Commodity Plastics Market Size Worth USD 812.89 Billion 2030| A CAGR of 6.1%
Market Overview: The global commodity plastics market had a valuation of USD 477.91 billion in 2021, and it is projected to exhibit a revenue compound annual growth rate (CAGR) of 6.1% throughout the forecast period. This growth is attributed to an escalating demand for consumer goods and the increased use of commodity plastics in various sectors, including food and beverage, online delivery, medical, and pharmaceutical industries. Commodity plastics, also known as commodity polymers, are a type of plastic produced in large quantities for applications like packaging and household products. They are cost-effective, possess low electrical conductivity, density, and toughness. Additionally, they are recyclable and can be easily molded into various shapes, including food containers and bottles.
Key drivers for the commodity plastics market include the
packaging, medical, pharmaceutical, and consumer goods sectors. These plastics
find applications in a wide range of products, such as disposable plates, cups,
medical trays, and seeding trays. Commodity thermoplastics dominate the medical
industry, with applications in lab ware, medical films, surgical tools, and
more due to their cost-effectiveness and ease of processing. Polyvinyl Chloride
(PVC) is the most commonly used plastic in medical applications.
Polyolefins, including polyethylene and polypropylene, are
widely employed in food packaging for products such as films, coatings, and
closures. Companies like Berry Global Group Inc. are collaborating to create
more circular and sustainable food packaging solutions using recycled plastic.
Polyethylene terephthalate (PET) is utilized in soft drink and single-use water
bottles and food-grade containers. Polypropylene is suitable for high-heat
industrial applications, microwavable containers, and more. Other commodity
plastics like Polyester, Vinyl, Acetate Film, High-Density Polyethylene, and
polypropylene sheeting find use in various applications like potato chip bags,
sterile medical supplies, and signage.
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Market Dynamics: Drivers:
- Increasing
Demand from the Packaging Industry: The growing use of plastics in packaging is a
significant driver for commodity plastics, as they are used in various
packaging materials, including soft drink bottles, containers, and more.
- Rising
Awareness About Environmental Concerns: The harmful effects of plastics on the
environment and strict regulations limiting their use are restraining the
market's growth.
COVID-19 Analysis: The COVID-19 pandemic had a substantial impact on the
production and consumption of plastics. While usage decreased in various
sectors, it increased in healthcare, particularly in the production of face
masks and personal protective equipment.
Key Takeaways:
- Type
Outlook: The
market segments include PE, PET, PP, PVC, ABS, PS, and PMMA, with PE
accounting for the largest share due to its versatility and use in a range
of applications.
- End-Use
Outlook: The
primary sectors contributing to market revenue include packaging, consumer
goods, electronics, textiles, automotive, medical and pharmaceutical, and
others, with packaging leading the way due to increasing demand for
packaged food and beverages.
Regional Insights:
- Asia
Pacific: The
Asia Pacific region is expected to experience rapid growth due to a
growing population and high demand for packaged foods, particularly in
countries like China, India, and Japan.
- North
America: The
North American market is set to grow significantly due to a focus on
advanced and renewable packaging materials.
- Europe: Europe will experience moderate
growth due to initiatives promoting a circular economy and reduced use of
plastics.
Competitive Landscape: The market is fragmented with numerous major companies
operating on global and regional levels. Key players include ExxonMobil
Corporation, LG Chem, Sumitomo Chemical Co. Ltd., The Dow Chemical Company,
Saudi Basic Industries Corporation (SABIC), BASF SE, LyondellBasell Industries
Holdings B.V., China Petrochemical Corporation, Formosa Plastics Corporation,
and Mitsubishi Chemical Holdings Corporation.
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