With the surfacing of e-commerce sector all across the globe, the packaging industry is experiencing promising expansion avenues. This scenario is working in favor of the global commodity plastics market. Moving forward, the changing lifestyle of major consumers, increased trend of using packaging techniques for essential products such as food, pharmaceutical, and hygiene products industry is driving the market for commodity plastics globally. Apart from this, an extensive rise in the worldwide population is expected to help in the rapid growth of the global commodity plastics market in the years to come.
Commodity plastics refer to plastics used in various applications including food containers, packaging, and household products. Polypropylene, polystyrene, and polyethylene are some of the examples of commodity plastics. While the product is gaining popularity owing to its low price, it shows weak mechanical properties than engineering plastics.
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Over the period of past few years, many developing economies such as India and China are experiencing swift pace of urbanization and industrialization. This scenario has resulted into increased need for packaging in various industries including transportation, beverages, and food industry. Owing to this factor, the global commodity plastics market is estimated to grow at promising pace in the years ahead.
Rising Number of COVID-19 Patients Boosts Commodity Plastics Market Sales
With the increasing cases of COVID-19 patients in all worldwide locations, various industries such as automotive, electronics, and textile are experiencing downward graph of sales. While this scenario is likely to negatively impact on the growth of commodity plastics market, it is expected to gain lucrative avenues owing to thriving medical and pharmaceutical sector from all across the globe.
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Major players in the commodity plastics market are growing interest in expanding their businesses. Thus, they are engaging into mergers and acquisition activities. Moving forward, many enterprises in the market are increasing investments toward research activities in order to improve the product quality. On the back of all these activities, the global commodity plastics market is likely to experience decent growth rate in the forthcoming years.
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