help consumers accomplish their sustainability goals.
List of Key Players Present 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)
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