The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Commodity Plastics Market.
It was estimated prior to this unanticipated outbreak that the Commodity Plastics Market was expected to grow at a CAGR of 6.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Today, plastics can be found in almost every application that catches your eye, ranging from shopping bags, trash containers, disposables, packaging films, to clothing, printed materials, toys, household products, etc. Most of these plastic products are made from six types of plastic materials which are polyethylene (PE), polypropylene (PP), polyvinylchloride (PVC), polystyrene (PS), polyester, and polyurethane (PU). These commodity plastics are lighter, resistant to abrasion, structurally stable, easily recyclable, and highly malleable. They are often used in large volumes for regular household applications and offer higher strength compared to other substitutes. Since commodity plastics are not used in critical service environments, they are relatively inexpensive and exhibit lower mechanical properties than engineered plastics.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the material type, the commodity plastics market is segmented as Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polymethyl methacrylate (PMMA), and others. The PE segment captured the largest share of the market in 2019, and is expected to remain dominant during the forecast period, propelled by easy availability and lower manufacturing cost along with favorable properties such as toughness, chemical resistance, and transparency. Also, high demand from packaging applications such as plastic films, plastic bags, plastic containers, tubing, bottles, wire insulation, household & kitchenware, and chemical containers is acting as a catalyst for the segment’s market.
Based on the application type, the market is segmented as packaging, construction, consumer goods, automotive, electronics, textile, medical & pharmaceutical, and others. The packaging segment is expected to remain the largest as well as the fastest-growing segment of the market over the forecast period. This growth can be attributed to the increased demand for packaged food & beverages, as well as the rising demand for flexible packaging. Each segment has been further sub-segmented by application type for in-depth understanding.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. This growth can be attributed to the increasing investments in the construction industry coupled with rapid economic development in the region. Rising population and increasing demand for packaged foods in the consumer goods industry are the other key drivers of the region's commodity plastics market. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the commodity plastics market are-