PUBLISHER: The Business Research Company | PRODUCT CODE: 1435757
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435757
Commodity plastics, comprising single polymers, are cost-effective with no exceptional mechanical properties. They're used for single-use applications such as disposable plates, medical trays, clothing, and reusable bags.
Commodity plastics encompass several key types such as polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate (PET), and poly (Methyl Methacrylate) (PMMA). Polyethylene, a thermoplastic polymer, finds applications in packaging films, rubbish bags, and supermarket bags. Its variable crystalline structure allows for a wide array of uses depending on the specific type. These plastics, available in reusable and recyclable forms, serve diverse industries such as packaging, construction, consumer goods, automotive, electronics, textiles, medical and pharmaceutical, among others.
The commodity plastics market research report is one of a series of new reports from The Business Research Company that provides commodity plastics market statistics, including commodity plastics industry global market size, regional shares, competitors with a commodity plastics market share, detailed commodity plastics market segments, market trends and opportunities, and any further data you may need to thrive in the commodity plastics industry. This commodity plastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The commodity plastics market size has grown strongly in recent years. It will grow from $496.1 billion in 2023 to $530.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The expansion observed in the historical period can be attributed to various factors including fluctuations in raw material prices, regulatory changes, shifts in trade dynamics, the proliferation of electronic devices, and growth within the automotive industry.
The commodity plastics market size is expected to see strong growth in the next few years. It will grow to $682.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Anticipated growth in the upcoming period is expected due to the enforcement of stricter environmental regulations, changes in consumer preferences, concerns about water scarcity, increased public awareness regarding plastic pollution, and the booming e-commerce sector. Key trends projected for this period encompass the development of biodegradable alternatives, a focus on lightweight materials, the integration of digitalization in manufacturing processes, innovations in packaging design, and the increased utilization of 3D printing
The expanding production of plastic is anticipated to be a significant driver behind the growth of the commodity plastics market. Within the packaging industry, there's active involvement in designing and manufacturing packaging products, where commodity plastics such as polyethylene and polystyrene find extensive use in packaging film and foam packaging applications. For instance, as per the Ministry of Environment, Forest, and Climate Change (MoEF&CC) report in December 2021, India witnessed a significant surge in plastic production in 2020, registering an average annual growth rate of 21.8%. Additionally, the ministry reported that India's total plastic waste generation reached 3.47 million tons in the fiscal year 2021, up from 3.36 million tons in 2020. Furthermore, insights from Plastics for Change, an India-based social enterprise platform, indicate that 36% of the annual plastic production is channeled into various forms of packaging. This surge in plastic production stands as a pivotal factor propelling the growth trajectory of the commodity plastics market.
The swift expansion of the construction industry is poised to drive substantial growth within the commodity plastics market in the forthcoming years. Within the construction sector, encompassing a diverse array of operations related to structural and infrastructure development, commodity plastics such as polyethylene and polypropylene hold significant usage. These plastics are favored for applications such as pipes, insulation, wiring conduits, and fixtures due to their cost-effectiveness, resilience, and lightweight properties, which contribute to improved performance and efficiency across various construction projects. For instance, as reported by the Australian Bureau of Statistics in November 2023, there was a notable increase in total construction work, rising by 1.3% to $64,768.7 million, with building work experiencing a 0.2% uptick to $34,300.2 million. This surge in construction activities stands as a key driver fueling the growth trajectory of the commodity plastics market.
The commodity plastics market is witnessing a surge in product advancement as key players prioritize technological innovations to maintain their market standing. An example of this is Krehalon, a Netherlands-based packaging company, which, in August 2021, introduced KreCycle, addressing the growing demand for sustainable packaging solutions. The KreCycle line offers a range of high barrier flexible films crafted for fresh food applications, designed to be conveniently recyclable. This product line comprises polyester (PET), polyethylene (PE), and polypropylene (PP) based solutions, tailored with customized barrier properties to suit specific application needs. It particularly caters to packaging fresh protein products such as red meat, poultry, processed meat, fish, and hard cheese. The offerings include flexible thermoforming films, high barrier flowrap films, lidding films, and vacuum pouches, all featuring additional lock and peel seal options to enhance consumer convenience.
Major players within the commodity plastic market are employing strategic partnerships to pave the way for the development of the inaugural polyethylene terephthalate (PET) resin. This collaborative strategy involves companies leveraging each other's strengths and resources to achieve mutual benefits and drive success. An exemplar of this approach unfolded in May 2023, as LanzaTech Global Inc., a US-based leader in carbon recycling transforming waste carbon into renewable resources, partnered with Plastipak Packaging Inc., a US-based plastic packaging manufacturing company, to introduce PPKNatura.
In May 2022, RadiciGroup, an Italian company specializing in polyamide polymers, chemical intermediates, engineering plastics, synthetic fibers, and nonwovens, successfully acquired the plastics division of Ester Industries Ltd for a transaction valued at $37 million. This acquisition serves to enhance RadiciGroup's existing high-performance polymers business by extending its strong commercial footprint in India. Ester Industries, based in India, is renowned for its production of specialty polymers, polyester films, and engineering plastics.
Major companies operating in the commodity plastics market report are China Petrochemical Corporation, Exxon Mobil Corporation, ENI SpA, Indian Oil Corporation Limited, Reliance Industries Ltd., BASF SE, The Dow Chemical International Private Limited, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, Qatar Petroleum, LyondellBasell Industries N.V., LG Chem Ltd., Mitsubishi Chemical Systems Inc., Sumitomo Chemical Co. Ltd., INEOS Group, PTT Global Chemical Public Company Limited, Westlake Corp., Chevron Phillips Chemical Company LLC, Braskem India Private Limited, DuPont de Nemours Inc., Eastman Chemical Company, Formosa Plastics Corporation, Borealis AG, Nova Chemicals Corp., Haldia Petrochemicals Ltd., Qenos Pty Ltd., Hanwha Chemical India Private Limited, Lotte Chemical Engineering Plastics Private Limited, GUTMANN AG, YKK AP Inc.
Asia-Pacific was the largest region in the commodity plastics market in 2023. The regions covered in the commodity plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the commodity plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The commodity plastics market consists of sales of nylon, phenol formaldehyde resins, general purpose polystyrene, magnetic tape, acetate film. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Commodity Plastics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on commodity plastics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for commodity plastics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The commodity plastics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.