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.
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.
News: Advanced Global Investment Company has selected LyondellBasell’s Spheripol and Spherizone PP Technologies
Advanced Global Investment Company (AGIC) has selected the LyondellBasell’s leading polypropylene technology for a new world-scale facility. This technology will be used in the AGIC’s polyolefin production assets situated in Jubail Industrial City, Kingdom of Saudi Arabia. This facility includes 400KTA polypropylene plant using benchmark LyondellBasell’s technology and leading Spherizone technology.
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.
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.
