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Commodity Plastics Market: By Application (packaging, consumer good, automotive, electronic, medical and pharmaceutical, and others), By Material type (Polyethylene(PE), Polypropylene(PP), Polyvinyl Chloride(PVC), Polystyrene(PS), Polymethyl methacrylate(PMMA), and others), And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts to 2031
Global Commodity Plastics to surpass USD 906 billion by 2031 from USD 495.5 billion in 2021 at a CAGR of 6.2% in the coming years, i.e., 2021-31
Plastics used during large quantities for everyday household applications are referred to as commodity plastics. These polymers are used in a variety of products, including garments, trash cans, disposables, packaging material, and more. Due to commodity plastics aren't employed in essential service environments, they don't need to be strong. As a result, these polymers are less expensive than designed plastics and have inferior mechanical qualities. Polyethylene, polyvinyl chloride, and polypropylene are examples of commodity plastics. Cups, plates, plates, printed materials, toy, and other home items are all made with these polymers.
Global Commodity Plastics market is expected to project a notable CAGR of 6.2% in 2031.
Growing packaging sector, higher disposable income producing high demand for consumer products, growing manufacturing of lightweight electric vehicles, and rising metal prices are all important market drivers.
Get More Information - Download Free SamplePackaging forming segment to grow with the highest CAGR during 2021-31
The market is divided into packaging, consumer good, automotive, electronic, medical and pharmaceutical, and others based on the application type. Packaging offers a promising sector for commodity plastics. Packaging is used to keep products secure throughout production, storage, & distribution. The purpose of any packing strategy is to prevent or delay undesirable changes in appearance, flavor, odor, and texture. Packaging is an important part of keeping goods fresh and transporting them safely. It caters to a wide range of sectors, including retail, education, and manufacturing. As a result of various consumer habits and increased disposable income, plastics are becoming more significant as packaging materials.
Polyethylene segment to grow with the highest CAGR during 2021-31
The commodity plastic market is divided into Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Polymethyl methacrylate, and others based on the type of material. PE (polyethylene) dominated the market and is likely to continue to do so during the projected timeline, owing to its widespread availability and cheaper manufacturing costs, as well as desirable qualities such as hardness, chemical stability, and transparency. Furthermore, increased demand from packaging industry such as plastic films, carrier bags, plastic containers, tubes, plastic bottles, wire insulation, household and kitchenware, & chemical containers is propelling the market forward.
Get More Information - Download Free SampleDrivers
Increasing packaging sector
The packaging sector is rapidly expanding. The development of the packaging sector has been aided by the rise of e-commerce. Inside the FMCG (fast-moving consumer good) industry, value-added package has emerged to encourage customers to purchase products. The worldwide packaging business, particularly flexible packaging, witnessed strong growth, outpacing the US GDP. In comparison to other sectors of the packaging business, value-added flexible packaging grew faster. The whole packaging sector is dominated by plastic packaging, and this trend is likely to continue even during projection period, pushing the demand for commodity plastics.
Growing demand for consumer goods
The commodity plastics industry is expected to expand over the forecast period, owing to factors such as increased consumer disposable income and high demand for consumer goods. Demands from the flourishing packaging business, as well as an increase in the production of light electric vehicles, are fueling the commodity plastics market's rise. Growing environmental worries about the dumping of plastic waste, on the other hand, are stifling the expansion of a commodity plastics business. During the projection period, however, undeveloped markets in developing countries provide considerable development prospects for the key players with in commodity plastics market.
Restraint
Plastic trash has become a source of increased environmental concern
Concerns about plastic waste are a major stumbling block to the development of the commodity-plastics market. Dumping plastic in landfills degrades soil quality by releasing toxic chemicals into the environment. These hazardous substances released into the environment may came in contact with groundwater, posing serious health risks. Many organizations are pushing the use of papers or cloth bags, which are easier to disintegrate, as a result of these environmental concerns. As a response of these problems, many stores have either banned or charged a premium for plastic bags. This is a major roadblock to the growth of the commodity plastics sector.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Commodity Plastics market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. APAC make up the commodity plastics industry. APAC is expected to maintain its market dominance throughout the forecast period. Rising population, industrialization, and urbanization all contribute to the growth of the commodities plastic market. Need for basic plastic has increased and has grown as a global manufacturing powerhouse. Low labor rates and easy availability to raw resources help the region create these products.
Get More Information - Download Free SampleGlobal market growth is being slowed by the Covid-19 epidemic. Construction, textiles, automotive, and electronics are just a few of the industries that are experiencing a downturn. During this time, demand for consumer items and pharmaceuticals has soared. As a result, the expansion of the commodity plastics business is exploding. The packaging sector, on the other hand, is in trouble. The virus's spread is lowering the number of packaging processes. Another area with a significant demand for commodity plastics is the electronics industry. The demand rate, on the other hand, has been steadily dropping during this time. Market interruptions can result in a variety of losses. The market situation is likely to improve in the next years.
Global Commodity Plastics is further segmented by region into:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 495.5 billion |
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Revenue forecast in 2031 |
USD 906 billion |
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Growth Rate |
CAGR of 6.2% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Technique, Material type and Region. |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled
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Formosa Plastics Corporation, LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, SABIC, China Petroleum & Chemical Corporation (Sinopec Group), Sumitomo Chemical Co., Ltd., The DOW Chemical Company and Other Prominent Players. |
Commodity Plastics market size was estimated at USD 495.5 billion in 2021 and is expected to reach USD 906 billion in 2031.
Plastics used during large quantities for everyday household applications are referred to as commodity plastics. These polymers are used in a variety of products, including garments, trash cans, disposables, packaging material, and more
Polyethylene and Packaging segment accounted for the largest Commodity Plastics market share.
Key players: Formosa Plastics Corporation, LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, SABIC, China Petroleum & Chemical Corporation (Sinopec Group), Sumitomo Chemical Co., Ltd., The DOW Chemical Company are the key players in the Commodity Plastics market.
Increasing demand for consumer goods and increasing demand of packaging industry are the factors driving the commodity plastic market.
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