Plastics and Rubber Products Market Report 2025

The plastics and rubber products market size has grown strongly in recent years. It will grow from $1.5 trillion in 2024 to $1.62 trillion in 2025 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to industrialization and manufacturing growth, automotive industry expansion, consumer goods manufacturing, medical and healthcare sector growth, packaging industry evolution.

The plastics and rubber products market size is expected to see strong growth in the next few years. It will grow to $2.08 trillion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to electric vehicles and lightweighting, circular economy initiatives, resilience in supply chain management, regulatory compliance and certification, expansion of aerospace applications. Major trends in the forecast period include advanced recycling technologies, bio-based polymers, high-performance rubber compounds, antimicrobial plastics and rubber, 3d printing with polymers and rubbers.

The plastics and rubber products market is being driven by the increasing demand for tires from the automotive industry. Tires, essential components that provide traction, absorb shocks, and support the weight of vehicles, heavily rely on rubber as a key material. For example, the U.S. Tire Manufacturers Association (USTMA) reported in February 2023 that total tire shipments in the U.S. are expected to reach 334.2 million units in 2023, marking an increase from 332 million units in 2021 and 332.7 million units in 2022. This surge in demand for tires in the automotive sector is anticipated to boost the growth of the plastics and rubber products market.

The plastics and rubber product manufacturing industry is influenced by the growth of the packaging sector. Ongoing developments in packaging, such as the introduction of convenience features such as resealable packs, easy-to-open stand-up pouches, and smaller single-serving pack sizes, contribute to increased demand for plastic materials. These innovations in packaging drive the consumption of plastics and rubber, consequently fostering market growth.

Key players in the plastics and rubber products market are actively engaged in the development of innovative solutions, exemplified by products such as E2C DX9660, aimed at enhancing market profitability. E2C DX9660, introduced by Cabot Corporation, a US-based chemicals company in February 2023, is an Engineered Elastomer Composite (E2C) solution that exhibits a 30% improvement in abrasion resistance compared to traditional compounds. This innovative product from Cabot is designed to significantly enhance the durability of rubber, particularly excelling in resistance to abrasion. By broadening the scope of E2C solutions, including applications in on-road commercial tires and industrial rubber products, Cabot aims to cater to diverse industry needs.

Major companies in the plastics and rubber products market are engaging in strategic collaborations to foster innovation, minimize environmental impact, and create sustainable alternatives that align with the increasing consumer demand for eco-friendly products. These partnerships are aimed at developing advanced recyclate formulations for diverse applications, such as automotive, packaging, and consumer goods. For example, in March 2022, BASF SE, a Germany-based company, entered into a partnership with REEF Technology Inc, a US-based firm. Under this collaboration, BASF is supplying its newly launched IrgaCycle additive solutions to REEF Technology. These additives are specifically designed to enhance the properties of recycled plastics, addressing common challenges like limited processability and inadequate thermal stability. By improving these characteristics, a higher percentage of mechanically recycled content can be incorporated into end-use applications, thus contributing to a more sustainable circular economy. The agreement also involves technical consultancy from BASF to assist REEF in developing optimized formulations for recycled polymers.

Major companies operating in the plastics and rubber products market include Exxon Mobil Corporation, BASF SE, The Dow Chemical Company, SABIC (Saudi Basic Industries Corporation), LyondellBasell Industries N.V., Continental AG, LG Chem Ltd., Mitsubishi Chemical Holdings Corporation, Bridgestone Corporation, The Michelin Group, Good Year Tire & Rubber Company, Asahi Kasei Corporation, Evonik Industries AG, Covestro AG, Toray Industries Inc., Braskem S.A., Formosa Plastics Corporation, Lotte Chemical Corporation, Solvay S.A., Amcor Limited, Berry Global Group Inc., DuPont de Nemours Inc., Arkema S.A., Eastman Chemical Company, Avery dennison, Sumitomo Rubber Group, Teijin Limited, Pirelli & C SpA, The Hankook Tire group, Trinseo S.A.

Asia-Pacific was the largest region in the plastics and rubber products market in 2024. North America was the second largest region in the plastics and rubber products market. The regions covered in the plastics and rubber products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plastics and rubber products market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The plastics and rubber products market consists of sales of polymer products, elastic products, and flexible products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Plastics and rubber products encompass substances that constitute components of semi- or synthetic solids utilized in the manufacturing of various goods. Additionally, they include elastic substances derived from the latex sap of trees, especially those in the genus Hevea and genus Ficus, which can be vulcanized and transformed into a variety of products.

The primary categories of plastics and rubber products consist of rubber products and plastic products. Plastics represent a broad class of synthetic or semi-synthetic compounds primarily composed of polymers. Due to their fluidity, plastics can be molded, stretched, or compressed into solid objects of various shapes. The sectors in which these products find application include automotive and transportation, electrical and electronics, medical, construction, and others.

The plastics and rubber products market research report is one of a series of new reports that provides plastics and rubber products market statistics, including plastics and rubber products industry global market size, regional shares, competitors with a plastics and rubber products market share, detailed plastics and rubber products market segments, market trends and opportunities, and any further data you may need to thrive in the plastics and rubber products industry. This plastics and rubber products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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