Brandessence Market Research has published a new report title and According to Study The Commodity Plastics Market is valued at USD 394.3 billion in 2017 and expected to reach USD 699.5 billion by 2027 with a CAGR of 5.9% over the forecast period.
Commodity Plastics Market: Global Size, Trends, Competitive, Historical & Forecast Analysis 2021-2027- Growing packaging industry as well as wide application in various in various industries drives the growth of Commodity Plastics Market.
Scope of Commodity Plastics Market Report:
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.
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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 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.
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 type:
PE
PP
PVC
PS
ABS
PET
PMMA
By end-use industry:
Packaging
Construction
Consumer Goods
Automotive
Electronics
Textiles
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
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.
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.
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.
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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Key Benefits for Commodity Plastics Market Report:
Commodity Plastics Marketplace report covers in-depth historical and forecast analysis.
Commodity Plastics Marketplace place research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Commodity Plastics Market report helps to identify opportunities in marketplace.
Commodity Plastics Market report covers extensive analysis of emerging trends and competitive landscape.
Commodity Plastics Market By Regional & Country Level:
North America
U.S.
Canada
Europe
U.K.
France
Germany
Italy
Asia Pacific
China
Japan
India
Southeast Asia
Latin America
Brazil
Mexico
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
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