The global Commodity Plastics Market is expected to foresee significant growth. The Asia Pacific to lead the growth!
- Vikas Kumar
- September 24, 2022
- CHEMICAL, NEWS
- Commodity Plastics Market forecast, Commodity Plastics Market Growth, Commodity Plastics Market News, Commodity Plastics Market Share, Commodity Plastics Market Size, Commodity Plastics Market Trend
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The Commodity Plastics Market is expected to grow at a CAGR of around 6% from 2021-2027. Commodity plastics are entire families of products made of a particular polymer. Commodity plastics are inexpensive and do not possess any exceptional mechanical properties. Such plastics are produced in large volumes for a wide spectrum of applications such as food packaging and storage, household products, and carry bags. In addition, they exhibit relatively weak mechanical properties. The most common examples of commodity plastics include polyethylene, polypropylene, polystyrene, polyvinyl chloride, and poly (methyl methacrylate). Factors such as the growing demand use of plastics in the packaging industry as well as other end-use industries with multiple applications, such as packaging, photographic, electronics, and pharmaceuticals, and the increase in demand for consumer goods are positively influencing the market demand for commodity plastics.
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Based on type, the commodity plastics market is segmented into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate (PET), poly (methyl methacrylate) (PMMA). Polypropylene (PP) caters substantial share of the market. As it is one of the cheapest thermoplastics and caters to a considerable share of global plastics materials consumption. Also, owing to its low price, ease of processing, chemically inertness, and many other attractive properties, it has replaced metals, glass, wood, cellophane, and paper in countless applications.
Based on end-user, the commodity plastics market is classified into oil & gas, manufacturing, healthcare/ pharmaceutical, food & beverages, energy & utility, consumer goods, metal & mining, transportation, and others. Among these, the packaging segment to hold a significant share in the market in 2020. Increasing demand for packaged food and beverages and growing demand for flexible packaging are some major factors driving revenue growth of this segment. Furthermore, the development in packaging materials technology and the increasing use of renewable plastics for packaging are anticipated to propel the segment growth in the coming years.
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For a better understanding of the market adoption of the Commodity Plastics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the rapid growth in the e-commerce sector coupled with the increasing population and growing demand for packaged foods contributing to the growth of the market.
Some of the major players operating in the market include Exxon Mobil Corporation, The Dow Chemical Company, BASF SE, Reliance Industries, Sinopec, Mitsubishi Chemical, Nova Chemicals, Sumitomo Chemical, LyondellBasell, Chevron Phillips Chemical.
Global Commodity Plastics Market Segmentation
Market Insight, by Type
• Polyethylene (PE)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Polystyrene (PS)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyethylene Terephthalate (PET)
• Poly (Methyl Methacrylate) (PMMA)
Market Insight, by End-User
- Packaging
- Automotive
- Electronics
- Consumer Goods
- Construction
- Textiles
- Medical & Pharmaceutical
- Others
Market Insight, by Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- The United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• Exxon Mobil Corporation
• The Dow Chemical Company
• BASF SE
• Reliance Industries
• Sinopec
• Mitsubishi Chemical
• Nova Chemicals
• Sumitomo Chemical
• LyondellBasell
• Chevron Phillips Chemical
