Colombia Plastics Market
The Colombian plastic market reached a value of USD 4.84 billion in 2023 and is expected to grow 3.4% between 2024 and 2032 to reach USD 6.53 billion. The major plastic products in the market include polyethylene (PE), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polybutylene terephthalate (PBT), polycarbonate (PC), and bioplastics.
Plastic resins consumption within Colombia was valued at USD 3.7 billion, with exports valued at USD 2.3 billion, exhibiting an annual growth rate of 10.1%, with 8% growth in the last five years. Colombia has been steadily increasing plastics imports in recent years. In 2022, Colombia’s plastics imports reached US$3.88 billion, according to the United Nations COMTRADE database. This figure represents a significant growth compared to previous years, reflecting the country’s growing demand for plastic products. While Colombia has a domestic plastic manufacturing industry, it still relies heavily on imports to meet its domestic consumption needs. The United States and China are Colombia’s main import partners in the plastics sector. Other partners include Mexico, Brazil, and Germany.
Despite strong growth in this sector, the Colombian government recently implemented several policies which may slow growth and opportunities, with the goal to promote more sustainable development of the plastic industry, including the National Strategy for the Integral Management of Plastic Bags and the Extended Producer Responsibility Law. The industry is focusing on promoting sustainable practices, including the use of recycled materials, eco-friendly packaging, and energy efficiency measures. On July 7, 2024, Colombia implemented Law 2232 banning eight single-use plastics: carrier bags for packing supermarket purchases; bags for fruits and vegetables; plastic packing for magazines and newspapers; bags for storing clothes coming out of the laundry; plastic holders for balloons; cotton swabs; straws; and stirrers. The law establishes exceptions for single-use plastics in certain cases, including exceptions for plastics used for medical purposes; packaging of biological or chemical waste; food products of animal origin; and those made with 100% recycled plastic raw material sourced from national post-consumer material.
If you are interested in exploring commercial opportunities in Colombia’s Plastics Industry, please contact Commercial Assistant Julio Acero at Julio.Acero@trade.gov.