The global Commodity Plastics Market size is expected to reach USD 749.49 Billion in 2028 and register a CAGR of 6.1% over the forecast period, according to the latest report by Reports and Data. Key factors such as increasing demand for consumer goods and growing use of commodity plastics in medical devices are driving market revenue growth. Commodity plastics or commodity polymers is a type of plastic produced in high quantities for different applications which do not require any special material property.
Reports and Data announced the addition of new informative data titled Commodity Plastics market to its extensive repository. The goal of this report is to help readers improve their industry’s performance by focusing on important aspects of their business, such as recent developments, technology platforms, and various standard operating procedures and tools. Primary and secondary research techniques were used to effectively examine the desired data. Analysts in this research report can quickly expand their business by focusing on various business and market strategies.
These plastics are widely used in different end-use industries such as packaging, construction, consumer goods, automotive, electronics, textiles, medical & pharmaceutical, and others. Packaging segment accounted for a majority revenue share in the global market in 2020. This can be attributed to the increasing demand for packaged food & beverages along with a growing demand for flexible packaging.
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Competitive Landscape:
The global Commodity Plastics market research report provides a competitive strategy analysis portfolio to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding largest market share in terms of revenue in the global Commodity Plastics market.
Key Players:
Major players in the market report include Exxon Mobil, LG Chem, Sumitomo Chemical, The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), BASF SE, LyondellBasell, Sinopec, Formosa Plastics, and Mitsubishi Chemical.
Some Key Highlights from the Report:
- In August 2021, Krehalon launched a range of recyclable, high barrier flexible films, KreCycle. This range includes polyester (PET), polypropylene (PP), and polyethylene (PE)-based products that are used in the packaging of red meat, poultry, processed meat, seafood, and hard cheese.
- PE segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing preference for PE in packaging applications due to its various advantages such as cost-effectiveness, toughness, transparency, and chemical resistance properties.
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Market Overview:
The packaging industry plays an important role, adding value to various manufacturing sectors including pharma, FMCG, agriculture, and retail industries. It is considered as one of the fastest growing industries due to growth in e-commerce industry, especially during Covid 19 pandemic. Containment, communication, protection, and utility are the four major functions of packaging that are intended to maximise sales and profits while reducing losses and wastage, and they are all critical for improving the consumer and overall brand experience. Packaging is today seen as a vital link between consumers and brands, allowing them to convey successfully that hygiene is upheld, safety is prioritized, and service or product quality is not compromised.
Market Segmentation:
For the purpose of this report, Reports and Data has segmented commodity plastics market based on type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- PE
- PET
- PP
- PVC
- ABS
- PS
- PMMA
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Packaging
- Construction
- Consumer Goods
- Automotive
- Electronics
- Textiles
- Medical & Pharmaceutical
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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