The Global Commodity Plastics Market is experiencing robust growth due to the high demand from diverse industries such as packaging, automotive, and construction. Cost-effectiveness, versatility, and ease of processing make commodity plastics a preferred choice for manufacturers. Advancements in polymer technology and increasing focus on sustainable practices further propel the market's positive trajectory. Additionally, growing economies, urbanization, and rising disposable incomes drive the demand for commodity plastics, creating promising opportunities for industry players in the global market.
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Data Bridge Market Research analyses that the global commodity plastics market is expected to grow at a CAGR of 6.15% in the forecast period of 2022 to 2029 and is expected to reach USD 789.39 billion by 2029 from USD 489.70 billion from 2021. The rise of e-commerce and increasing consumer goods demand is fueling the packaging industry's expansion. Commodity plastics play a crucial role in packaging applications, offering cost-effectiveness, versatility, and ease of processing, making them a preferred choice for packaging manufacturers.
Key Findings of the Study
Consumer goods demand is expected to drive the market's growth rate
The rising demand for consumer goods, ranging from household items to appliances, is a significant driver for the use of commodity plastics. These plastics offer cost-effectiveness, versatility, and ease of processing, making those ideal materials for manufacturing a wide range of consumer products. From plastic containers and utensils to electronic casings and furniture components, commodity plastics provide the necessary characteristics to meet the diverse needs of the consumer goods industry efficiently and economically.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), Polypropylene (PP), Polymethyl Methacrylate (PMMA), and Others), Type of Plastic (Reusable and Recyclable, Recyclable), Application (Packaging, Automotive, Electronics, Consumer Goods, Construction, Textile, Medical and Pharmaceutical and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Exxon Mobil Corporation (U.S.), Sinopec Corporation (China), Chevron Phillips Chemical Company, LLC (U.S.), BASF SE (Germany), Dow (U.S.), DuPont (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), Borealis AG (Austria), Braskem (Brazil), Eni S.P.A (Italy), Formosa Plastics Corporation (Taiwan), Sumitomo Chemical Co., Ltd. (Japan), Gas Authority of India Limited (GAIL) (India), Hanwha Co. Ltd (South Korea), INEOS (U.K.),LG Chem, Ltd. (South Korea), Lotte Chemical (South Korea), Mitsubishi Chemical Corporation (Japan), Nova Chemicals Corporation (Canada), PTT Global Chemical Public Company Limited (Thailand), Reliance Industries Limited (India), Sabic (Saudi Arabia), Sumitomo Chemical Company Limited (Japan), Westlake Chemical Corporation (U.S.) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The commodity plastics market is segmented on the basis of type, plastic, and application.
- On the basis of type, the commodity plastics market is segmented into polyethylene (PE), polyvinyl chloride (PVC), Polystyrene (PS), polypropylene (PP), polymethyl methacrylate (PMMA), and others.
- On the basis of the type of plastic, the commodity plastics market is segmented into reusable and recyclable.
- On the basis of application, the commodity plastics market is segmented into packaging, automotive, electronics, consumer goods, construction, textile, medical and pharmaceutical, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the major commodity plastics market players in commodity plastics market are Eni S.P.A (Italy), Formosa Plastics Corporation (Taiwan), Sumitomo Chemical Co., Ltd. (Japan), Gas Authority of India Limited (GAIL) (India), Hanwha Co. Ltd (South Korea), INEOS (U.K.), LG Chem, Ltd. (South Korea)
Market Developments
- In 2020, Sumitomo announced to invest in NanoScent, an Israel-based startup company, to develop a rapid diagnostic sensor for COVID-19.
- In 2020, LyondellBasell announced that Advanced Global Investment Company (Saudi Arabia) selected its polypropylene technology for a new facility.
- In 2020, LyondellBasell's Polypropylene Technology was selected by Blue Sky Energy (U.S.) to build a new facility in Wenzhou, Zhejiang Province, China.
- In 2020, INEOS signed an agreement with Spirit Energy (UK) to acquire two noncore Danish assets from the latter.
Regional Analysis
Geographically, the countries covered in the commodity plastics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the commodity plastics market during the forecast period 2022 - 2029
Asia-Pacific region holds a dominant position in the commodity plastics market driven by increased demand from the packaging, medical, and pharmaceutical sectors in various countries. Economic and healthcare advancements, along with substantial investments in the construction industry, further fuel the growth of commodity plastics in the region. These factors create a conducive environment for the market's expansion during the forecast period, as industries seek cost-effective and versatile plastic materials to meet the rising demands of their applications.
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