The global commodity plastics market size is expected to reach USD 567.4 billion by 2028 according to a new study by Polaris Market Research. The report “Commodity Plastics Market Share, Size, Trends, Industry Analysis Report, By Product (PE, PP, PVC, PET, PS); By Application (Automotive, Electronics, Packaging, Pharmaceuticals, Textiles, Consumer Goods); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is projected to witness considerable growth during the forecast period on account of rapidly rising demand for high-performance end-use products such as lightweight packaging materials. In addition, the improving economic parameters and improvised standards of living in developing counties are likely to be the crucial drivers which have flourished the market growth.
Demand for commodity plastics has also grown on account of an increase in metal prices. The global plastic industry has been forced to focus on innovation concerning the biodegradability of plastics as many nations have banned the use of plastics that is non-biodegradable. Also, light-weight electric vehicles have increasingly gained significance which in turn has further strengthened the demand for electric vehicles.
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Commodity plastics indicate a higher scope of applications across numerous end-use industries as these are supplied in bulk and have excellent chemical properties. In addition, these can be utilized for numerous applications such as packaging, garbage containers, photography, clothing, and magnetic tapes among many. These are also applied in industries such as consumer goods, automotive, manufacturing, packaging, electronics, construction, textiles, and pharmaceutical.
Based on product the market is bifurcated into Polyvinyl Chloride (PVC), Poly (methyl methacrylate) (PMMA), Polystyrene (PS), Polypropylene (PP), Polyethylene (PE), and others. Among them, PE is the most extensively used and product with the highest demand. This is due to its chemical & physical properties such as its simple structure, insensitivity to a majority of solvents, and high electrical resistance. Also, these bulk plastics are readily available and at lower costs.
On the basis of application, the market has been segmented into consumer goods, automotive, electronics, textiles, pharmaceuticals, packaging, and others. Among all the application segments, the packaging sector holds the highest market share and is anticipated to remain the same during the forecast period owing to the expansion of end-use industries. The most crucial reason behind such dominance is the rapidly growing demand for such bulk plastics by the manufacturing industry for the production of high-end packaging products and plastic goods.
The Asia Pacific is anticipated to be the largest and fastest-growing regional player in the market. This is mainly due to the rapidly increasing living standards of the growing middle-class. The middle-class population in the developing countries of this region are increasingly seeking even higher standards of living, and are likely to spend heavily on electronic appliances, packaged goods, clothing, automobiles, other goods that make use of commodity plastics in some or the other way.
The global commodity plastics market is characterized by the presence of numerous multinational and domestic players. The industry is fairly concentrated in nature. Some of the established market players in the industry include Exxon Mobil Corporation, The Dow Chemical Company, BASF SE, SABIC, China Petroleum & Chemical Corporation (Sinopec), Mitsubishi Chemical Corporation, INEOS, LyondellBasell Industries N.V., Formosa Plastics Corporation, and LG Chem Ltd.
The established market players are actively involved in the increasing number of R&D activities in order to manufacture innovative plastic products. In addition, these players are also striving hard to enhance their existing product portfolio to stay equivalent to their level of competitors.
Polaris Market Research has segmented the global commodity plastics market on the basis of product, application, and region:
Commodity Plastics by Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
Commodity Plastics by Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
Commodity Plastics by Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)