The global commodity plastics market is anticipated to reach USD 651.80 billion by 2026 according to a new study published by Polaris Market Research
The global commodity plastics market is projected to reach USD 65.80 by 2026. The primary factors driving the market growth are the rapid increase in demand from packing industry, along with the significant improvement in the disposable income of a larger section of the population especially in emerging nations. Moreover, there are few more other factors such as significant augmentation in the price of metal elements, and accelerating growth in the manufacturing of lightweight electric vehicles (EVs) are highly responsible for driving the market growth.
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Commodity plastics are usually demanded in large volumes, and find a wide array of applications across various industries. They are widely utilized for packaging, photography, garbage containers, magnetic tapes, and clothing, among others. They find application across various industries including consumer goods, manufacturing, automotive, packaging, construction, electronics, pharmaceutical, and textiles, among other industries.
A variety of products types are available in the market such as polyethylene (PE), polystyrene (PS), polymethyl methacrylate (PMMA), polyethylene terephthalate (PET), polyvinyl chloride (PVC), and polypropylene (PP), among others. Among these, polyethylene (PE) is the most widely used type. It is used in plastic bags, kitchenware, water pipes, bottles, and chemical containers, among other applications. Moreover, their easy availability and considerably low processing cost make them the most preferred choice.
The Asia Pacific holds a significant position in the market and is expected to emerge as the fastest growing regional market, due to increasing demand for plastics for packaging purpose. The region comprises some of the world’s top manufacturing hubs and emerging nations such as China, India, and Thailand, among others. Rising standards of living of the middle-class society have resulted in considerable increase in demand. The middle-class consumers are now seeking for high standards of living, and are anticipated to spend heavily on packaged goods, automobile, clothing, and electronic appliances, among others.
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The industry comprises of numerous players operating in the market and making it quite fragmented. However, some active industry players include Exxon Mobil Corporation, China Petroleum & Chemical Corporation (Sinopec), The Dow Chemicals, BASF SE, SABIC, LG Chem Ltd., Sumitomo Chemical Co., Ltd., LyondellBasell Industries N.V., INEOS, Formosa Plastics Corporation, and Mitsubishi Chemical Corporation, among others.
Industry players are observed positioning their manufacturing facilities in regions such as Asia Pacific, Latin America, and Africa as these regions allow them to cater a large customer base with minimum transportation, production, and shipment cost. Moreover, they are increasingly making strategic investments, and building facilities, commercial as well as technical resources to strengthen their market position throughout the world. Furthermore, the players are quite aware of the fact that the industry dynamics are transitional; as a consequence, they always make sure to keep their supply chain capabilities flexible, and integrate it with their operations in order to tackle the hurdles faced during changing market scenarios.
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