The UK's plastics production value has seen significant fluctuations over the past decade. After a peak in 2015, the market saw two downturns, most notably in 2017 and 2020, with year-on-year variations of -15.23% and -16.07%, respectively. A noticeable recovery began in 2018 and continued more steadily, with a modest year-on-year growth of 1.02% by 2023. The plastic production value stood at €5.67 billion in 2023. The forecast until 2028 indicates a slow but steady growth, with a forecasted 5-year CAGR of 0.83%.
Future trends to watch for:
- Potential impact of environmental regulations on production methods.
- Technological advancements in recycling and biodegradable plastics.
- Evolving consumer preferences towards sustainable products.
- Global economic conditions and their effect on raw material prices.
