USD 477.37 billion
Global Commodity Plastics Market Size, Share, Growth Analysis, By Product Type(Polyethylene (PE), Polypropylene (PP)), By Application(Packaging, Automotive), By Plastic Type(Reusable, Recyclable) - Industry Forecast 2024-2031
Report ID:
SQSU15A2040 |
Region:
Global |
Published Date: February, 2024
Pages:
250
|
Tables:
94 |
Figures:
76
Global Commodity Plastics Market Insights
Commodity Plastics Market size was valued at USD 477.37 billion in 2019 and is poised to grow from USD 603.6 billion in 2023 to USD 858.4 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).
The demand for commodity plastic is rising rapidly as it’s highly robust and durable with cost effectives manufacturing. As commodity plastic is light in weight it has potential to alternate so many manufacturing vehicles as surge in production of electric light weight vehicle. The major driving factors of the market include growing packaging industry, increased disposable income generate high demand for consumer goods, growing production of lightweight electric vehicles and increasing metal price.
Commodity plastics are lighter, more structurally stable, and abrasion resistant. They are easily recycled and can be molded into a variety of shapes, making them ideal for packaging applications. Rising demand for food and beverage packaging bottles, trays, crates, and so on is expected to drive commodity plastics demand in the coming years.
US Commodity Plastics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Packaging
Fastest Growth
Packaging
Growth Rate
6.3% CAGR
Global commodity plastics market 2022-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global commodity plastics market Size By Application 2022-2028 ($ Bn)
Global commodity plastics market Size By Application 2022-2028 (%)
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Global Commodity Plastics Market Segmental Analysis
Global commodity plastics market is segmented on the basis of product type, application, plastic type and region. Based on product type, Commodity Plastics 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 Commodity Plastics Market is segmented into packaging, automotive, electric or electronic and others. Based into plastic type, Commodity Plastics Market segmented into reusable and recyclable, non-reusable or non-recyclable. On the basis of region, global commodity plastics Commodity Plastics Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa.
Commodity Plastics Market Analysis by Product Type
In 2021, polyethylene (PE) led the market, accounting for more than 35% of global revenue. The increasing application in consumer durable products, packaging, and the medical and pharmaceutical industries is expected to drive segment growth during the forecast period. Furthermore, the use of PE in the production of other advanced polymers, such as High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), and Extended Polyethylene (EPE), used in high-performance applications, is expected to drive product demand in the coming years.
Poly Methyl Methacrylate (PMMA) is expected to be the fastest-growing product segment during the forecast period due to its expanding scope of application in the automotive and transportation, as well as building and construction industries. Polymethyl methacrylate is widely used in the aforementioned industries due to its superior toughness, impact strength, and environmental stability when compared to other plastics.
Commodity Plastics Market Analysis by Type
The packaging segment accounted for the majority of revenue share in the global market. Increasing demand for packaged food and beverages, as well as growing demand for flexible packaging, are some of the major factors driving this segment's revenue growth. Plastics are commonly used for packaging in the food industry. Plastics are popular because of their lightweight, durability, high recyclability, low cost, and ability to be molded into appealing shapes. Furthermore, as new packaging regulations have been implemented, packaging standards have become increasingly stringent.
Global commodity plastics market By Application 2021 (%), 2023 (%)
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Global Commodity Plastics Market Regional Insights
According to regional analysis, the commodity plastics market in Asia Pacific is expected to grow at a rapid rate during the forecast period. This is due to rising population and increased demand for packaged foods. Growing demand for commodity plastics in the packaging, medical, and pharmaceutical sectors, particularly in Asian countries such as China, India, and Japan, is expected to drive market revenue growth during the forecast period. For example, Reliance Industries is India's largest producer of commodity plastics. It has a capacity of 1.16 metric tons per year for PE and 2.7 metric tons per year for Polypropylene (PP). Reliance is India's sole producer of low-density polyethylene.
The North American commodity plastics market is expected to grow at a rapid pace over the forecast period. Rising emphasis on advanced packaging materials, as well as increased demand for renewable packaging materials, are major factors driving revenue growth in this region. The plastics industry in the United States is the third-largest manufacturing sector, employing approximately 1.4 million people. The growing emphasis on advanced packaging materials development, as well as rising demand for renewable packaging materials, are driving revenue growth in this region.
Europe is expected to have a moderate revenue CAGR during the forecast period. The European Commission's recently adopted circular economy package, which includes action to develop a circular economy plastics strategy, a target to increase plastic packaging recycling to 55%, and a binding target to reduce landfills to 10% of total waste by 2030. Such initiatives are limiting the region's use of plastics. Some countries, such as Germany and the United Kingdom, recycle over 99% of their plastic waste.
Global commodity plastics market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Commodity Plastics Market Dynamics
Commodity Plastics Market Driver
- Rising disposable income of the population with high demand for consumer goods is driving market growth. Moreover, demands from packing industry and increasing production of lightweight electric vehicles further fuel the growth of the commodity plastics market. The growing usage of plastics in the packaging industry is fuelling demand for commodity plastics, which is driving revenue growth of the market. Polyethylene, polyvinyl chloride, and polypropylene are used to make commodity plastics. Polyethylene terephthalate is used to make soft drink bottles, shampoo and conditioner bottles, liquid hand soap bottles, food containers, and others. This type of plastic is considered safe for food and drink owing to its ability to prevent oxygen from penetrating and spoiling the product inside. On 16 November 2020, S & P Global Platts, which is the world’s leading independent provider of commodities and energy market information and benchmark prices, announced the debut of first-to-market daily spot price assessments for recycled Polyethylene terephthalate (PET) food-grade pellets in Los Angeles, California.
Commodity Plastics Market Restraint
- Growing environmental concerns regarding the disposal of plastic waste severely hamper the growth of commodity plastics market. Rising awareness about the harmful effects of plastics on the environment and presence of stringent rules regarding the excessive use of plastic materials are some key factors restraining revenue growth of the commodity plastics market. Primary microplastics are created in millimetric or sub millimetric sizes and can be found in a variety of household items, including facial cleansers, toothpaste, and exfoliating lotions. Moreover, fluctuating price of raw materials used in production of plastic materials such as crude oil, coal, natural gas, and others are expected to hamper revenue growth to some extent. Dumping plastics in landfills damages soil quality by releasing toxic chemical into the environment. These hazardous chemicals may come into contact with groundwater, causing serious health risks. In addition, marine life cab be severely impacted by plastics poured the ocean, birds, fish, and another creature.
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Global Commodity Plastics Market Competitive Landscape
The market is distinguished by the presence of numerous small and medium-sized businesses catering to global and local demands. Companies in this market are focusing on expanding their global footprints in order to drive revenue and increase industry share. To meet the growing needs of emerging economies, companies are expanding their services in the Middle East, Asia Pacific, and Europe regions. Countries such as India, the United States, and China, where demand for PE, PP, and PET films is increasing due to increased demand for medical equipment such as masks, sanitizer bottles, and face shields, are expected to provide new expansion opportunities for market players in the coming years.
Top Players in Global Commodity Plastics Market are
- Exxon Mobil Corporation
- Dow Inc.
- LyondellBasell Industries N.V.
- SABIC
- Chevron Phillips Chemical Company LLC
- INEOS Group Holdings S.A.
- Formosa Plastics Corporation
- China Petroleum & Chemical Corporation (Sinopec Corp.)
- BASF SE
- Total SE
- Braskem S.A.
- Mitsui Chemicals Inc.
- Reliance Industries Limited
- LG Chem Ltd.
- Lotte Chemical Corporation
- Nova Chemicals Corporation
- Eastman Chemical Company
- Sumitomo Chemical Co., Ltd.
- Arkema S.A.
- Saudi Basic Industries Corporation (SABIC)
Commodity Plastics Market Recent Development
- In August 2021, Krehalon launched a range of recyclable, high barrier flexible films, KreCycle. This range includes polyester (PET), Polypropylene (PP), and polyethylene (PE)- based products that are used in the packaging of red meat, poultry, processed meat, seafood, and hard cheese.
- In September 2022, Rebound, a subsidiary of International Holding Company, celebrated the launch of Rebound Plastic Exchange (RPX), a global B2B digital trading platform for recycled plastics, a turning point for the industry as the world’s plastics market is forecast to reach $ 45.6 billion by 2025.
Global Commodity Plastics Key Market Trends
- Antimicrobial additives used in plastics help extend the functional life of the plastics and limit bacteria growth, which causes the plastic to degrade quickly. As a result, increased durability, high suitability, odorless, and stainless are some of the major features that have led to significant growth in the global commodity plastics market.
Global Commodity Plastics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, commodity plastics are most commonly found in low-cost, low-mechanical-stress, flexible product solutions. They are primarily used in the consumer goods and packaging industries for a variety of applications. During the forecast period, the global commodity plastics market is expected to be driven by an increase in demand for commodity plastics in fast moving consumer goods such as disposable utensils and containers, as well as packaging materials for bottles and beverages, foods, pharmaceutical products, and personal care products.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 477.37 billion |
| Market size value in 2031 | USD 858.4 billion |
| Growth Rate | 6.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Commodity Plastics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Commodity Plastics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Commodity Plastics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Commodity Plastics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Commodity Plastics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Commodity Plastics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Commodity Plastics Market Report Snapshots
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