Commodity Plastics Market

Commodity Plastics Market Insights

Commodity plastics are light in weight and can be recycled and used in aariety of shapes and molds, which has helped in contributing to the rising demand for cost-effective polymers that can be molded or formed to a variety of products. Due to their unique properties, these plastics of various forms are cost-effective and are driving the worldwide demand for plastic. Besides, these various forms of thermoplastics are used in all forms of daily life, especially in contemporary mankind. Ranging from commercial use, daily consumption, packaging, to a wide range of textile forms, health, and medical applications this market is ought to be growing exponentially from 2021 to 2026.

Consumer Plastics Market: By Type of Plastics

As per the analysis on the type of plastics, the market's present consumption pattern comprises seven main commodity plastics namely, polyethylene, polypropylene, polyvinyl chloride, polystyrene, acrylonitrile butadiene styrene, polyethylene terephthalate, poly [methyl methacrylate]. Polyethylene is estimated to be the fastest-growing segment of the consumer plastic market and is also expected to dominate the market. This form of plastic material is largely used for consumer goods and food packaging because of its good water resistance and high-end security for food packaging. Also, the use of polyethylene in manufacturing progressing polymers is forecasted to move the demand in the advancing period.

Consumer Plastics Market: By Application

Based on application the global market is segmented into fibers and fabrics, medical/laboratory tools, consumable goods, construction applications, packaging containers, telecommunication/electronic components, automotive parts, and transportation. The forecasted period owes to an increase in demand for consumer product packaging accompanied by the increasing product demand for consumer durables and medical implements.

Consumer Plastics Market: By End-User

As per the consumer analysis is concerned, the market for commodity plastic market is segmented into packaging, automotive & transportation, electronics, consumer durable goods, construction, textiles, medical pharmaceuticals, and other end-users. The packaging segment will be dominating the market due to the increasing technological developments in packaging technology and innovations in renewable and sustainable packaging.

Consumer Plastics Market: By Region

Based on the region, the market for the US, Canada, and Mexico will be dominant in the North America region. On the other hand, the Asia-Pacific will be growing the fastest followed by the Middle East & Africa, and South America. This is mainly due to the growing demand for packaging in the food and medical & pharmaceuticals industry and the increasing demand and expansion of the construction sector. However, considering that the COVID outbreak has slowed the electronics, construction & automotive sector and hampered the market growth.

Consumer Plastics Market Share and Competitor Analysis

The key players operating in the market include Exxon Mobil Corporation, LG chemicals, Sumitomo Chemicals, The Dow Chemical Company, SABIC, BASF SE, Lyondellbasell, Sinopec, Ineos, Formosa Plastics, Mitsubishi Chemicals, Borealis, Chevron Phillips Chemical Co., Eni Spa, Reliance Industries, Braskem, Hanwha Chemicals, Indian Oil, Haldia Petrochemicals, Nova Chemicals, Qenos Pty ltd., Qatar Petroleum, Westlake Chemical, and PTT Global Chemicals among others.

Please note: This is not an exhaustive list of companies profiled in the report.

In December 2020, LG Chem (Korea), launched a plant in China to run on renewable power, and a joint venture with Magna International Inc. to manufacture the components of electric cars.

In December 2020, Mitsui Chemicals, launched a lab in Gujarat, India with technical advisor PI Photovoltaik-Institut Berlin (Berlin, Germany).

In December 2020, BASF SE (Germany) and Eramet Group (France) agreed to assess the development of nickel and cobalt hydrometallurgical refining complex.