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.
Is something restraining your company’s growth in the Commodity Plastics Market? Ask for the report brochure here
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
Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Commodity Plastics Market here
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.)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.