Plastics Market Size was valued at USD 574.50 billion in 2023. The plastics industry is projected to grow from USD 596.41 Billion in 2024 to USD 804.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.81% during the forecast period (2024 – 2032). Increasing demand in a variety of end-use industries, as well as increased awareness of the use of bio-based plastics in a variety of industries are the key market drivers enhancing the market growth.
- Plastic demand from the packaging industry is driving market growth
Plastic demand from the packaging industry is driving the market CAGR for Plastics. Product demand is increasing in a variety of industries, including food and beverage, consumer products, automotive, and electrical and electronics.
The growing need for packaging materials from the food and beverage industries is driving product consumption. Food businesses want packaging that prevents food quality decline and contamination. Plastic’s capacity to function as a barrier between food goods and the outside environment is driving demand.
Furthermore, polymers’ capacity to withstand physical stress and provide high durability is increasing their use in sports, fashion, polymer clay, and toy-making. Moreover, they are simple to mould and allow for the production of packaging in any shape or size. Their utility in the textile industry is increasing due to their great elasticity, durability, and enhanced visual appeal. Furthermore, because polymers are stiff, they are ideal for packaging automotive and electrical spare parts. As a result, the growing use of plastics in the food and beverage, textile, electrical and electronics, automotive, and consumer goods industries is boosting the expansion of the plastics market.
In addition, the International Organization of Motor Vehicle Manufacturers estimates that 95.63 million automobiles will be produced in 2022. Plastics such as polypropylene, polyvinyl chloride (PVC), acrylonitrile-butadiene-styrene (ABS), and polycarbonate are used in many automobile parts. People are now able to buy cars due to an increase in disposable income, resulting in an increase in car sales worldwide. Thus, driving the plastic market revenue.
