According to the new market research
report “Commodity Plastics Market by
Type (PE, PP, PVC, PS, ABS, PET, PMMA), End-use Industry (Packaging,
Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical &
Pharmaceutical), and Region – Global Forecast to 2025″, published by
MarketsandMarkets™, the
Commodity Plastics Market size is projected to grow from USD 468.3 billion in
2020 to USD 596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025.
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and in-depth TOC on “Commodity Plastics Market”
76 – Tables
49 – Figures
164 – Pages
Packaging plays a vital role in keeping the product fresh, damage-proof, and
acts as an efficient marketing tool. The most common commodity plastics are
polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene
(PS), and poly (methyl methacrylate) (PMMA). Acrylonitrile butadiene styrene
(ABS) and polyethylene terephthalate (PET) are also considered commodity
plastics. These plastics are increasingly replacing metals due to their high
tensile strength, low cost, high availability, and easy processing properties.
In terms of value, the PE segment is
projected to account for the largest share of the commodity plastics, by type,
during the forecast period.
According to the current scenario of the plastic industry, PE is the largest
type of commodity plastics produced and consumed globally due to its easy
availability and lower processing cost. PE is capable of being extruded and
molded into different shapes. It is highly transparent and colorless and has
applications in containers, household & kitchenware, and tubing. PE has
many applications in the packaging industry, especially in the flexible
packaging of food products.
The packaging industry is projected to
register the highest CAGR during the forecast period.
The packaging is a necessary process for preserving and transporting goods. It
caters to various sectors such as retail, institutional, and industrial. The
increased demand for flexible packaging and value-added packaging is expected
to drive the commodity plastics market in the packaging industry. The market in
the packaging industry is expected to witness the highest CAGR.
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The APAC region leads the commodity
plastics market in terms of volume.
APAC is projected to be the fastest-growing market for commodity plastics
during the forecast period. Factors such as large population, growing demand
for convenience food products, availability of cheap raw materials for
packaging, and rising health awareness are driving the market in the region.
China is the largest commodity plastics market in APAC and is expected to
remain the same during the forecast period. The growing usage of commodity
plastics in packaging, construction, and consumer goods is driving the market..
Major players operating in the global commodity plastics market include Exxon
Mobil (US), LG Chem (South Korea), Sumitomo Chemical (Japan), The Dow Chemical
Company (US), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell
(Netherlands), Sinopec (China), Ineos (Switzerland), Formosa Plastics (Taiwan),
Mitsubishi Chemical (Japan), Borealis AG (Austria), Chevron Phillips Chemical
(US), ENI SpA (Italy), Reliance Industries (India), Braskem (Brazil), Hanwha
Chemical (South Korea), Lotte Chemical (South Korea), Indian Oil (India),
Haldia Petrochemicals (India), Nova Chemicals (Canada), Qenos Pty (Australia),
Qatar Petroleum (Qatar), Westlake Chemical (US), and PTT Global Chemical
(Thailand).
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