Commodity Plastics Market | Latest Trends and Future Growth Opportunities Study Report

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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Commodity Plastics Market in 2021 | Detailed Analysis Report

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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