Plastics market size is estimated to reach $738 billion by 2030, growing at a CAGR of 3.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Plastics Market By Product Type (Polyethylene (PE), Polypropylene (PP), Polyurethane (PU), Polyvinyl chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Others), By Process Technology (Blow Molding, Compression Molding, Roto Molding, Extrusion Molding, Injection Molding, Others), By End-user (Packaging, Electrical & Electronics, Automotive & Transportation, Building & Construction, Consumer Goods, Healthcare and Pharmaceutical, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”. Increase in consumer goods and packaging demand, rising demand for lightweight and durable plastics in various end-use and growth of construction and infrastructure activities are fuelling the growth of the Plastics industry during the forecast period.

Asia-pacific Dominated the Market in 2023:
Asia-pacific region held the major share of 43% in 2023. This region has a high demand for plastics owing to its large and rapidly growing population, rising disposable incomes and urbanization. China, India, and Southeast Asian countries have emerged as major markets for plastics driven by the growth of various end-use industries such as packaging, construction, automotive and consumer goods. As per IGES Global plastics’ production total led close to 370 million tons in 2019, up from two million tons in 1950. It is projected that production and usage will quadruple by the early 2050s. And today more than 50 percent is produced in Asia.

Plastics Market Growth Drivers:

Increase Demand for Consumer Goods and Packaging Drives the Plastics Market Forward:

The increase in consumer goods and packaging demand is one of the key drivers of the global plastics market. This demand is driven by factors such as growing populations, urbanization, and rising disposable incomes leading to an increase in the consumption of packaged food and beverages, cosmetics, personal care products and other consumer goods. As a result, there has been a growing demand for plastic packaging materials such as plastic bags, bottles, and containers which offer a low-cost, lightweight, and convenient solution for packaging and transportation. Additionally, the development of new and innovative packaging designs and materials such as biodegradable plastics has also contributed to the growth of the plastics market. In 2020, as per the Green Peace report, over 83% of biodegradable plastics were used for the packaging sector.

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Growth of Construction and Infrastructure Activities Propels the Plastics Market Growth:
Plastics are widely used in construction and infrastructure projects owing to their durability, low weight and low cost. Applications of plastics in the construction sector include pipes and fittings for water and sewage systems, insulation materials and various building components such as windows, doors and roofing materials. Additionally, the use of plastic composites in infrastructure projects such as bridges and roads has increased owing to their high strength-to-weight ratio and resistance to corrosion. The growth of the construction and infrastructure sectors in emerging markets coupled with the increasing demand for sustainable and eco-friendly building materials is expected to drive the growth of the plastics market. In 2022, As per the NITI Plastics Alternative report, over 19% of the adoption of the plastics in building and construction sector in total plastics manufactured.

Scope of Report:

Report Metric


Base Year Considered


Forecast Period




Market Size in 2030

$738 billion

Segments Covered

Product Type, Process Technology, End-Users and Region

Geographies Covered

North America (US., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (the Middle East and Africa).

Key Market Players

  1. Dow Inc.

  2. LyondellBasell Industries N.V.

  3. BASF SE

  4. ExxonMobil Corporation

  5. SABIC

  6. INEOS Group Limited

  7. ENI

  8. LG Chem, Ltd.

  9. Chevron Phillips Chemical

  10.  Lanxess

Recent Developments:

• On 5 December 2022, Dow launched the V PLUS PerformTM next, an advanced polyurethane technology for insulated metal panels. The product combines fire safety features and the high-performance energy efficiency of V PLUS PerformTM with circular and low-carbon ingredients made to the customer's needs.
• On 17 January 2023, BASF announced an investment to increase the production site expansion capacity for polymer dispersions in Merak, Indonesia. The growth is in maintaining with ASEAN's expanding high-quality packaging trend where major paper and board producers are located. The Styrene-butadiene dispersions are available in large amounts to support the expansion of newspaper mills in Southeast Asia.

Plastics Market: Competitive Landscape
Key companies profiled in the Plastics Market are Dow Chemical Company, LyondellBasell, BASF, ExxonMobil, SABIC, INEOS, ENI, LG Chem, Chevron Phillips Chemical, Lanxess

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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  
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