Global commodity plastics market is projected to reach USD 651.80 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the recent study, the key factors propelling commodity plastics market growth are high demand from the packaging industry, together with substantial enhancement in the disposable income of a significant section of the population particularly in developing nations. Besides this, other factors impacting market size are considerable hike in the cost of metal materials, and accelerating growth in the production of lightweight EVs.
Commodity plastics are often required in huge volumes and are deployed in an array of applications across a wide spectrum of industries. They are extensively used in garbage containers, photography, packaging, clothing, and magnetic tapes among others. The key industries that lead the global market in terms of commodity plastics consumption are consumer goods, automotive, textiles, manufacturing, packaging, construction, electronics, and pharmaceutical among other industries.
The product types in this market can be sorted into polystyrene (PS), polyethylene (PE), polymethyl methacrylate (PMMA), polyvinyl chloride (PVC), polyethylene terephthalate (PET), and polypropylene (PP), among others. The most extensively used product type among these is polyethylene. It is a key constituent in chemical containers, bottles, water pipes, kitchenware, and plastic bags. Moreover, polyethylene’s substantially low processing costs and easy availability makes them the most preferred commodity plastic type, cites the report.
Speaking of the geographical outlook, the Asia Pacific market holds a substantial share of the global market and is projected to emerge as the quickest growing regional fragment, owing to surging plastics demand for packaging purposes. The region encompasses some of the world’s leading production hubs and developing economies such as Thailand, China, India, and others. The augmented living standards of the middle-class population have resulted in significant rise in demand. The middle-class customers are adopting higher living standards, and are estimated to expend massively on electronic appliances, clothing, automobile, and packaged goods among others.
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The commodity plastics industry embraces numerous players operating in the worldwide market, making it highly fragmented. However, some agile industry contenders include Mitsubishi Chemical Corporation, Formosa Plastics Corporation, INEOS, LyondellBasell Industries N.V., Sumitomo Chemical Co., Ltd., LG Chem Ltd., SABIC, BASF SE, The Dow Chemicals, China Petroleum & Chemical Corporation (Sinopec), and Exxon Mobil Corporation.
Market partakers are seen positioning their production units in regions such as Latin America, Asia Pacific, and Africa as these territories allow them to serve a huge customer base with least transportation, manufacturing, and shipping costs. Furthermore, they are making significant investments, and developing facilities, commercial and technical resources to fortify their market position across the globe. Additionally, the companies are conversant about the fact that the market dynamics are transitional in nature, as a consequence, they always ensure that their supply chain capabilities are flexible and assimilate it with their operations in a bid to handle the hurdles of changing market scenarios.
The research study also provides an in-depth analysis of the commodity plastics market drivers, restraints, and prospects throughout the forecast duration. A deep dive analysis of the business sphere in terms of product landscape, application outlook, PEST analysis, industry trends, regional landscape, and competitive profiling has also been documented in the study.