Commodity Plastics Market Size, Trends & Analysis - Forecasts to 2026 By Type of Plastics (Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene, Polyethylene Terephthalate, Poly [Methyl Methacrylate]), By Application (Medical/Laboratory tools, Fibres, and Fabrics, Construction applications, Consumable goods, Telecommunication/Electronic Components, Plastics, Packaging Containers, Automotive Parts), By End User (Packaging, Automotive, Electronics, Consumer Goods, Construction, Textiles, Medical & Pharmaceutical), By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Commodity plastics are light in weight and can be recycled and used in aariety of shapes and molds, which has helped in contributing to the rising demand for cost-effective polymers that can be molded or formed to a variety of products. Due to their unique properties, these plastics of various forms are cost-effective and are driving the worldwide demand for plastic. Besides, these various forms of thermoplastics are used in all forms of daily life, especially in contemporary mankind. Ranging from commercial use, daily consumption, packaging, to a wide range of textile forms, health, and medical applications this market is ought to be growing exponentially from 2021 to 2026.
As per the analysis on the type of plastics, the market's present consumption pattern comprises seven main commodity plastics namely, polyethylene, polypropylene, polyvinyl chloride, polystyrene, acrylonitrile butadiene styrene, polyethylene terephthalate, poly [methyl methacrylate]. Polyethylene is estimated to be the fastest-growing segment of the consumer plastic market and is also expected to dominate the market. This form of plastic material is largely used for consumer goods and food packaging because of its good water resistance and high-end security for food packaging. Also, the use of polyethylene in manufacturing progressing polymers is forecasted to move the demand in the advancing period.
Based on application the global market is segmented into fibers and fabrics, medical/laboratory tools, consumable goods, construction applications, packaging containers, telecommunication/electronic components, automotive parts, and transportation. The forecasted period owes to an increase in demand for consumer product packaging accompanied by the increasing product demand for consumer durables and medical implements.
As per the consumer analysis is concerned, the market for commodity plastic market is segmented into packaging, automotive & transportation, electronics, consumer durable goods, construction, textiles, medical pharmaceuticals, and other end-users. The packaging segment will be dominating the market due to the increasing technological developments in packaging technology and innovations in renewable and sustainable packaging.
Based on the region, the market for the US, Canada, and Mexico will be dominant in the North America region. On the other hand, the Asia-Pacific will be growing the fastest followed by the Middle East & Africa, and South America. This is mainly due to the growing demand for packaging in the food and medical & pharmaceuticals industry and the increasing demand and expansion of the construction sector. However, considering that the COVID outbreak has slowed the electronics, construction & automotive sector and hampered the market growth.
The key players operating in the market include Exxon Mobil Corporation, LG chemicals, Sumitomo Chemicals, The Dow Chemical Company, SABIC, BASF SE, Lyondellbasell, Sinopec, Ineos, Formosa Plastics, Mitsubishi Chemicals, Borealis, Chevron Phillips Chemical Co., Eni Spa, Reliance Industries, Braskem, Hanwha Chemicals, Indian Oil, Haldia Petrochemicals, Nova Chemicals, Qenos Pty ltd., Qatar Petroleum, Westlake Chemical, and PTT Global Chemicals among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In December 2020, LG Chem (Korea), launched a plant in China to run on renewable power, and a joint venture with Magna International Inc. to manufacture the components of electric cars.
In December 2020, Mitsui Chemicals, launched a lab in Gujarat, India with technical advisor PI Photovoltaik-Institut Berlin (Berlin, Germany).
In December 2020, BASF SE (Germany) and Eramet Group (France) agreed to assess the development of nickel and cobalt hydrometallurgical refining complex.
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The Global Commodity Plastics Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Commodity Plastics Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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