Plastic Market Size

Global Plastic market size was valued at USD 602.66 billion in 2023 and is poised to grow from USD 628.42 billion in 2024 to USD 866.67 billion by 2032, growing at a CAGR of 4.10% in the forecast period (2025-2032).

Rapidly increasing global population and subsequent urbanization are the primary factors that have resulted in increased production of plastics in the construction industry. Increasing demand for e-commerce services and food delivery services among people are other factors that bolster plastic demand for packaging. Incentives for recycling and advancements in plastic recycling technologies are also expected to alter the global plastic market development trajectory across the study period.

However, strict regulations regarding the use of single-use plastics, plastics as packaging materials etc., volatility in price of petroleum which is raw material for plastic, and community opposition regarding the health and environment concerns associated with plastic are some top restraints that could impede plastic demand in the future.

How is Chemical Recycling Creating New Opportunities in the Market?

Chemical recycling processes such as depolymerization and pyrolysis are changing market dynamics. Depolymerization breaks plastic waste down into monomers to produce virgin-quality plastics. Unlike mechanical recycling, it handles mixed or contaminated plastics while at the same time enabling closed-loop recycling for industries like automotive and packaging. A recent example is LOTTE Chemical’s January 2025 collaboration with Hyundai and Kia. These companies came together to introduce depolymerized recycled PMMA for vehicle components. This recycled plastic, used in Kia’s EV3 concept rear lamp lens, matches the quality of virgin material and aligns with EU End-of-Life Vehicle (ELV) regulations.