The global commodity plastic market is anticipated to witness substantial growth, with projections indicating a value of US$ 610.1 billion by 2024, and a remarkable surge to US$ 1170 billion by 2034. This forecast suggests a compound annual growth rate (CAGR) of approximately 6.7% over the decade. Such expansion underscores the increasing demand for plastic materials across various industries worldwide, reflecting a significant market trajectory driven by evolving consumer needs, technological advancements, and industrial applications.
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.
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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 Analyst 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.
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