PUBLISHER: SkyQuest | PRODUCT CODE: 1250083
PUBLISHER: SkyQuest | PRODUCT CODE: 1250083
Global Commodity Plastics Market size was valued at USD 468.3 billion in 2021 and is expected to reach USD 858.4 billion by 2028. The market is expected to grow at a CAGR of 6.3% during the forecast period (2022-2028).
The global commodity plastics market refers to the market for thermoplastic resins that are produced in large quantities and used for a wide range of applications. Commodity plastics are used in a variety of industries, including packaging, automotive, construction, and consumer goods. Some of the most commonly used commodity plastics include polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and polyethylene terephthalate (PET). These materials are typically produced from petroleum-based feedstocks and are used in a variety of products such as food packaging, household items, and automotive components.
Top-down and bottom-up approaches were used to estimate and validate the size of Global Commodity Plastics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global commodity plastics market is segmented on the basis of product type, application, plastic type and region. Based on product type, market is bifurcates into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polymethyl methacrylate (PMMA), and others. On the basis of application, the commodity plastics market is segmented into packaging, automotive, electric or electronic and others. Based into plastic type, it is segmented into reusable and recyclable, non-reusable or non-recyclable. On the basis of region, global commodity plastics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa.
Driver
Commodity plastics, such as polyethylene (PE), polypropylene (PP), and polystyrene (PS), are widely used in the packaging industry due to their excellent properties such as durability, lightweight, and low cost. With the increasing demand for packaged food, beverages, and consumer goods, the demand for commodity plastics has been on the rise. The COVID-19 pandemic has also led to a surge in demand for packaged goods, as people are relying more on e-commerce and home delivery services, which is expected to drive the demand for commodity plastics further.
Restraint
Commodity plastics, like other plastics, are a major contributor to environmental pollution, including ocean pollution and plastic waste. Governments and regulatory bodies around the world are imposing stricter regulations on the production and use of plastics to address these concerns. For example, bans on single-use plastics, taxes on plastic bags, and other measures have been implemented in many countries, which can affect the demand for commodity plastics.
Market Trends
There is a growing trend towards using sustainable and eco-friendly materials in the plastics industry, including for commodity plastics. With the increasing concern about plastic waste and environmental pollution, there is a growing demand for sustainable alternatives to traditional commodity plastics. As a result, manufacturers are increasingly adopting biodegradable plastics, bio-based plastics, and recycled plastics to meet the growing demand for sustainable materials.