Commodity Plastics Market: Overview
- Plastics can be employed in various applications such as shopping bags and clothes. Majority of plastic products manufactured across the globe are made from six types of plastic materials: polyethylene, polypropylene, polyvinylchloride, polystyrene, polyester, and polyurethane.
- Commodity plastics are lighter, resistant to abrasion, and structurally stable. They are easily recyclable and can be molded into variety of shapes. They also possess higher strength compared to other substitutes.
- Commodity plastics are plastics that are used in high volume and various range of applications such as films for packaging, magnetic tape, photographic tape, clothing, beverages, and trash containers
- Commodity plastics can also be employed in various household products where mechanical properties and service environments are not critical. These include plates, carrying trays, cups, containers, medical trays, printed materials, and seeding trays.
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Key Drivers of Commodity Plastics Market
- Commodity plastics are primarily used in low cost, low mechanical stress, flexible product solutions. They are primarily used by consumer goods manufacturer and packaging industry for a wide range of applications.
- Rise in demand for commodity plastics in fast moving consumer goods including disposable utensils and containers, and in in packaging materials for bottles and beverages, foods, pharmaceutical products, and personal care products is estimated to drive the global commodity plastics market during the forecast period
Polyethylene Segment to Expand at Rapid Pace
- Polyethylene was a rapidly growing segment of the market in 2018. It is also expected to dominate the market during the forecast period.
- Polyethylene is the largest manufactured and consumed type of commodity plastics in the world, as it is easily available and carries lower manufacturing cost. It possesses considerable stiffness and toughness. It is resistant to chemical. It is highly colorless and transparent.
- Polyethylene is used widely in packaging applications such as plastic films, plastic bags, plastic containers, tubing, bottles, wire insulation, household & kitchenware, and chemical containers. Polyethylene is also employed in the manufacture of large water pipes.
- Increase in demand for commodity plastics in a wide range of packaging applications due to ease of availability and lower manufacturing cost is projected to drive the polyethylene segment during the forecast period.
Rise in Awareness about Harmful Effects of Non-biodegradable Plastics to Hamper Market
- Rise in awareness about the harmful effects of non-biodegradable plastics among the general population is expected to restrain the commodity plastics market during the forecast period
- Implementation of stringent environmental regulations related to non-biodegradable plastics, especially in developed regions such as North America and Europe, is expected to be key factor hampering the global commodity plastics market during the forecast period
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Asia Pacific to Hold Major Share of Global Commodity Plastics Market
- Asia Pacific is a leading consumer of commodity plastics, followed by North America and Europe. Increase in demand for automotive coatings in China, Japan, and South Korea is projected to boost the demand for commodity plastics during the forecast period.
- Rise in demand for commodity plastics in developing economies such as India and China is likely to drive the commodity plastics market in Asia Pacific during the forecast period
- Growth in demand for commodity plastics in packaging applications in various industries such as e-commerce and pharmaceuticals is projected to drive the commodity plastics market in Asia Pacific in the near future
- Increase in disposable income of consumers, rise in demand for packaged food, and growth In investment in the construction sector are estimated to be key factors driving the commodity plastics market in Asia Pacific during the forecast period
Key Players in Market
Major players operating in the global commodity plastics market include:
- Exxon Mobil Corporation
- BASF SE
- LG Chem Ltd.
- Mitsubishi Chemical Corporation
- Formosa Plastics Corporation
- China Petrochemical Corporation
- Sumitomo Chemical Co., Ltd
- LyondellBasell industries Holdings B.V.
Global Commodity Plastics Market: Research Scope
Global Commodity Plastics Market, by Type
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Poly Vinyl Chloride (PVC)
- Poly Methyl Methacrylate (PMMA)
Global Commodity Plastics Market, by Application
- Consumer Goods
- Medical & Pharmaceuticals
- Others (Automobile, Textile etc.)
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