Global plastic market size 2023-2033

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.