The Future of Plastic: How the Global Commodity Plastic Market Will Expand to US$ 1170 Billion by 2034 | Future Market Insights, Inc.

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Feb 08, 2024, 17:05 ET

Commodity plastics boom driven by rising demand, especially in emerging economies. Material science, manufacturing, and packaging innovations fuel growth, alongside sustainability concerns. Explore stakeholder opportunities for sustainable, functional, and interactive packaging in our FMI report.

NEWARK, Del., Feb. 8, 2024 /PRNewswire/ -- By 2034, it is projected that the size of the global commodity plastic market will be valued at US$ 1170 billion. It is predicted to expand at a compound annual growth rate (CAGR) of about 6.7% from 2024 to 2034. By 2024, the market is projected to be worth US$ 610.1 billion.

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As emerging nations become more urbanized, there will be a surging demand for high-demand plastics, particularly from the infrastructure, consumer goods, and construction industries. The growing middle class is expected to increase the demand for packaged goods, including food, drink, and household goods packed in generic plastic.

It is anticipated that continued developments in material science, manufacturing techniques, and package designs will drive the development of new commodity plastic varieties. The increasing trend of contemporary consumers buying online is expected to propel the demand for both regular and bulk plastics.

Demand is expected to be driven by businesses' continued preference toward environmentally friendly substitutes for traditional mainstream plastics, such as recycled materials, biodegradable polymers, and bio-based plastics. Leading companies' attention to the creation of a circular economy is anticipated to spur improvements in material recovery, recycling techniques, and waste management procedures.

It is anticipated that increased awareness of plastic pollution and the implementation of strict regulations to reduce it in a number of nations would spur innovation in the commodity plastic sector. Interactive consumer interaction, shelf life extension, and tamper-evident solutions are expected to be made possible by the incorporation of functional additives, active substances, and innovative technologies into commodity plastic packaging solutions.

Key Takeaways from the Commodity Plastic Market Report-

South Korea is set to lead the commodity plastic market by showcasing a CAGR of 8.0% in the forecast period.
Japan's commodity plastic industry is projected to witness a CAGR of 7.7% in the evaluation period.
The United States is expected to reach a valuation of US$ 210.1 billion by 2034.
Based on type, the polyethylene (PE) segment is anticipated to witness a CAGR of 6.5% from 2024 to 2034.
In terms of the end-use industry, the packaging segment is predicted to showcase a CAGR of around 6.4% in the estimated period.

"The need for commodity plastic manufacturing is expected to rise in emerging countries due to the ever-expanding e-commerce sector, which mostly uses plastics for packaging and shipping. Countries with well-established automobile sectors are set to witness new opportunities as manufacturers frequently employ commodity plastics to create lightweight exterior and interior elements that increase fuel efficiency." – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Competitive Landscape

In order to meet the increasing demand from contemporary customers, leading enterprises in the commodity plastic market are concentrating on offering creative plastic packaging solutions. Large sums of money are being spent on research & development in an effort to find innovative packaging that complies with regulations and helps lessen plastic pollution. A few other businesses are attempting to increase their market share in the antibacterial commodity plastic industry.

Key Companies Profiled in the Commodity Plastic Market Report

LG CHEM
INEOS
LYONDELLBASELL
SUMITOMO CHEMICAL
SABIC

For instance,

In November 2023, Reusable Plastic Containers (RPCs) designed especially for banana packing were introduced in partnership with Arena Packing by Fresh Del Monte Produce Inc., a well-known manufacturer of premium fruits and vegetables. With this packaging, the company hopes to extend the shelf life of bananas while cutting expenses and carbon emissions.
Ecolab and TotalEnergies collaborated to introduce their revolutionary plastic packaging in February 2023. As the packaging solution is composed of recycled materials, the heavy-use packaging sector will be more sustainable. The companies claimed that their innovative packaging method would help the industry meet the EU's circularity obligations.

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Commodity Plastic Market Outlook by Category

By Type:

Polyethylene (PE)
Polypropylene (PP)
Polyvinyl Chloride (PVC)
Polystyrene (PS)
Acrylonitrile Butadiene Styrene (ABS)
Polyethylene Terephthalate (PET)
Poly (Methyl Methacrylate) (PMMA)

By End-use Industry:

Packaging
Automotive
Electronics
Consumer Goods
Construction
Textiles
Medical & Pharmaceutical
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa

More Insights into the Commodity Plastic Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global commodity plastic market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on type, end-use industry, and region.

Request to Access the Detail Research Methodology from here!

About Future Market Insights (FMI) – Chemicals and Materials

The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as reference points for market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing 'The Way Forward'.

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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