Commodity Plastics Market will reach at USD 733.1 billion in 2032, key developmental strategies implemented by the key players:Exxon Mobil, LG Chem, Sumitomo Chemical, The DOW Chemical, SABIc, BASf, Lyondellbasell, Sinopec, Ineos, Formosa Plastics, Mitsub

The global commodity plastics market size was valued at USD 511.1 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 3.2% from 2021 to 2032. The increasing penetration in packaging, medical & pharmaceutical, and consumer durable goods end-use industry is expected to be the major drivers of the global commodity plastics market over the forecast period. Commodity plastics are widely used in mass-produced items and products of a single-use nature, such as films for packaging or drinking bottles. However, these materials can also be used in various other industries, such as automotive, building and construction, and electronics. Increasing demand for commodity plastics in consumer durable goods including containers, weather-resistant clothing, disposable utensils, and packaging materials for foods, pharmaceutical products, bottles, and beverages, and personal care products is expected to propel the market growth over the forecast period.

Latest launched research on Global Commodity Plastics Market, it provides detailed analysis with presentable graphs, charts and tables. This report covers an in depth study of the Commodity Plastics Market size, growth, and share, trends, consumption, segments, application and Forecast 2030. With qualitative and quantitative analysis, we help you with thorough and comprehensive research on the global Commodity Plastics Market. This report has been prepared by experienced and knowledgeable market analysts and researchers. Each section of the research study is specially prepared to explore key aspects of the global Commodity Plastics Market. Buyers of the report will have access to accurate PESTLE, SWOT and other types of analysis on the global Commodity Plastics market. Moreover, it offers highly accurate estimations on the CAGR, market share, and market size of key regions and countries.

Major Key players profiled in the report include:
Exxon Mobil, LG Chem, Sumitomo Chemical, The DOW Chemical, SABIc, BASf, Lyondellbasell, Sinopec, Ineos, Formosa Plastics, Mitsubishi Chemical

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Product Insights
Polyethylene (PE) led the market and accounted for more than a 35% share of the global revenue in 2019. The rising application in consumer durable products, packaging, and medical & pharmaceutical industries is expected to drive the segment growth over the forecast period. In addition, the use of PE in the manufacturing of other advanced polymers, such as High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), and Extended Polyethylene (EPE), which are used in high-performance applications, is expected to propel the product demand in the coming years.

Poly Methyl Methacrylate (PMMA) is expected to be the fastest-growing product segment over the forecast period owing to the rising scope of application in the automotive & transportation and building & construction industries. Polymethyl methacrylate is widely used in the aforementioned industries due to its toughness, better impact strength, and superior environmental stability as compared to other plastics.

Market split by Type, can be divided into:
Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), Polypropylene (PP).

Market split by Application, can be divided into:
Packaging, Automotive, Electronics, Consumer Goods, Construction

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End-use Insights
Packaging end-use segment led the market and accounted for more than 39% share of the global revenue in 2019. Rising demand for flexible packaging owing to its durability, low cost, and high recyclability is expected to boost the product demand in the packaging segment. Furthermore, the development in packaging materials technology and the increasing use of renewable plastics for packaging are anticipated to propel the segment growth in the coming years.

Medical & pharmaceutical is expected to be the fastest-growing segment over the forecast period owing to increasing product demand for manufacturing medical devices. Commodity plastics are gaining popularity as they offer better optical clarity, biocompatibility, and are economical. Several plastics including polystyrene and polyethylene are blended to achieve desirable properties for use in medical devices.

Regional Insights
Asia Pacific dominated the market in 2019 and accounted for over 46% of the overall share. Growing demand for commodity plastic from the packaging and medical & pharmaceutical sector, especially in countries, such as China, India, and Japan, is expected to drive the market growth in the region. Furthermore, economic and healthcare development in the Asia Pacific countries coupled with rising investments in the construction industry are major factors that are expected to drive the demand for commodity plastic in the region over the forecast period.

The recent outbreak of COVID-19 in countries, such as India, the U.S., China, Italy, France, and others are anticipated to hamper the product demand majorly in construction, automotive, electrical & electronics, and consumer goods applications. The outbreak has resulted in the slowdown or halts in manufacturing operations, restrictions on supply & transport, and infrastructure slowdown, which is expected to negatively impact the demand for commodity plastics in the aforementioned applications in the region in the third and fourth quarters of 2020.

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