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Report Overview: Global Commodity Plastics MarketThe global commodity plastics market size was valued at USD 323.5 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2027. The increasing penetration in packaging, medical & pharmaceutical, and consumer durable goods end-use industry is expected to be the major drivers of the global commodity plastics market over the forecast period 2021-2027. Commodity plastics are widely used in mass-produced items and products of a single-use nature, such as films for packaging or drinking bottles. However, these materials can also be used in various other industries, such as automotive, building and construction, and electronics. Increasing demand for commodity plastics in consumer durable goods including containers, weather-resistant clothing, disposable utensils, and packaging materials for foods, pharmaceutical products, bottles, and beverages, and personal care products is expected to propel the market growth over the forecast period. Commodity plastics are lighter and structurally stable and resistant to abrasion. They can be easily recycled and molded into a variety of shapes, which makes them highly suitable for packaging applications. Rising demand for packaging bottles, trays, crates, etc. for food and beverage packaging is expected to generate the demand for commodity plastics in the coming years. However, lockdown and various restrictions imposed by different governments to contain the spread of coronavirus pandemic has led to a decline in product consumption and negatively impacted its demand in various applications. Manufacturers are experiencing difficulties in running production units owing to logistic restrictions, which are further cascading the negative impact on the product demand. Furthermore, stringent environmental regulations related to non-biodegradable plastics, especially in regions, such as Europe and North America, coupled with rising consumer awareness regarding the harmful effects caused by improper disposable of plastics is anticipated to hampering the market growth over the forecast period. However, the rising need for specialized commodity plastics in the healthcare sector for manufacturing medical masks, gowns, and other safety kits is expected to increase the market growth in the coming years.
Product Insights: Global Commodity Plastics MarketPolyethylene (PE) led the market and accounted for more than a 35% share of the global revenue in 2019. The rising application in consumer durable products, packaging, and medical & pharmaceutical industries is expected to drive the segment growth over the forecast period. In addition, the use of PE in the manufacturing of other advanced polymers, such as High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), and Extended Polyethylene (EPE), which are used in high-performance applications, is expected to propel the product demand in the coming years. Poly Methyl Methacrylate (PMMA) is expected to be the fastest-growing product segment over the forecast period owing to the rising scope of application in the automotive & transportation and building & construction industries. Polymethyl methacrylate is widely used in the aforementioned industries due to its toughness, better impact strength, and superior environmental stability as compared to other plastics.
Packaging end-use segment led the market and accounted for more than 39% share of the global revenue in 2019. Rising demand for flexible packaging owing to its durability, low cost, and high recyclability is expected to increase the product demand in the packaging segment. Furthermore, the development in packaging materials technology and the increasing use of renewable plastics for packaging are anticipated to propel the segment growth in the coming years. Medical & pharmaceutical is expected to be the fastest-growing segment over the forecast period owing to increasing product demand for manufacturing medical devices. Commodity plastics are gaining popularity as they offer better optical clarity, biocompatibility, and are economical. Several plastics including polystyrene and polyethylene are blended to achieve desirable properties for use in medical devices. The rising geriatric population and increasing incidences of Cardiovascular Diseases (CVDs) across the world is anticipated to propel the demand for various medical devices and instruments, which, in turn, is expected to have a positive impact on the demand for commodity plastics in medical & pharmaceutical application. In addition, the COVID-19 outbreak is projected to propel the need for various medical equipment, such as ventilators, beds, gloves, masks, and others, thereby, boosting the demand for medical-grade plastics.
End-use Insights: Global Commodity Plastics Market
Regional Insights: Global Commodity Plastics MarketAsia Pacific lead the market in 2019 and accounted for over 46% of the overall share. Growing demand for commodity plastic from the packaging and medical & pharmaceutical sector, especially in countries, such as China, India, and Japan, is expected to drive the market growth in the region. Furthermore, economic and healthcare development in the Asia Pacific countries coupled with rising investments in the construction industry are major factors that are expected to generate the demand for commodity plastic in the region over the forecast period. The recent outbreak of COVID-19 in countries, such as India, the U.S., China, Italy, France, and others are anticipated to hamper the product demand majorly in construction, automotive, electrical & electronics, and consumer goods applications. The outbreak has resulted in the slowdown or halts in manufacturing operations, restrictions on supply & transport, and infrastructure slowdown, which is expected to negatively impact the demand for commodity plastics in the aforementioned applications in the region in the third and fourth quarters of 2020.
Key Companies & Market Share Insights: Global Commodity Plastics MarketThe market is characterized by the presence of various small- and medium-scale companies catering to global and local demands. Companies operating in this market are emphasizing on expanding their global footprints to drive their revenues and increase industry shares. Companies are expanding their services in the Middle East, Asia Pacific, and Europe regions to cater to the rising needs of the emerging economies. Countries, such as India, the U.S., and China, where the demand for PE, PP, and PET films is growing significantly owing to the rising need for medical equipment including masks, sanitizer bottles, and face shields, are expected to provide new expansion opportunities for the market players in the coming years. Some of the prominent players in the commodity plastics market include:
Key companies Profiled: Global Commodity Plastics Market Report
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global commodity plastics market report on the basis of product, end-use, and region:
- BASF SE
- Dow Inc.
- DuPont de Nemours, Inc.
- Eastman Chemical Company
- Chevron Phillips Chemical Co. LLC
- Exxon Mobil Corporation
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- Poly Methyl Methacrylate (PMMA)
End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Building & Construction
- Electrical & Electronics
- Automotive & Transportation
- Medical & Pharmaceutical
- Consumer Durable Goods
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualiza | read more...