The UK plastics market size saw significant fluctuations over the past decade. Starting at 3.3201 billion kilograms in 2013, the market peaked in 2014 and then experienced years of declines and moderate recoveries. By 2023, the volume stood at 2.985 billion kilograms. The year-on-year variations were notably volatile, with significant drops in 2015, 2019, and particularly 2020 due to the pandemic's impact. Over the last two years (2022-2023), the market's volume dropped by 1.42% annually with a CAGR of -1.71% over the past five years.
Future trends indicate a continued decline, with a forecasted average contraction of 1.23% annually until 2028. By that year, the market size is expected to be around 2.7515 billion kilograms, indicating an overall decline of 5.99% from 2024.
Future trends to watch for include:
- Advancements in recycling technologies.
- Government regulations on plastic usage.
- Developments in biodegradable and alternative materials.
- Shifts in consumer preferences towards sustainable products.
