Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Commodity Plastic Market Size is Expected to Grow from USD 571.8 Billion in 2023 to USD 1086.2 Billion by 2033, at a CAGR of 6.63% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Commodity Plastic Market Size, Share, and COVID-19 Impact Analysis, By Type (PE, PP, PVC, PS, ABS, and Others), By End-User (Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical & Pharmaceutical, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The global commodity plastics market is the industry producing and selling inexpensive, mass-produced plastics from single-polymer families like polyethylene, polypropylene, PVC, and PMMA. These plastics are widely used in various applications like packaging, construction, consumer goods, automotive, electronics, textiles, medical, and pharmaceuticals. The market is driven by factors like increasing demand for packaging materials, disposable income, and the production of lightweight electric vehicles. The plastics market is expected to grow positively due to increasing applications in industries like packaging, automotive, electronics, and healthcare. The rising population and urbanization in developing countries are also driving demand for plastics. Innovations in polymer formulations and bio-based plastics offer opportunities for market growth. The market is expected to experience positive growth over the forecast period. Plastics have seen a significant increase in industrial applications due to their lightweight, durable, and versatile properties. They are now replacing traditional materials like metals, wood, and glass in various applications. In the automotive industry, plastics are used in various parts like interior and exterior body panels, fuel systems, and electrical components. The aerospace industry has also embraced plastics to create lightweight, durable components for aircraft interiors and exteriors, aiming to reduce weight and improve fuel efficiency. However, the commodity plastic market faces challenges like growing plastic waste, fluctuating oil prices, and increasing demand for substitute materials like paper and bioplastics.
The PE segment accounted for the highest share of 29.8% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the type, the commodity plastic market is classified into PE, PP, PVC, PS, ABS, and others. Among these, the PE segment accounted for the highest share of 29.8% in 2023 and is expected to grow at a significant CAGR during the forecast period. PE is a versatile material used in various industries due to its chemical resistance, moisture barrier properties, and stress-cracking resistance. It is commonly used in packaging materials like food packaging, plastic bags, and sacks, as well as in construction for pipes, insulation, and waterproofing. PE is also used in household items and automotive components due to its impact and wear resistance.
The packaging segment accounted for 40.98% of the market share in 2023 and is anticipated to grow at a CAGR of 2.6% during the forecast period.
Based on the end-user, the commodity plastic market is divided into packaging, construction, consumer goods, automotive, electronics, textiles, medical & pharmaceutical, and others. Among these, the packaging segment accounted for the highest share of 40.98% in 2023 and is anticipated to grow at a CAGR of 2.6% during the forecast period. Plastic packaging offers lightweight, durable, easy printing, decoration, protective barrier, and sealability, making it a popular choice for food and non-food items. With rising food consumption and changing lifestyles, plastic demand is driven by convenience and long shelf-life packaging. Plastic bottles, containers, sachets, bags, films, and thermoformed containers are also used in packaging.
North America is estimated to hold the largest share of the commodity plastic market over the forecast period.
North America is estimated to hold the largest share of the commodity plastic market over the forecast period. The U.S. dominates the plastics industry due to its strong demand from end-use industries like packaging, construction, automotive, and consumer goods. North America's petrochemical infrastructure, integrated production facilities, and government policies have contributed to its leading position. Major producers have built large facilities across the Gulf Coast and Midwest regions.
Asia Pacific is predicted to have the fastest CAGR growth in the commodity plastic market over the forecast period. Industrialization and rising incomes in developing nations like China, India, Indonesia, and Vietnam are driving increased demand for plastics in consumer goods, infrastructure, and construction. Asian countries are investing in petrochemical complexes and liberalizing trade policies to boost sourcing. As Asia's middle-class population grows, its position as a global plastics hub is expected to strengthen.
Competitive Analysis
Major key players in the commodity plastic market include AExxon Mobil, LG Chem, Sumitomo Chemical, The Dow Chemical Company, SABIC, BASF SE, LyondellBasell, Sinopec, Ineos, Formosa Plastics, Mitsubishi Chemical, Borealis AG, Chevron Phillips, Chemical, ENI SpA, Reliance Industries, Braskem, Hanwha Chemical, Lotte Chemical, and Indian Oil, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the commodity plastic market based on the below-mentioned segments:
Global Commodity Plastic Market, By Type
Global Commodity Plastic Market, By End-User
Global Commodity Plastic Market, By Regional Analysis
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