(PharmaNewsWire.Com, May 29, 2020 ) The report "Commodity Plastics Market by Type (PE, PP, PVC, PS, PMMA), Application (Packaging, Consumer Goods, Construction, Automobile, Electronics, Textile, Medical & Pharmaceutical), and Region (APAC, NA, EU, MEA, and SA) - Global Forecast to 2022", The commodity plastics market is estimated to be USD 359.42 Billion in 2017 and is projected to reach USD 493.74 Billion by 2022, at a CAGR of 6.6% from 2017 to 2022. This growth can be attributed to the rising demand for commodity plastics for packaging and construction applications.
Packaging the largest application for commodity plastics
The packaging application segment accounted for the largest share of the commodity plastics market in 2016. In this application, commodity plastics are used in manufacturing plastic products such as bottles, caps & closures, films & special films, transport crates, and containers & drums. These products are used in retail, institutional, and industrial packaging, including food & beverages, pharmaceutical, consumer goods, and industrial packaging applications. Changing lifestyle and increasing per capita income are the major drivers for the increasing demand for packaged food, which has further increased the demand for commodity plastics in the packaging application.
Polyethylene (PE) the fastest-growing type of commodity plastics
PE is the fastest-growing type segment of the commodity plastics market. It is the largest produced and consumed commodity plastic type across the world due to its easy availability and lower processing cost. It is highly transparent and colorless, although the thicker versions of PE are opaque or off white. It is widely used in packaging applications for plastics bags, plastic films, plastic containers, household & kitchenware, tubing, bottles, gas & water pipes, wire insulation, chemical containers, and bags manufacturing.
Browse in-depth TOC on "Commodity Plastics Market” 70 - Market Data Tables 37 - Figures 131 - Pages
Asia Pacific the largest market for commodity plastics
Asia Pacific is a key market for commodity plastics. The increased demand for commodity plastics from emerging economies such as China and India is projected to drive the growth of the commodity plastics market in the Asia Pacific region. The increasing applicability of commodity plastics in packaging application is projected to drive the growth of the commodity plastics market in this region.
Most active players in the commodity plastics market
Dow Chemical (US), Exxon Mobil (US), BASF (Germany), Sinopec (China), SABIC (Saudi Arabia), LG Chem (South Korea), Sumitomo Chemical (Japan), LyondellBasell (Netherlands), Ineos (Switzerland), Formosa Plastics (Taiwan), and Mitsubishi Chemical (Japan) are the leading players in the commodity plastics market.
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