Plastic Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Plastic Market reached US$ 542.3 billion in 2023 and is expected to reach US$ 708.6 billion by 2031, growing with a CAGR of 3.4% during the forecast period 2024-2031.

Demand for plastic is growing across various industries, including consumer products, automotive, food & beverage, and electrical & electronics. Global product consumption is fueled by the food and beverage industry's growing requirement for packaging. Food makers favor packaging that reduces the deterioration of food quality and prevents contamination. The need is driven by plastic's capacity to operate as a barrier between food goods and the outside environment.

The plastics industry is expanding due to rising building and infrastructure activities and growing demand for strong, lightweight polymers across various end-use sectors. According to a survey by the Federation of Indian Chambers of Commerce and Industry, plastic accounts for more than 40% of India's packaging needs, and its use in various applications is expected to increase.