Global Commodity Plastics Market is Projected to Grow at an Impressive Rate Through 2028 due to Increasing Demand in Packaging Industry.
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Global Commodity Plastics Market is projected to grow at an impressive rate through 2028 due to increasing demand in packaging industry. China's overall production of plastic products amounted to 80 million metric tons in 2021.
Commodity plastic is used in many applications, including the mass production of items and goods for single use, such as packaging film, bottles, bags, and cutlery. In addition to single-use plastic, commodity plastics are also utilized in mass-produced objects like electrical product casings and children's toys. The product demand in the packaging sector is anticipated to increase due to the growing demand for flexible packaging due to its robustness, affordability, and high recyclability. Additionally, it is projected that the segment growth in the upcoming years will be fueled by advancements in packaging materials technology and increased usage of recyclable plastics for packaging. They are also chosen when a plastic's particular mechanical characteristics have no detrimental effects on the functionality or performance of the object in question. Some examples of commodity plastics are Polyethylene, Polyvinyl Chloride, Polystyrene, and Polypropylene.
Promising demand from the packaging industry
According to the World Packaging Organization, the Global Packaging Market is growing at 5.5%. The increased need for packaging is due to rising health concerns, concern about hygienic packaging, and growth in the urban population, which has resulted in rising demand for FMCGs, pharmaceutical supplies, and other consumer durables. Flexible packaging is mainly used for food, which accounts for more than 60% of the market, according to the Flexible Packaging Association. The flexible packaging market is expanding quickly because it has the potential to include fresh approaches to numerous packaging problems. IBEF also reports that with 70% of revenues coming through retail, one of the most significant industries in India is the food processing sector, which accounts for 32% of the nation's total food market and ranks fifth in production, consumption, and exports.
Low-Cost Substitute for Metal
Aluminum, steel, and glass can all be replaced with polymeric materials. They contain both amorphous and semi-crystalline polymers. Due to their exceptional strength, stiffness, impact resistance, temperature resistance, and fire resistance, these plastics are widely employed in applications in the automotive, transportation, appliance, electronics, communications, and aerospace industries. Commodity plastics include polymers, Polyethylene, Polyvinyl Chloride, Polystyrene, Polypropylene, and polymethyl methacrylate. With plastic, approximately 40% cost reduction is possible, which helps in the competitive price of the product.
Growing Technological Advancement for Sustainable Development
Over the forecast period, sustainability trends are expected to rise. Due to the nature of plastic production, sustainability will always be a concern. However, development and recycling streams will help balance out such sustainability challenges. For instance, the Coca-Cola European partners committed to recycle 50% of the plastic used in PET bottles by 2025 and collecting 100% of the packaging plastic in Western Europe. PepsiCo set an interim goal of roughly 45% by 2025 and a long-term goal of using 50% recycled plastic in its bottles throughout the European region by 2030. Additionally, several significant food producers are working to reconsider their use of plastic packaging and transition to a `circular economy.`
Market Segmentation
The global Commodity Plastics market is segmented by type and application. Based on type, the market is divided into Polyethylene, Polyvinyl Chloride, Polystyrene, Polypropylene, and Others. Based on application, the market is segmented Packaging, Automotive, Electronics, Consumer Goods, Construction, Textile, Medical & Pharmaceutical, and Others.
Market players
ExxonMobil Corporation, BASF SE, Chevron Phillips Chemical Co., LLC, Dow Inc., SABIC, LyondellBasell Industries N.V., Reliance Industries Limited, Chevron Phillips Chemical Co., LLC, Lotte Chemical Corporation, and Hanwha Solutions Corporation are some of the key market players.
Report Scope:
In this report, Global Edible Packaging Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Global Commodity plastics market by type:
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Polypropylene
- Others
Global Commodity plastics market by application:
- Packaging
- Automotive
- Electronics
- Consumer Goods
- Construction
- Textile
- Medical & Pharmaceutical
- Others
Global Commodity Plastics Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- Taiwan
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies in Global Commodity Plastics Market.
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ExxonMobil Corporation
- BASF SE
- Chevron Phillips Chemical Co., LLC
- Dow Inc.
- SABIC
- LyondellBasell Industries N.V.
- Reliance Industries Limited
- Chevron Phillips Chemical Co., LLC
- Lotte Chemical Corporation
- Hanwha Solutions Corporation
