Commodity Plastics Market worth $596.1 billion by 2025 | Key players Exxon Mobil, LG Chem, Sumitomo Chemical, SABIC, BASF SE.

According to recent market research the "Commodity Plastics Market by Type (PE, PP, PVC, PS, ABS, PET, PMMA), End-use Industry (Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical & Pharmaceutical), and Region - Global Forecast to 2025" The global commodity plastics market size is projected to grow from USD 468.3 billion in 2020 to USD 596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025. Packaging plays a vital role in keeping the product fresh, damage-proof, and acts as an efficient marketing tool. The most common commodity plastics are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and poly (methyl methacrylate) (PMMA). Acrylonitrile butadiene styrene (ABS) and polyethylene terephthalate (PET) are also considered commodity plastics. These plastics are increasingly replacing metals due to their high tensile strength, low cost, high availability, and easy processing properties.

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According to the current scenario of the plastic industry, PE is the largest type of commodity plastics produced and consumed globally due to its easy availability and lower processing cost. PE is capable of being extruded and moulded into different shapes. It is highly transparent and colourless and has applications in containers, household & kitchenware, and tubing. PE has many applications in the packaging industry, especially in the flexible packaging of food products.
The packaging is a necessary process for preserving and transporting goods. It caters to various sectors such as retail, institutional, and industrial. The increased demand for flexible packaging and value-added packaging is expected to drive the commodity plastics market in the packaging industry. The market in the packaging industry is expected to witness the highest CAGR.

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APAC is projected to be the fastest-growing market for commodity plastics during the forecast period. Factors such as large population, growing demand for convenience food products, availability of cheap raw materials for packaging, and rising health awareness are driving the market in the region. China is the largest commodity plastics market in APAC and is expected to remain the same during the forecast period. The growing usage of commodity plastics in packaging, construction, and consumer goods is driving the market.

Major players operating in the global commodity plastics market include Exxon Mobil (US), LG Chem (South Korea), Sumitomo Chemical (Japan), The Dow Chemical Company (US), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell (Netherlands), Sinopec (China), Ineos (Switzerland), Formosa Plastics (Taiwan), Mitsubishi Chemical (Japan), Borealis AG (Austria), Chevron Phillips Chemical (US), ENI SpA (Italy), Reliance Industries (India), Braskem (Brazil), Hanwha Chemical (South Korea), Lotte Chemical (South Korea), Indian Oil (India), Haldia Petrochemicals (India), Nova Chemicals (Canada), Qenos Pty (Australia), Qatar Petroleum (Qatar), Westlake Chemical (US), and PTT Global Chemical (Thailand).

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Exxon Mobil (US) is a leading manufacturer of commodity plastics and is expected to maintain its market position in the future. The company is constantly strengthening its position in the commodity plastics market by expansion, agreement, and investment strategies. For instance, in 2016, the company increased its PE capacity by 65.0%. In 2017, the company invested USD 20 billion in the US Gulf region to increase its capacity of commodity plastics. The company has a strong geographical presence in APAC, North America, and Europe.

The Dow Chemical is one of the largest manufacturers of commodity plastics. With advancements in the development of commodity plastics through R&D activities, the company is expected to maintain its position in the commodity plastics market. The company manufactures commodity plastics under its performance plastics business segment, which is one of the growing segments of the company. It has adopted strategies, such as merger, new product launch, and expansion to lead in the commodity plastics business and increase its sales. For instance, in 2017, the company expanded its production capacities of PE and PP by 400 KT and 750 KT, respectively, through the establishment of production facilities in Texas, US.

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