CHICAGO, Jan. 20, 2021 /PRNewswire/ -- According to the new market research report "Commodity Plastics Market by Type (PE, PP, PVC, PS, ABS, PET, PMMA), End-use Industry (Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical & Pharmaceutical), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Commodity Plastics Market size is projected to grow from USD 468.3 billion in 2020 to USD 596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025.
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Packaging plays a vital role in keeping the product fresh, damage-proof, and acts as an efficient marketing tool. The most common commodity plastics are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and poly (methyl methacrylate) (PMMA). Acrylonitrile butadiene styrene (ABS) and polyethylene terephthalate (PET) are also considered commodity plastics. These plastics are increasingly replacing metals due to their high tensile strength, low cost, high availability, and easy processing properties.
In terms of value, the PE segment is projected to account for the largest share of the commodity plastics, by type, during the forecast period.
According to the current scenario of the plastic industry, PE is the largest type of commodity plastics produced and consumed globally due to its easy availability and lower processing cost. PE is capable of being extruded and molded into different shapes. It is highly transparent and colorless and has applications in containers, household & kitchenware, and tubing. PE has many applications in the packaging industry, especially in the flexible packaging of food products.
The packaging industry is projected to register the highest CAGR during the forecast period.
The packaging is a necessary process for preserving and transporting goods. It caters to various sectors such as retail, institutional, and industrial. The increased demand for flexible packaging and value-added packaging is expected to drive the Commodity Plastics Market in the packaging industry. The market in the packaging industry is expected to witness the highest CAGR.
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The APAC region leads the Commodity Plastics Market in terms of volume.
APAC is projected to be the fastest-growing market for Commodity Plastics during the forecast period. Factors such as large population, growing demand for convenience food products, availability of cheap raw materials for packaging, and rising health awareness are driving the market in the region. China is the largest Commodity Plastics Market in APAC and is expected to remain the same during the forecast period. The growing usage of commodity plastics in packaging, construction, and consumer goods is driving the market.
Major players operating in the global Commodity Plastics Market include Exxon Mobil (US), LG Chem (South Korea), Sumitomo Chemical (Japan), The Dow Chemical Company (US), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell (Netherlands), Sinopec (China), Ineos (Switzerland), Formosa Plastics (Taiwan), Mitsubishi Chemical (Japan), Borealis AG (Austria), Chevron Phillips Chemical (US), ENI SpA (Italy), Reliance Industries (India), Braskem (Brazil), Hanwha Chemical (South Korea), Lotte Chemical (South Korea), Indian Oil (India), Haldia Petrochemicals (India), Nova Chemicals (Canada), Qenos Pty (Australia), Qatar Petroleum (Qatar), Westlake Chemical (US), and PTT Global Chemical (Thailand).
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