The global commodity plastic market can reach a valuation of USD 493 million by 2022. It can display a CAGR of 5.6% over the forecast period. The market can expand at a rapid pace owing to demand from end-use industries of consumer goods, packaging, electronics, textiles, and other household products. The large valuation attributed to consumer goods and packaging industries is evidence of the large potential of commodity plastics.
The fabrication of components in the automotive industry and demand for replacement for ferrous and metal alloys across machinery and consumer goods industries can fuel the market demand exponentially. Customized products as well as their availability in various shapes and sizes can lead to product specification in the commodity plastic industry. Investments in construction and relaxation of foreign direct investment (FDI) norms can culminate into good dividends for the global market till 2030.
Competitive Leaderboard:
Mitsui Chemicals, SABIC, Mitsubishi Chemicals Holdings Corporation, BASF SE, Arkema SA, LG Chemicals, and The Dow Chemicals Company are key players of the global commodity plastic market. Acquisitions, mergers, and new product launches are key strategies incorporated by players to sustain in the market.
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The global commodity plastic market has been segmented into type and application.
Among types, the market is segmented into polyethylene terephthalate, polyethylene, polypropylene, polypropylene, polystyrene and others. Among all the types, polyethylene has accounted the largest market share of 31% in 2015. It can exhibit 5.85% CAGR during the forecast period to propel the segment valuation to USD 105.4 billion by 2022. This can be credited to its use in consumer electronics, packaging, automotive, and other industrial sectors. The demand for polyethylene can touch 93.7 MMT by 2022 at a CAGR of 5.01% during the assessment period. On the other hand, polypropylene can gain a significant market share owing to its use in household products, automotive products, and marine.
Applications have been segmented into textile, pharmaceuticals, packaging, consumer goods, electronics, automotive, and others. The packaging industry can lead in the market till 2022. Demand for flexible packaging owing to its low cost and availability can support the segment growth. On the other hand, the automotive application can contribute to the global commodity plastic market owing to the need for electric and hybrid vehicles. Change in policies and concerns of emissions can support this trend and fuel the segment growth.
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Market Segmentation:
The global commodity plastic market has been segmented into type and application.
Among types, the market is segmented into polyethylene terephthalate, polyethylene, polypropylene, polypropylene, polystyrene and others. Among all the types, polyethylene has accounted the largest market share of 31% in 2015. It can exhibit 5.85% CAGR during the forecast period to propel the segment valuation to USD 105.4 billion by 2022. This can be credited to its use in consumer electronics, packaging, automotive, and other industrial sectors. The demand for polyethylene can touch 93.7 MMT by 2022 at a CAGR of 5.01% during the assessment period. On the other hand, polypropylene can gain a significant market share owing to its use in household products, automotive products, and marine.
Applications have been segmented into textile, pharmaceuticals, packaging, consumer goods, electronics, automotive, and others. The packaging industry can lead in the market till 2030. Demand for flexible packaging owing to its low cost and availability can support the segment growth. On the other hand, the automotive application can contribute to the global commodity plastic market owing to the need for electric and hybrid vehicles. Change in policies and concerns of emissions can support this trend and fuel the segment growth.
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