Global plastics industry - statistics & facts
Since the beginning of the mass production of plastics in the 1940s, over nine billion tons have been produced globally. The global plastics market was valued at 712 billion U.S. dollars in 2023, and is expected to experience considerable growth over the next decade, driven by increasing demand across various sectors. Leading companies within the plastics industry include ExxonMobil, Sinopec, and LyondellBasell.
In recent years, China has emerged as the leading producer of plastics, accounting for 33 percent of global production. After recovering from the impacts of the pandemic, production of plastic products in China has amounted to between six and seven million metric tons every month. In comparison, plastic production in Europe experienced a year-over-over decline in 2023, from 58.9 million to 54 million metric tons. North America is the second-largest producer, with plastic production in the United States amounting to approximately 130 million metric tons in 2023.
Plastic production
Plastics are versatile materials that are used in a wide range of products and applications. However, not all plastics are the same. There are six broader types of plastic that are produced and consumed in large quantities: polyethylene terephthalate (PET), high-density polyethylene (HDPE), polyvinyl chloride (PVC), low-density polyethylene (LDPE), polypropylene (PP), and polystyrene/styrofoam (PS). Annual global plastic production reached a high of 413.8 million metric tons in 2023, having increased at a compound annual growth rate (CAGR) of 5.8 percent since 2009.In recent years, China has emerged as the leading producer of plastics, accounting for 33 percent of global production. After recovering from the impacts of the pandemic, production of plastic products in China has amounted to between six and seven million metric tons every month. In comparison, plastic production in Europe experienced a year-over-over decline in 2023, from 58.9 million to 54 million metric tons. North America is the second-largest producer, with plastic production in the United States amounting to approximately 130 million metric tons in 2023.
