Commodity Plastics Market Estimated to Reach $596.1 Billion by 2025 Globally, at a CAGR of 6.0%, says MarketsandMarkets™
Chicago, May 10, 2023 (GLOBE NEWSWIRE) — The global commodity plastics market size is projected to grow from USD 468.3 billion in 2020 to USD 596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025, as per the recent study by MarketsandMarkets™. Commodity plastics are primarily thermoplastics that are produced in high volume and at a relatively lower cost in comparison to other plastics. These plastics are used in various end-use industries in automobile, construction, packaging, electrical & electronics, and medical & pharmaceutical industries.
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76- Market Data Tables
List of Key Players in Commodity Plastics Market:
- Exxon Mobil (US)
- LG Chem (South Korea)
- Sumitomo Chemical (Japan)
- The Dow Chemical Company (US)
- SABIC (Saudi Arabia), BASF SE (Germany)
- LyondellBasell (Netherlands)
- Sinopec (China)
- Ineos (Switzerland)
- Formosa Plastics (Taiwan)
- Mitsubishi Chemical (Japan)
- Borealis AG (Austria)
- Chevron Phillips Chemical (US)
- ENI SpA (Italy)
Drivers, Restraints, Opportunities and Challenges in Commodity Plastics Market:
- Drivers: Growing packaging industry
- Restraints: Increased environmental concerns over plastic waste
- Opportunity: Developing countries offering significant growth opportunities
- Challenge: Government regulations on the use of plastics for packaging
Key Findings of the Study:
- In terms of value, the PE segment is projected to account for the largest share of the commodity plastics, by type, during the forecast period.
- The packaging industry is projected to register the highest CAGR during the forecast period.
- The APAC region leads the commodity plastics market in terms of volume.
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One of the major drivers of the commodity plastics market is the emergence of e-commerce. In addition, the growing packaging industry is considered a major driver of the market. Increasing disposable income and growing metal prices, along with the increasing acceptance of commodity plastics in various end-use industries is driving this market. The rapid increase in downstream processing capacity will be the main driver for the PE and PP segments in the future.
Based on type, PE is projected to be the largest and the fastest-growing segment of the commodity plastics market. PE is capable of being extruded and molded into many different shapes. It is highly transparent and colorless and has applications in containers, household & kitchenware, and tubing. PE has many applications in the packaging industry, especially in the flexible packaging of food products.
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Based on the end-use industry, in 2019, the packaging segment accounted for the largest share of the commodity plastics market. The growing packaging industry is the major driver of the commodity plastics market. Increasing purchasing power and growing end-use industries are amongst the major drivers of the commodity plastics market.
APAC is the fastest-growing market for commodity plastics. The growth of the commodity plastics market in the region is mainly attributed to China, India, and Southeast Asian countries. These bustling economies have a lot of potential customers. The market is driven by various factors such as increased consumption of packaged fruits & vegetables and innovation in packaging. The higher disposable income in these developing countries has increased their purchasing power. As a result, the market has been positively impacted.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]
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