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. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “Plastics Market, 2025-2032.”
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.
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Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Segments
Polyvinyl Chloride (PVC) to Gain Traction with Rising Demand for Resistance to Chemicals
In terms of type, the market is segregated into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene, and others. The polyvinyl chloride segment will account for a considerable share of the global market due to electric insulation and the demand for resistance to chemicals.
Packaging to Remain Dominant Due to Robust Demand from Food & Beverage Sector
With respect to end-use industry, the market is segregated into packaging, automotive & transportation, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceutical, electrical & electronics, textile, and others. The packaging segment will exhibit notable growth during the assessment period, largely due to rising demand from the food & beverage sector.
Drivers and Restraints
Expanding Footprint of Engineering Plastics to Propel Growth Potentials
The plastics market share will witness notable traction during the forecast period, largely due to better mechanical and thermal properties. Surging demand for better polymer solutions will encourage leading companies to expedite investments. Prominently, surging demand for metal substitution could play a pivotal role in boosting the material demand. Furthermore, the food industry is poised to be the major recipient of plastics that avoid contamination and minimize food quality degradation. Increased usage of the polymer in fashion, sports, and toy-making will bode well for the industry growth.
However, rigorous regulations implementing plastic reduction policies could impede the industry growth.
Competitive Landscape
Major Players Prioritize Collaboration to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Key Industry Development
November 2023 – LyondellBasell announced plans to set up an advanced recycling plant in Germany. The plant is expected to recycle 50,000 tons of plastic per year. The construction will be completed by 2050 and will maximize the company’s revenue in the plastic segment in the upcoming years.
Major Players Profiled in the Plastics Market Report:
LyondellBasell Industries N.V. (Netherlands)
ExxonMobil Chemical (U.S.)
China National Petroleum Corporation (China)
INEOS (U.K.)
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)
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