Commodity plastics are a type of plastic that is used for a wide variety of applications. They are typically made from low-cost petrochemicals and are commonly used in items such as packaging, bottles, and containers. Commodity plastics are a vital part of many industries and have a wide range of applications due to their low cost, durability, and versatility. The demand for commodity plastics has been on the rise in recent years due to the growing need for packaging, containers, and other products. This increase in demand is driven by the rise of e-commerce, the need for more convenient packaging solutions, and the increasing demand for single-use plastics, such as those used for food packaging. Additionally, the rise of the circular economy is driving the need for more sustainable and recyclable commodities, such as bioplastics.
The global 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, according to a new report by MarketsandMarkets™. It is anticipated to register a CAGR of 4.4% during the forecast period. Rising demand for commodity plastics from the packaging industry is expected to drive the market.
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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.
The PE segment is expected to account for the largest share of the commodity plastics, by type, during the forecast period. This is mainly due to the wide range of applications of PE in various industries, such as construction, automotive, and packaging. Furthermore, the increasing demand for PE in the medical sector is driving the growth of the PE segment. Additionally, the increasing demand for PE from agriculture and the food & beverage sector is expected to contribute to the growth of the segment. Moreover, the growing demand for PE from the consumer electronics sector is also projected to propel the growth of the segment.
The packaging industry in the commodity plastics market is expected to remain the fastest-growing sector of the global commodity plastics market. The growth of this segment can be attributed to the increased use of plastics in food, beverage, consumer goods, and medical packaging applications. The use of plastics in packaging products has become increasingly popular due to its lightweight and cost-effective nature. Additionally, the increasing use of recyclable packaging materials is also expected to drive the growth of the packaging industry in commodity plastics.
The APAC region is the largest consumer of commodity plastics in the world, accounting for more than 50% of global demand. India, China, and Southeast Asia are the key markets driving growth in the region. The market is driven by increasing consumption in end-use industries such as automotive, packaging, and construction. The increasing use of plastics in emerging countries like India and China, along with the growing demand for lightweight and durable materials, is expected to bolster the market. The rising disposable income and the increasing number of consumers are also driving the growth of the market in the region.
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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).
