Commodity Plastics Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCH3004 | Last Updated On: Jun 20 2022 | Available Formats

> Global Commodity Plastics Market Expected to reach a high CAGR of 4.5% during the forecast period 2022-2029: DataM Intelligence

Global Commodity Plastics Market is segmented By Type (Polymethyl Methacrylate, Polycarbonate, Polyethylene, Polypropylene, Polyvinyl Chloride, Polyethylene terephthalate, Acrylonitrile-Butadiene-Styrene), By Properties (Toughness, Chemical Resistance, Transparency, Others), By End User (Medical, Pharmaceutical, Electronics, Automotive, Construction, Packaging, Others), By Application (Household & Kitchenware, Plastic Bags, Chemical Containers, Plastic Containers, Reusable Bags, Medical Trays, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Commodity Plastics Market is expected to grow at a CAGR of 4.5% during the forecasting period (2022-2029).

Commodity plastics are produced in high volumes for various applications where exceptional material properties are not required, such as food containers, household products, and packaging. In contrast to engineering plastics, commodity plastics tend to be low-priced to produce and unveil relatively weak mechanical properties. A few examples of commodity plastics are polyethylene, polypropylene, polystyrene, polyvinyl chloride, and poly (methyl methacrylate). The most widely used thermoplastic in the global market includes both Polyethylene and Polypropylene.

The global commodity plastics market size was worth US$ XX billion in 2019 and is further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2022-2029).

 

Market Dynamics

The key driving factors in the global market include an increased disposable income-generating high demand for consumer goods, a growing packaging industry, and increasing production of lightweight electric vehicles, and rising metal prices.

Growing packaging industry

The global packaging industry is growing rapidly due to the increasing demand for packaging in almost every end-use industry. Moreover, the emergence of the e-commerce industry has further fueled the packaging industry's growth, which directly impacts the commodity plastics market's development. Packaging became an essential requirement for marketing to attract customers as well as for the safety of the products. Additionally, value-added packaging has emerged in the fast-moving consumer goods (FMCG) industry to prompt customers to buy new products.

The flexible packaging industry experienced high growth in 2019 and registered a higher growth rate, which will create significant growth opportunities in the global commodity plastics market. Moreover, increasing demand for plastic packaging is expected to continue during the forecast period and is anticipated to drive the market for commodity plastics.

Strignent environmental concerns over plastic waste

The key factor restraint the growth of the commodity plastics market is increasing concerns over plastic waste. Plastic waste is a major environmental concern owing to its very low degradation rate. Plastic waste is either recycled or dumped in the ocean or landfills. Dumping plastics in landfills degrades the quality of the soil and can release harmful chemicals, which can come into contact with groundwater and pose severe health hazards. These factors are expected to hamper the growth of the commodity plastics market over the forecast period. Moreover, due to increasing environmental concerns, many organizations are promoting the use of paper or cloth-based products instead of plastic, which may hinder the growth of the commodity plastic market.

COVID-19 Impact Analysis

The advent of the global pandemic, COVID-19 has brought about making a worldwide emergency in the FMCG business. More than 195 nations worldwide are affected by COVID-19; the pandemic has just made financial settings worldwide, implying the subsequent worldwide downturn. Various governments attempt solid activities for containing the flare-up. In any case, social distancing adversely affects the FMCG business. Strategic issues, the absence of a sufficient workforce, and tasks restricting to creating just fundamental things are a portion of a couple of models most FMCG organizations are looking at across the globe. Thus, the commodity plastics market also suffered in various end-use industries but gained traction in the e-commerce business, including food and vegetable home delivery.

Segment Analysis

Based on the type, the commodity plastics market has been classified into polyethylene, polypropylene, polyvinyl chloride, polystyrene, acrylonitrile butadiene styrene, polyethylene terephthalate and polymethyl methacrylate.

The polyethylene terephthalate segment is projected to be the fastest-growing type in the market during the forecast period.

Polyethylene terephthalates are the plastic resins and the most regularly utilized plastic material. An enormous number of consumer products, beverages, and food things are packaged and delivered with this material. PET is produced from polyester and has great water and dampness properties, due to which it is utilized in the assembling of soda bottles. It has a wide scope of textile applications. Polyethylene terephthalate plastic is endorsed as safe for food and beverages contact by the FDA and similar administrative agencies all through the world.

Based on the end-use, the commodity plastics market has been classified into packaging, automotive, electronic, consumer goods, construction, textiles, medical & pharmaceuticals and others.

Packaging to be the most opportunistic industry for the commodity plastics market.

Packaging protects products during processing, storage, and distribution. Any packaging system aims to prevent or delay undesirable changes in texture, flavour, appearance, and odour. Customers' dismissal of the item is possible if the mentioned quality isn't met. Hence, another specialized technical tool is introduced in the market called 'Active and Intelligent Packaging,' which better controls the food from training/spoiling and keeps up its quality. Packaging is a fundamental indispensable process for preserving and transporting goods. It obliges various sectors, for example, retail, institutional, and modern. Changing consumers' lifestyles with increasing purchasing power has resulted in an expansion in the significance of plastics as packaging products.

Geographical Analysis

Based on geography, the study analyzes the commodity plastics market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

APAC is expected to dominate the global commodity plastics market

APAC is expected to dominate the global commodity plastics market. The APAC commodity plastics market is driven by China, ASEAN, and India. With the increased e-commerce industry, India is expected to create significant growth opportunities as India's e-commerce industry is growing with a double-digit growth rate. Moreover, increasing population, industrialization, and urbanization are augmenting the commodity plastics market growth across the region. China’s advent as a global manufacturing hub has increased the demand for commodity plastics. Cheap labour and easy availability of raw materials boost the production of these products in the region.

Competitive Landscape

The commodity plastics market is highly competitive, owing to the presence of big food brands. The key commodity plastics players which are contributing to the growth of the global market include Exxon Mobil, LG Chem, Sumitomo Chemical, The Dow Chemical Company, SABIC, BASF SE, LyondellBasell, Sinopec, Ineos, End Useosa Plastics, Mitsubishi Chemical, Borealis AG, Chevron Phillips Chemical, ENI SpA, Reliance Industries, Shaoxing Jenza Daily Products Co., Ltd., Jiangyin Meixiyan Packaging Products Co., Ltd., Zhangjiagang City Tianjiang Precision Mould Manufacture Co., Ltd., and Ningbo Longway Packaging S&T Co., Ltd., among others. The major players are adopting new product launch and expansion strategies for global growth in the commodity plastics market.   

Exxon Mobil:

Exxon Mobil Corp. engages in the development, exploration, and distribution of oil, gas, and petroleum products. It operates through the following segments: Downstream, Upstream and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products. The Chemical segment offers petrochemicals. The company was founded by John D. Rockefeller in 1882 and is headquartered in Irving, TX.

Product Portfolio: The Company’s portfolio comprises polyethylene products, polymer modifiers. polyolefin plastomers and elastomers, among others

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