Commodity Plastics Market- Competitive Analysis, Latest Trends, Regional Outlook and Future Growth Insights 2020-2025
The global commodity plastics market share 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. Commodity plastics are primarily thermoplastics which are produced in high volume and at a relatively lower cost in comparison to other plastics. These plastics are used in various end-use industries in automobile, construction, packaging, electrical & electronics, and medical & pharmaceutical industries.
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One of the major drivers of the commodity plastics market is the emergence of e-commerce. In addition, the growing packaging industry is considered a major driver of the market. Increasing disposable income and growing metal prices, along with the increasing acceptance of commodity plastics in various end-use industries is driving this market. The rapid increase in downstream processing capacity will be the main driver for the PE and PP segments in the future.
Based on type, PE is projected to be the largest and the fastest-growing segment of the commodity plastics market. PE is capable of being extruded and molded into many 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.
Based on the end-use industry, in 2019, the packaging segment accounted for the largest share of the commodity plastics market. The growing packaging industry is the major driver of the commodity plastics market. Increasing purchasing power and growing end-use industries are amongst the major drivers of the commodity plastics market.
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APAC is the fastest-growing market for commodity plastics. The growth of the commodity plastics market in the region is mainly attributed to China, India, and Southeast Asian countries. These bustling economies have a lot of potential customers. The market is driven by various factors such as increased consumption of packaged fruits & vegetables and innovation in packaging. The higher disposable income in these developing countries has increased their purchasing power. As a result, the market has been positively impacted.
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