Commodity Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Commodity Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : May, 2021 | Chemical & Materials

Report Digest

Commodity plastics are plastics produced for applications such as packaging, food containers, household products, etc. Commodity plastics are inexpensive and have weak mechanical properties as compared to the engineering plastics. Polyethylene, polypropylene, polystyrene are some examples of commodity plastics.

The global commodity plastic size is expected to escalate during the forecast period. Due to the covid-19 pandemic, the market witnessed a slight downfall in textile, automotive and electronics market but the escalation in pharmaceutical sector and medical sector helped the market to sustain.  

Growing Packaging Industry to Create Significant Opportunities

Emergence of e-commerce has made a positive impact on packaging industry. Owing to the rise in population, changing lifestyle among consumers, packaging for essential products like food, pharmaceutical industry and hygiene products is driving the market for commodity plastics globally.

Growth Opportunities in Developing Industries

In developing industries like India, China, owing to the rapid industrialisation and urbanisation, packaging has become a need for food, transportation, beverages, essential and non-essential commodities and thus, plastics market is expecting profitable growth.

Evolving Regulations by Governments Against Plastics Driving Growth

Being non-biodegradable, plastics are a huge threat to environment. Numerous restrictions are imposed by the government for banning the plastic materials and fines are also placed to the people who use plastics in various countries.

Commodity Plastics Market-Competitive Landscape

Prominent market players in the sector are:

  • LyondellBasell (Netherlands)
  • The Dow Chemical Company
  • Sinopec (China)
  • Mitsubishi Chemical (Japan)
  • Borealis AG (Austria)
  • Reliance Industries (India)
  • Hanwha Chemical (South Korea)
  • Indian Oil (India)
  • Nova Chemicals (Canada)
  • Qatar Petroleum (Qatar)
  • PTT Global Chemical (Thailand)

Recent developments by the companies include:

  • In May 2020, Sumitomo announced investing in a Israel based start-up company NanoScent for developing a diagnostic sensor for covid-19.
  • In December 2020, LyondellBasell’s Polypropylene Technology was selected to build a new facility in Wenzhou, Zhejiang Province, China by Blue Sky Energy.
  • In March 2020, INEOS made an agreement with Spirit Energy, a UK based company for acquisition of two noncore Danish assets for Spirit Energy. 

Commodity Plastics Market-Regional Outlook

Asia-Pacific continues to dominate the commodity plastic market being one of the largest consumers of electronic products such as wires and other accessories.  Demand from packaging, medical and pharmaceutical sector especially in China, Japan and India is a key growth prospect for holding the largest share. Rising habits for packaged foods in consumer goods industry and plastic use in pharmaceutical industry is escalating the growth.

Commodity Plastics Market-Segmentation

By Type

  • PE
  • PP
  • PVC
  • PS
  • ABS
  • PET
  • PMMA

By End-user

  • Packaging
  • Construction
  • Consumer Goods
  • Automotive
  • Electronics
  • Textiles
  • Medical & Pharmaceuticals
  • Agricultural firms
  • Stationary items
  • Bike spare parts

By Region

  • APAC
  • Europe
  • North America
  • Middle East and Africa
  • South America

Which segment is expected to hold leading share in commodity plastic market?

PET, plastic resin is the most commonly used plastic material for consumer products, beverages, and food items and thus, expected to fuel the market.

Which is the most lucrative market for commodity plastics?

Asia-Pacific is expected to have the highest market due to rapidly increasing population and urbanisation.

How has covid-19 affected demand for commodity plastics?

Covid-19 has caused a huge negative impact on the economy of developing as well as developed countries. The commodity plastic market also saw a slight decline from electronics and textiles industry but the pandemic outbreak led to panic buying of products which escalated the growth of plastics eventually driving the market.

Which are the major companies manufacturing commodity plastics?

Major companies include Mitsubishi Chemical (Japan), Borealis AG (Austria), Reliance Industries (India), Hanwha Chemical (South Korea), Indian Oil (India).

What are the factors restraining the growth of commodity plastics?

Environmental safety factors and government rules regarding ban of plastics may lead the market towards slight downfall.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?