In 2023, the global plastics market was valued at 712 billion U.S. dollars. The plastics market is projected to grow in the coming years to reach a value of more than 1,050 billion U.S. dollars by 2033, registering a CAGR of four percent during the forecast period of 2023 to 2033.
Plastic production has soared in recent decades
Global plastics production was estimated at 390.7 million metric tons in 2021, representing an oincrease since the previous year, global plastic production has almost doubled since the turn of the century. Plastic production is set to continue growing due to rising populations, increased buying power, and further demands for plastic goods.
Sustainable plastics demand
Plastic is now a ubiquitous part of modern life, but there have been growing concerns over its environmental impacts in recent years. This has resulted in an increased demand for more eco-friendly materials – such as biodegradable plastics. The global biodegradable plastics market is projected to reach a value of more than 20 billion U.S. dollars by 2026.
Market value of plastics worldwide in 2023, with a forecast for 2033
(in billion U.S. dollars)
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Future Market Insights. (October 23, 2023). Market value of plastics worldwide in 2023, with a forecast for 2033 (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 07, 2024, from https://www.statista.com/statistics/1060583/global-market-value-of-plastic/
Future Market Insights. "Market value of plastics worldwide in 2023, with a forecast for 2033 (in billion U.S. dollars)." Chart. October 23, 2023. Statista. Accessed December 07, 2024. https://www.statista.com/statistics/1060583/global-market-value-of-plastic/
Future Market Insights. (2023). Market value of plastics worldwide in 2023, with a forecast for 2033 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 07, 2024. https://www.statista.com/statistics/1060583/global-market-value-of-plastic/
Future Market Insights. "Market Value of Plastics Worldwide in 2023, with a Forecast for 2033 (in Billion U.S. Dollars)." Statista, Statista Inc., 23 Oct 2023, https://www.statista.com/statistics/1060583/global-market-value-of-plastic/
Future Market Insights, Market value of plastics worldwide in 2023, with a forecast for 2033 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1060583/global-market-value-of-plastic/ (last visited December 07, 2024)
Market value of plastics worldwide in 2023, with a forecast for 2033 (in billion U.S. dollars) [Graph], Future Market Insights, October 23, 2023. [Online]. Available: https://www.statista.com/statistics/1060583/global-market-value-of-plastic/