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Commodity Plastics Market Growth & Trends 2024-2033
Commodity Plastics Market Growth
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According to The Business Research Company's, The commodity plastics market size has grown strongly in recent years. It will grow from $496.1 billion in 2023 to $530.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to raw material prices, regulatory changes, trade dynamics, proliferation of electronic devices, automotive industry growth.
The commodity plastics market size is expected to see strong growth in the next few years. It will grow to $682.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to stricter environmental regulations, shift in consumer preferences, water scarcity concerns, growing public awareness of plastic pollution, e-commerce boom. Major trends in the forecast period include biodegradable alternatives, focus on lightweighting, digitalization in manufacturing, innovations in packaging design, rise of 3D printing.
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Market Drivers and Trends:
The growing production of plastic is expected to propel the growth of the commodity plastics market going forward. The packaging industry refers to being actively engaged in the design and manufacture of packaging products. Commodity plastic such as polyethylene and polystyrene are used in applications of packaging film and foam packaging in the packaging industry. For instance, in December 2021, according to the Ministry of Environment, Forest, and Climate Change (MoEF&CC) report, in the year 2020, plastic production in India has more than doubled, with an average annual growth rate of 21.8%. Also, according to the ministry, the India's total plastic trash creation stood at 3.47 million tons for the fiscal year 2021, up from 3.36 million tons (2020). Further according to Plastics for Change, an India-based social enterprise platform, 36 % of all plastic produced in a year goes into various sorts of packaging. Therefore, the growing production of plastic is driving the growth of the commodity plastics market.
Product advancement is a key trend gaining popularity in the commodity plastics market. Major market players are focusing on technological advancements to sustain their position in the commodity plastics market. For instance, in August 2021, Krehalon, a Netherlands based packaging company, launched the KreCycle to meet the demand for more sustainable packaging options, as well as a portfolio of conveniently recyclable high barrier flexible films for fresh food applications. The KreCycle product line includes polyester (PET), polyethylene (PE), and polypropylene (PP) based solutions with customized barrier qualities to meet the needs of specific applications. It is perfect for packaging fresh protein products such as red meat, poultry, processed meat, fish, and hard cheese. Flexible thermoforming films, flowrap films with a high barrier option, lidding films, and vacuum pouches are among the products available. For the convenience of the consumer, there are additional lock and peel seal options.
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Major Key Players of the Market:
China Petrochemical Corporation, Exxon Mobil Corporation, ENI SpA, Indian Oil Corporation Limited, Reliance Industries Ltd., BASF SE, The Dow Chemical International Private Limited, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, Qatar Petroleum, LyondellBasell Industries N.V., LG Chem Ltd., Mitsubishi Chemical Systems Inc., Sumitomo Chemical Co. Ltd., INEOS Group, PTT Global Chemical Public Company Limited, Westlake Corp., Chevron Phillips Chemical Company LLC, Braskem India Private Limited, DuPont de Nemours Inc., Eastman Chemical Company, Formosa Plastics Corporation, Borealis AG, Nova Chemicals Corp., Haldia Petrochemicals Ltd., Qenos Pty Ltd., Hanwha Chemical India Private Limited, Lotte Chemical Engineering Plastics Private Limited, GUTMANN AG, YKK AP Inc.
Commodity Plastics Market 2024 Key Insights:
• The commodity plastics market size is expected to see strong growth in the next few years. It will grow to $682.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Surging Plastic Production Fuels Growth In The Commodity Plastics Market
• Key Player Sets A New Standard In Commodity Plastics With Innovative Recyclable Packaging
• Asia-Pacific was the largest region in the commodity plastics market in 2023
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