The global commodity plastics market size is anticipated to reach USD 554.4 billion by 2027, according to a report by Grand View Research, Inc., registering a CAGR of 3.2% over the forecast period. Increasing product demand from the packaging, building & construction, medical & pharmaceutical, and a few other application industries is expected to propel market growth. Moreover, the rising demand for consumer durable goods owing to growing disposable incomes coupled with the increasing need for lightweight materials in the automotive industry is anticipated to drive the demand for commodity plastics over the forecast period.
Key suggestions from the report:
- The global market was valued at USD 434.6 billion in 2019 and is estimated to register a CAGR of 3.2% from 2020 to 2027
- The global market is expected to witness significant growth over the forecast period owing to rising product demand from the packaging, electrical & electronics, and medical & pharmaceutical end-use industries
- The market in the U.S. is anticipated to witness significant growth by 2027 owing to the growing product demand
- Asia Pacific is projected to witness the fastest growth over the estimated period owing to rising infrastructural & economic investment, and growing product demand from the countries, such as India, China, and Japan
- Rapidly growing e-commerce sector and innovation and development in the packaging industry in APAC is also fueling the product demand
Read 120 page research report with ToC on “Commodity Plastics Market Size, Share & Trends Analysis Report By Product (PMMA, PE, PVC, PP, PET, PS), By End-use (Packaging, Medical & Pharmaceutical), By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/commodity-plastics-market
Polyethylene (PE) segment led the market in 2019 and is expected to maintain its leading position during the forecast period owing to rising demand from the packaging and automotive & transportation industries. Polyethylene is widely used in various applications, such as plastic films, plastic bags, wire insulations, plastic containers, household & kitchenware, tubing, bottles, and chemical containers, owing to their properties, which include lower manufacturing cost, easy availability, and excellent stiffness and toughness. Asia Pacific is the largest regional market for commodity plastics owing to the high demand from the end-use industries.
Asia Pacific is the largest producer and consumer of automobiles, consumer goods, and packaging materials, thereby paving a way for the commodity plastic market in the region. The region is also one of the largest consumers and producers of electrical & electronic products, such as equipment and wires, which is expected to boost the demand for commodity plastics in the region over the forecast period. However, the decline in consumer spending on discretionary products and the stall in manufacturing activities due to the COVID-19 pandemic in the region are expected to negatively impact the demand in the above-mentioned industries.
Grand View Research has segmented the global commodity plastics market on the basis of product, end-use, and region:
- Commodity Plastics 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)
- Commodity Plastics End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Building & Construction
- Electrical & Electronics
- Automotive & Transportation
- Medical & Pharmaceutical
- Consumer Durable Goods
- Commodity Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- The U.K.
- Asia Pacific
- Southeast Asia
- Central and South America
- Middle East and Africa
- GCC Countries
- South Africa
- North America
- List of Key Players of Commodity Plastics Market
- BASF SE
- Dow Inc.
- DuPont de Nemours, Inc.
- Eastman Chemical Company
- Chevron Phillips Chemical Co., LLC
- Exxon Mobil Corporation
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Antimicrobial Coatings Market– Growing concern regarding cleanliness in various industries has led to an increased demand for antimicrobial coatings.
- Plastic Resin Market– Surging demand from the construction, automotive, and electrical and electronics sectors are the key factors expected to have a positive impact on market growth.
- Flame Retardant Market– The market is driven by increasing demand for fire retardant material from various end-use industries, such as construction, textiles, electrical and electronics, and transportation.