"At 6.9% CAGR, Commodity Plastics Market size is expected to reach $699.5 Bn by 2027," Says Brandessence Market Research
12 Apr, 2021, 18:00 IST
PUNE, India, April 12, 2021 /PRNewswire/ -- Commodity Plastics Market Size was Worth of USD 394.3 billion in 2020 and is expected to reach USD 699.5 Billion in 2027, growing at a CAGR of 5.9% from 2021 to 2027. The global Commodity Plastics is expected to grow at a significant rate due to the number of driving factors.
Top Commodity Plastics Companies: Exxon Mobil, Sumitomo Chemical, LG Chem, SABIC, The Dow Chemical Company, BASF SE, Sinopec, Ineos, LyondellBasell, Mitsubishi Chemical, Formosa Plastics, Borealis AG, Chevron Phillips Chemical, ENI SpA, Reliance Industries, Braskem, Indian Oil, Lotte Chemical, Qenos Pty, Haldia Petrochemicals, Hanwha Chemical, Nova Chemicals, Qatar Petroleum, Westlake Chemical, and PTT Global Chemical. These are All the Important Key Players in Commodity Plastics Industry and Deeply Focused on Growing packaging industry as well as wide application in various in various industries drives the growth of Commodity Plastics Market.
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Plastics are often employed in various applications like shopping bags and garments. Majority of plastic products manufactured across the world are made up of six sorts of plastic materials: polyethylene, polypropylene, polyvinylchloride, polystyrene, polyester, and polyurethane. Commodity plastics are lighter, immune to abrasion, and structurally stable. These are recyclable and can be easily moulded into variety of shapes. They also have higher strength as compared to other substitutes.
Commodity plastics are used in high volume and numerous ranges of applications such as photographic tape, magnetic tape, films for packaging, beverages, clothing, and trash containers. Commodity plastics also can be used in various household products where mechanical properties and repair environments aren't critical. These include carrying trays, plates, cups, containers, printed materials, medical trays, and seeding trays.
The key restraining factor for the development of the commodity plastics market is concerns over plastic waste. Plastic waste may be a major environmental concern associated to its low degradation rate. It is either recycled or dumped in landfills or within the ocean. Dumping plastics in landfills lowers the standard of the soil by releasing harmful chemicals into the soil. These harmful chemicals released can inherit contact with groundwater and may pose severe health hazards. Plastics dumped into the sea adversely affects the marine life. Birds, fish, and other marine species can get tangled in it or may die from the consumption of those plastics.
The spread of COVID-19 has generated a huge trouble in daily activities. The global commodity plastics market is projected to witness a modest decrease in its rate of growth as commodity plastics utilized in various sectors like automotive, construction, textiles, as well as electronics will witness a decline in demand. However, there will be a surge in the demand for commodity plastics used in the consumer goods, packaging, medical & pharmaceutical industries during COVID-19.
News: Advanced Global Investment Company has selected LyondellBasell's Spheripol and Spherizone PP Technologies
Advanced Global Investment Company (AGIC) has selected the LyondellBasell's leading polypropylene technology for a new world-scale facility. This technology will be used in the AGIC's polyolefin production assets situated in Jubail Industrial City, Kingdom of Saudi Arabia. This facility includes 400KTA polypropylene plant using benchmark LyondellBasell's technology and leading Spherizone technology.
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Global Commodity Plastics Market Segmentation:
The market is based on type, end user and region. On the basis of type, it is classified as PVC, PS, ABS, PET and PMMA. On the basis of end-use it is classified as Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical & Pharmaceutical and Others (agricultural films, sports equipment, educational stationery, and bike spare parts)
By end-use industry:
- Consumer Goods
- Medical & Pharmaceutical
- Others (sports equipment, agricultural films, educational stationery, and bike spare parts)
The regions covered in this Commodity Plastics Market report are North America, Europe, Asia-Pacific and Rest of the World. On the base of nation level, the marketplace is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, India, China, Japan, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players for Commodity Plastics Market
Braskem, Indian Oil, Lotte Chemical, ENI SpA, Reliance Industries, Westlake Chemical, PTT Global Chemical, Haldia Petrochemicals, Qenos Pty, Ineos, LyondellBasell, Mitsubishi Chemical, Formosa Plastics, Borealis AG, Chevron Phillips Chemical, Hanwha Chemical, Nova Chemicals, Qatar Petroleum, Exxon Mobil, Sumitomo Chemical, LG Chem, SABIC, The Dow Chemical Company, BASF SE, Sinopec
Rising packaging industry drives the growth of Commodity Plastics Market.
The packaging industry is rising at a rapid pace. The emergence of e-commerce has further boosted the expansion of the packaging industry. Packaging has become an important need for marketing to attract customers. Value-added packaging has developed in the FMCG sector which in turn attract customers to buy products. Plastic packaging dominates the overall packaging industry, and this trend is projected to last during the forecast period, thus driving the growth of commodity plastics market.
This marketplace is dominated by the US, China, India, and Germany, among others. Countries like China, South Africa, Brazil and Argentina, among other developing countries, present significant growth openings for the commodity plastics market. Surge in economic activities, such as rapid urbanization and industrialization, is expected to create the demand for these plastics in developing economies.
Asia Pacific is expected to dominate Commodity Plastics Market
Asia Pacific is expected to dominate the commodity plastics market in terms of growth rate owing to the rapid industrialization and presence of large end user base. Asia pacific is the largest producer of packaging materials for various industries such as electronics, automotive and others. On the other hand, presence of cheap labour and raw materials along with supportive government initiatives are also expected to promote the market growth. For instance, in 2015, the govt of India (GOI) introduced 'Make in India' project. As well as steps were taken by Thailand government as they did announcement of favourable buyer's incentive.
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