Commodity Plastic Market Research Report - Global Forecast till 2030

Commodity Plastic Market Information - By Type (Polyethylene, Polypropylene, Polypropylene, Polyethylene Terephthalate, Polystyrene and Others), By Application (Packaging, Consumer Goods, Electronics, Automotive, Textile, Pharmaceuticals and Others) - Forecast to 2030

ID: MRFR/CnM/2054-CR | April 2017 | Region: Global | 190 Pages         

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Commodity Plastic Market

Commodity Plastic Market is projected to be worth USD 858.4 Billion by 2030, registering a CAGR of 6.30% during the forecast period (2022 - 2030).

By Type Polyethylene Polypropylene Polypropylene Polyethylene Terephthalate Polystyrene Others
By Application Packaging Consumer Goods Electronics Automotive Textile Pharmaceuticals Others
Key Players
Companies Profiled   Westlake Chemical   Exxon Mobil   Qatar Petroleum   LG Chem   Qenos Pty   The Dow Chemical Company   Nova Chemicals   SABIC   Hanwha Chemical   LyondellBasell   Reliance Industries   Sinopec   Chevron Phillips Chemical
Market Driving Forces   The increasing demand for light vehicles and the expansion of automotive production
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Commodity Plastic Market Overview

As per the assessment conducted by Market Research Future (MRFR), the Global Commodity Plastic Market is expected to acquire the market value of USD 858.4 Billion while expanding at a CAGR of 6.30% by 2030.

Commodity products are known as plastic that is used for large scale purposes. Today, plastics are used for a wide range of purposes, disposables; containers packaging films are other factors that have high use of commodity plastics. Commodity plastics are not used in critical environments as they have less mechanical strength. These engineered and inexpensive plastics are mostly preferred for industrial purposes. There are many varieties of commodity plastics available in the market.

Polyvinyl, polypurine and polyethene are some of the varieties in this product. Toys, cups, plates and household products are some of the items requiring the commodity plastic. In recent years, the use of the polyethene segment in commodity plastics is growing. It is a plastic that has high density than other plastics.

The performance durability and strength of this product is higher. Due to this, the retail and industries have higher use of commodity plastics. In upcoming years, the extended plastics market is expected to create versatile growth opportunities. Extended plastics are gaining more traction in recent years. They are advanced commodity plastics required in many industries. All these factors are expected to increase overall commodity plastics market value. 

Covid analysis 

The outbreak of covid 19 is decreasing the growth of global markets. From construction, textile, automotive and electronics are some of the industries facing a decline. The consumer goods and pharmaceutical sector has increased demand in this period. Due to this, the commodity plastics market growth is surging. However, the packaging industry is facing a crisis. The spread of the virus is reducing the packaging operations.

The health industry has a different variety of packaging in this period. They are safer and hygienic packaging options in this period. However, the decline from various end-users continues in this market. The need for commodity plastics in the automotive sector is declining. The electronics industry is another sector that has a high demand for the commodity plastics. However, in this period, the demand rate is continuously declining. These market disruptions can create various losses. In the upcoming years, the market scenario is expected to improve. A new wave of covid 19 is expected to have few challenges in the market. 

Market dynamics 

  • Crucial market drivers 

Growing demand in the packaging industry is a crucial driver of the market. The emergence of ecommerce is boosting the demand in this commodity plastics market. Value-added packaging is prevalent in many regions. Consumer goods are growing rapidly that increasing the need for good packaging. Value-added packaging leads to free and fast packages. It makes buying and purchasing goods effortless. The packaging sector is flexible in recent years. Also, in many regions plastic is preferred as the most crucial packaging product.

The domination of plastics in the packaging industry will continue in many regions. Demand from the packaging market is a crucial driver increasing revenue rates of the market. Larger use of commodity plastics in the household application is another market driver. The household applications use mild and less durable plastic.

Clothing, trash containers and packaging film are areas utilizing the commodity plastics. These commodity plastics are purchased in bulk quality. Also, the low cost and effortless usage for a wide range of applications raise demand. These crucial drivers of the market will widely expand the market. Especially, the need for commodity plastics is high in developing nations. These factors will contribute to the exceptional growth of the commodity plastics market. 

  • The market growth opportunities 

Emerging economies offer a wide range of growth opportunities for the market. The demand for the commodity plastics is massive in developing nations. China, India, South Africa, Brazil and Argentina are developing regions. The packaging industry is booming in this region. Due to this, the expansion of the commodity of plastics is immense.

 The surge in commodity plastics production is contributing to a high range of supply. The industrial and residential sectors are responsible for massive demand for the market. Further, the rising urbanisation is another development that will provide growth prospects. Urbanisation is escalating in many countries. Due to this, the use of plastic for home and packaging is rising. Moreover, many emerging economies are moving towards industry 4.0 production in several markets will be massive than ever before. The construction, medical and pharmaceutical sectors will contribute to the highest growth of the market. The pharmaceutical sector uses plastics for the disposal and packaging of medicines. For many generic medicines, plastic packages are more suitable than other products. Due to these factors, the growth for the commodity plastics is exceptional. The promising growth opportunities for commodity plastics will bring favourable changes in the market. 

  • The market restraints 

The increasing governmental concerns to restrict the use of plastics are restraint in the market. Plastics have low degradation rate than other packages. Most f the plastics wastes are dumped in soil and oceans. This practice is causing various environmental harms. Marine life and water are affected due to toxins and hazards.

People and animals consuming the water-containing plastics residue suffer from health complications and death. Due to these adverse effects of plastics, their use is restricted. Many governments are encouraging organic packages. This trend can affect the growth of the commodity plastics market. 

  • The market challenges 

The rising awareness about the hazards of using plastic among customers is a market challenge. Today, public awareness about plastic and its hazards are more. The inclination of the customer to protect the environment is high. Due to this, they are choosing eco-friendly packaging products.

Even in the residential sector the organic trash papers and products are used. It is causing a declining trend in the commodity plastics market. In the forecast period, these challenges can affect the adoption of the commodity market. This market is facing high damage from various user ends due to the reducing demand. 

  • Cumulative growth analysis 

The commodity plastic market trends is stable in the forecast period. PET segment of the market is expected to hold the highest number of shares. Consumer’s products and beverages use PET certified plastics. They are good in quality and more durable. Many soft drinks and top food manufacturers use these plastics for packages. Most of these PET bottles and packages pass the FDA certification. Further, the growth drivers of the market such as demand from the packaging industry will create high expansion. The demand from the developing nations will create exceptional market growth opportunities. However, rising governmental restrictions can hamper demand. 

  • Value chain analysis 

The Asia Pacific is a leading region in the commodity plastics market. India, China, Japan and South Korea are key countries in this region. The needs for commodity plastics are immense in the packaging sector. China is emerging as a large scale commodity plastics producer. These initiatives by the key players in Asia pacific create more growth.

Further, a new range of commodity plastics will be launched in this region. The expansion of the plastics market in India and South Korea are higher. However, rising environmental awareness can restrict the production of plastics. Still, the consumer goods market boosts the overall growth. 

Segment overview 

By type 

  • PMMA

  • PE

  • ABS

  • PVC

  • PS

By end-user 

  • Medical and pharmaceutical 

  • Packaging 

  • Textiles 

  • Consumer goods 

  • Electronics 

  • Automotive 

By region 

  • The Middle East and Africa 

  • Asia pacific 

  • South America

  • North America 

  • Europe 

Competitive landscape 

The commodity plastics competition is increasing in the forecast period. The environmental friendly plastics are gaining more traction in rennet years. Due to this, the price competition is rising in the market. Further, market expansions, acquisitions, partnerships and collaborations are key strategies in the competitive landscape. Also, new product launches and innovations are expected in this market during the forecast period. 

Regional analysis 

 The commodity plastics market is fragmented into Asia Pacific, Europe and North America. The Asia Pacific is a leading nation with high market demand. It holds the highest number of shares in the commodity plastics market. The need is higher due to industrialization and increased packaging. The presence of top leaders will lead to more growth.

North America is an early adopter of the commodity plastics. Automotives, pharmaceutical and eCommerce markets have higher use of plastics. The rising need for eco-friendly plastics hinders the demand of this market. Europe is the next largest region with high penetration of the commodity plastics. The expansion of the commodity plastics is higher due to increased production. 

The key players of the commodity plastics market are 

  • Westlake Chemical

  • Exxon Mobil

  • Qatar Petroleum 

  • LG Chem

  • Qenos Pty

  • The Dow Chemical Company

  • Nova Chemicals

  • SABIC 

  • Hanwha Chemical

  • LyondellBasell

  • Reliance Industries 

  • Sinopec

  • Chevron Phillips Chemical
  • Recent Developments

    • December 2020- LG Chem, the largest Korean Chemical Company, has announced that it will run its Cathode material plant in China with renewable power.

    • December 2020- LG Chem, the largest Korean Chemical Company, and Magna International Inc, the automotive supplier, have announced a joint venture that will manufacture the components of electric cars.

    • December 2002- BASF SE, a Germany based player, and Eramet Group, a France-based player, have assigned an agreement to assess the development of a state-of-the-art nickel and cobalt hydrometallurgical refining complex. The development would consist of a High-Pressure Acid Leaching (HPAL) plant and a Base Metal Refinery (BMR). The HPAL would be situated in Weda Bay, Indonesia, while the location of the BMR will be decided during the feasibility study.

    • December 2020- Mitsui Chemicals, a Tokyo-based player, announced that its lab situated in Gujarat, India is now. Bureau of Indian Standards (BIS)-recognized for testing solar panels as per Indian standards. The lab was launched in December last year by Mitsui Chemicals India with technical advisor PI Photovoltaik-Institut Berlin AG (PI Berlin) based in Berlin, Germany.

    • October 2021: Achiko AG presented an update on its AptameX, a patented, low-cost quick Covid-19 diagnostic test that is incorporated into its platform, Teman Sehat ("Health Buddy"), manufacturing and capacity plans. Following product approval in August, the company plans to begin sales and production in the fourth quarter of 2021. The aptamer and colloidal gold solution, referred to as reagent, as well as a series of UV-visible Spectrophotometers, are all sourced from Taiwan (UVS). Indonesia will be in charge of plastics, diluents, and assembly. The present business model will be reproduced with localized plastics and assembly as Achiko reacts to demand from other countries, but reagent manufacture will remain in Taiwan. The original product is made of commodity plastics, but a better version made of bespoke polymers will be released soon after.

    • October 2021: Polycarbonate, polystyrene, acrylonitrile-butadiene-styrene, styrene-acrylonitrile, and feedstock styrene monomer will all be subject to utility surcharges in Europe, according to Trinseo, a US-based plastics and synthetic rubber maker. This came after other commodity plastic resin makers said that they would seek an immediate passthrough in power prices.

    Report overview 

  • Market overview highlights 

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis

  • Market segmentation overview

  • The regional analysis

  • Competitive landscape analysis

  • Recent Developments

  • Report Scope:

    Report Attribute/Metric Details
      Market Size   USD 858.4 billion
      CAGR   6.30%
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019-2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type and Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   BASF SE, The Dow Chemicals Company, SABIC, Arkema SA, Mitsui Chemicals, LG Chemicals, Mitsubishi Chemicals Holdings Corporation
      Key Market Opportunities   The growing need for packaging bottles, crates, trays for food and packaging
      Key Market Drivers   The increasing demand for light vehicles and the expansion of automotive production

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    Frequently Asked Questions (FAQ) :

    The global commodity plastic market is expected to touch a size of USD 858.4 billion by 2030.

    The global commodity plastic market is expected to expand at a CAGR of 6.30% from 2022-2030.

    Packaging is predicted to be the biggest application of the global commodity plastic market.

    BASF SE, The Dow Chemicals Company, SABIC, Arkema SA, Mitsui Chemicals, LG Chemicals, Mitsubishi Chemicals Holdings Corporation

    The global commodity plastic market is majorly driven by the large consumption of plastics by FMCG and packaging sectors.