Plastic Market Size 2025-2029

The plastic market size is forecast to increase by USD 190.6 billion at a CAGR of 5.5% between 2024 and 2029. The market is experiencing significant growth, driven by key factors such as the expanding manufacturing capacity and the increasing popularity of recycled plastics. The focus on manufacturing capacity expansion reflects the industry's commitment to meeting the rising demand for plastic products. The increasing adoption in sectors such as food and beverage, healthcare services, and consumer goods underscores its widespread utility. Moreover, the growing emphasis on sustainable packaging solutions further propels the market forward, with biodegradable plastics and recyclable plastics gaining traction. Stringent regulations over the usage of plastics are also influencing market trends, as governments and organizations seek to minimize the environmental impact of plastic waste. These factors are shaping the future of the market and presenting both opportunities and challenges for industry players.

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Market Segmentation and Trends

The plastic market is segmented into techniques, end-user industries, and product types.

• By Technique:

  • Injection molding
  • Blow molding
  • Roto molding
  • Casting
  • Others

• By End-user:

  • Packaging
  • Consumer goods
  • Automotive
  • Electrical and electronics
  • Others

• By Product Type:

  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyurethane (PU)
  • Polyvinyl chloride (PVC)
  • Others

Regional Market Trends

• APAC:
  • China
  • India
  • Japan
  • South Korea
• North America:
  • Canada
  • US
• Europe:
  • Germany
  • UK
  • France
  • Italy
• Middle East and Africa
• South America

By Technique Insights

The injection molding segment is estimated to witness significant growth during the forecast period. Injection molding is a widely used manufacturing technique for producing various parts and products. It is heavily applied in industries like packaging, building & construction, medical devices, and consumer goods. The packaging sector, in particular, benefits from injection molding, with PET being a major resin used due to its recyclability and lightweight nature. In addition, electric vehicles (EVs) are expected to contribute significantly to the market’s growth, as the demand for plastic components in vehicle manufacturing increases.

Market Dynamics

• Key Drivers:

  • Expansion of manufacturing capacity, particularly in the North American packaging sector.
  • Increasing demand for eco-friendly products and recycled plastics.
  • Consumer preference for lightweight and cost-effective packaging solutions.

• Key Challenge:

  • Stringent regulations on the usage of plastics, particularly in the European Union and other regions focused on reducing environmental impact.

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Key Players in the Plastic Market

• Arkema
• BASF SE
• Berry Global Inc.
• Celanese Corp.
• Chevron Phillips Chemical Co. LLC
• Covestro AG
• Eastman Chemical Co.
• Evonik Industries AG
• Exxon Mobil Corp.
• Formosa Plastics Corp.
• Huntsman Corp.
• INEOS Group Holdings S.A.
• Jain Irrigation Systems Ltd.
• Lotte Chemical Corp.
• LyondellBasell Industries NV
• Mitsui and Co. Ltd.
• Saudi Basic Industries Corp.
• Sumitomo Chemical Co. Ltd.
• The Dow Chemical Co.
• Toray Industries Inc.

Recent Developments

• January 2025: Dow Chemical launched a new range of biodegradable plastic products designed to replace conventional plastics in packaging.
• December 2024: BASF partnered with a leading recycling company to develop advanced chemical recycling technology for plastics.
• November 2024: ExxonMobil acquired a major plastic manufacturing company focused on producing sustainable plastic alternatives.
• October 2024: SABIC launched a new plastic resin made from 100% recycled materials, targeting the automotive industry.