Commodity Plastic Market Size, Share, Growth

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Commodity Plastic Market, By Product Type,
Trend Analysis, Competitive Market Share
2021-2027
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Industry Trends Forecast Report 2027 A study
conducted by the strategic consulting and market
research firm BlueWeave Consulting revealed that
the global commodity plastic market reached USD
466.40 billion in 2020. According to the study,
the market is anticipated to reach USD 689.05
billion by 2027 growing at a CAGR of 6.1 during
the forecast period (2021-2027). The growth of
the market is primarily driven by the increased
demand for plastic in packaging, food, beverage,
pharmaceuticals, automotive and electronic
applications. Furthermore, the rise of e-commerce
has sparked a growth in the packaging industry
due to properties such as flexibility, cheapness,
and strength. These properties have a significant
impact on the packaging industry, thus driving
the growth of the global commodity plastic
market.
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Growth drivers The Flourishing Packaging
Industry The growth of the commodities plastic
market has fueled the packaging industry due to
the dominance of e-commerce sector. According to
the United Nations Conference on Trade and
Development (UNCTAD) e-commerce, global
e-commerce sales jumped to USD 26.7 trillion in
2019, up 4 from 2018.Customers nowadays prefer
to buy more goods from online retailers, which is
causing a large demand for packaging materials.
Commodity plastic is in high demand due to
properties such as low cost, low mechanical
stress, and abrasion resistance, which are
essential in the packaging business. Packaging
bottles, trays, crates, etc., for food and
beverage packaging, is expected to drive the
demand for commodity plastics in the upcoming
years, thereby driving the growth of global
commodity plastic market.
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Restraints Increasing Concern toward
Environment The growth of the commodity plastic
sector is being stifled by the government's
severe environmental restrictions and
prohibitions on plastic waste. Low degradation
rates of plastic waste degrade soil nutrients,
leading to soil degradation. Plastic is sometimes
dumped into water bodies such as oceans, lakes,
rivers, and ponds this pollutes the water and
affects the health of aquatic animals. Additionall
y, the growing awareness among the public
regarding environmental safety and hazardous
effects of disposing of plastic into the
environment is hampering market growth.Sample
Copy https//www.blueweaveconsulting.com/report/g
lobal-commodity-plastic-market/report-sample
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Impact of COVID-19 in the industry Global
economies have been disrupted by the
COVID-19-induced pandemic. As a result, the
economies of several industries were hindered.
Many sectors that use commodity plastic, such as
automotive, textile, construction, and
electronics, saw significant declines in demand,
resulting in the slow growth of this market. The
shrinking demand from consumers caused many
automotive plant manufacturers in the United
States, China, and Europe to shut down plants.
However, there was a slight increase in demand
from applications, such as pharmaceutical
packaging, consumer goods, and food and beverage
packaging, which positively influenced commodity
plastic's market growth.
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Global Commodity Plastic Market Regional
insights The global commodity plastic market is
segmented into five regionsNorth America,
Europe, the Asia-Pacific, Latin America, and the
Middle East Africa. Among these regions, the
Asia Pacific accounts for the highest share in
the commodity plastic market. As a result of the
growing demand in the packaging and medical
pharmaceuticals sectors in developing nations
such as India, China, and Japan, the Asia-Pacific
region is likely to be the fastest growing market
during the forecast period as well. India is the
world's largest producer of generic drugs and the
largest manufacturer of vaccines. Furthermore,
China is the world's leading manufacturer of
passenger cars. As a result, strong demand from
the end-user industry has emerged as a key factor
in the organic growth of the commodity plastic
market in this region.
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Competitive Landscape The Key Players in
Commodity Plastic Market are 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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