Commodity Plastics Market Forecasts to 2028 – Global Analysis By Type (PET, ABS, PP), Type of Plastic (Non Reusable or Recyclable, Reusable and Recyclable), End User (Furniture & Décor, Textiles, Consumer Goods) and By Geography
According to Stratistics MRC, the Global Commodity Plastics Market is accounted for $468.30 billion in 2020 and is expected to reach $866.79 billion by 2028 growing at a CAGR of 8.0% during the forecast period. Growing packaging industry, growing production of lightweight electric vehicles and increasing metal prices are driving the market growth. However, an increased environmental concern over plastic waste is hampering the growth of the market.
The commodity plastics refer to plastics used in large volume for regular household applications and have higher mechanical strength as compared to other substitutes therefore these plastics are not used in critical service environments. These plastics are highly suitable for packaging applications as they can be easily recycled and molded into a variety of shapes. Commodity plastics are produced in high volumes for various applications where special material properties are not needed. Commodity plastics are immune to abrasion, lighter in weight, and structurally.
Based on the end user, the packaging segment is going to have lucrative growth during the forecast as packaging is an indispensable process for preserving and transporting goods. The aim of any packaging system is to prevent or delay undesirable changes in appearance, flavor, odor, and texture. Active and intelligent packaging is a new technical tool which better controls the food from contamination and maintains its quality. Changing consumer lifestyle with rising disposable income has resulted in an increase in the importance of plastics as packaging products.
By geography, Asia Pacific is going to have high growth during the forecast period due to the growing demand for commodity plastic from the packaging and medical & pharmaceutical sector, especially in Asian countries like China, India, and Japan, is expected to drive the market growth in the region. Moreover, economic and healthcare development in the Asia Pacific countries associated with rising investments in the construction industry are major factors that are expected to drive the demand for commodity plastic in the region over the forecast period.
Some of the key players profiled in the Commodity Plastics Market include BASF SE, Dow Inc., SABIC, DuPont de Nemours, Inc., Mitsubishi Chemicals Holdings Corporation, Eastman Chemical Company, LG Chemicals, Chevron Phillips Chemical Co., LLC, Arkema SA, Exxon Mobil Corporation, Nippon Polyurethane Industry Corp Ltd., Huntsman Corporation, Mitsui Chemicals Inc., Qatar Petroleum and Exxon Mobil.
Estimated Market Size in 2020:
USD 468.30 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 866.79 billion
Tables, Graphs& Figures
Type, Type of Plastic, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Polyethylene Terephthalate (PET)
• Acrylonitrile Butadiene Styrene (ABS)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
• Polystyrene (PS)
Type of Plastics Covered:
• Non Reusable or Recyclable
• Reusable and Recyclable
End Users Covered:
• Furniture & Décor
• Textiles (Fibers and Fabrics)
• Electrical & Electronics
• Medical & Pharmaceutical
• Automotive & Transportation
• Building & Construction
• Consumer Durable Goods
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Commodity Plastics Market is majorly driven by growing production of lightweight electric vehicles, growing packaging industry and increasing disposable income generating high demand for consumer goods.
The polyethylene terephthalate (PET) segment is growing at a highest CAGR as a large number of consumer products, beverages, and food items are packaged and delivered and with this material.
North America dominated with a significant market share due to the factors such as environmental safety factors and government rules regarding ban of plastics, presence of key players and the expansion of the construction sector across the region.
Asia Pacific market is growing at a highest CAGR owing to the increasing population, industrialization, and urbanization is augmenting the commodity plastics market growth.
Key players in Commodity Plastics Market include BASF SE, Dow Inc., SABIC, DuPont de Nemours, Inc., Mitsubishi Chemicals Holdings Corporation, Eastman Chemical Company, LG Chemicals, Chevron Phillips Chemical Co., LLC, Arkema SA, Exxon Mobil Corporation, Nippon Polyurethane Industry Corp Ltd., Huntsman Corporation, Mitsui Chemicals Inc., Qatar Petroleum and Exxon Mobil.
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