Global Commodity Plastics Market

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

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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 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. '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)'

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.

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.

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.

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