Products in global commodity plastics market are used for various applications across industry verticals including packaging, stationary items, construction, automotive, electronics, household products, textiles, medical, bike spare parts, pharmaceutical, consumer goods, agriculture, and food containers. Commodity plastics have weak mechanical properties and low cost than the engineering plastics. Some of the most commonly used plastics in global commodity plastics market include polyethylene (PE), polystyrene (PS), and polypropylene (PP).
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Rapidly growing packaging industry is stimulating growth in the global commodity plastics market. This growth can be attributed to various factors, most significant one being the rapid proliferation of e-commerce service providers worldwide. Rising demand for inexpensive and materially versatile packaging materials from various industries such as food and beverages, consumer goods, and pharmaceutical is also bolstering the expanding global commodity plastics market. However, rising concerns regarding the non-biodegradable nature of plastics can hamper the growth of global commodity plastics market in near future. Numerous governments around the world have already restricted the usage of plastics and have placed fines to stop people from using them.
Rising Demand for Packaging Materials Boosts Asia Pacific Commodity Plastics Market
Rising demand for commodity plastics in industry verticals such as pharmaceutical, packaging, and medical is expected to drive growth in Asia Pacific commodity plastics market in coming years. Presence of established manufacturers and massive regional consumption of wires and other electronic products are also some of the key factors influencing the growing Asia Pacific commodity plastics market.
Some of the prominent players in global commodity plastics market include The Dow Chemical Company, Mitsubishi Chemical, Reliance Industries, Indian oil, Qatar Petroleum, Lyondell Basell, Sinopec, Borealis AG, Hanwha Chemical, PTT Global Chemical, and Nova Chemicals. Players in global commodity plastics market are focusing on investments for product innovations and mergers and acquisitions to advance their business operations. For example, a company in global commodity plastics market, called ‘Sumitomo’ announced that they are investing in a start-up based in Israel called ‘NanoScent’ to develop a diagnostic sensor for novel coronavirus in May of 2020.
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