Press release
Surging Plastic Production Fuels Growth In The Commodity Plastics Market: A Key Factor Shaping the Future of the Commodity Plastics Market in 2025
Commodity Plastics
The escalating manufacture of plastic is anticipated to fuel the expansion of the commodity plastics market. The packaging industry is intensely involved in the creation and production of packaging products. Commodity plastics like polyethylene and polystyrene are utilized for packaging film and foam packaging applications in this industry. For example, Plastics Europe, a plastics production association based in Belgium, reported that in 2022, the global plastic production hit 400.3 million tons, showing a minor rise from the prior year. Hence, the rise in plastic production is pushing the growth of the commodity plastics market forward.
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What is the projected compound annual growth rate (CAGR) of the commodity plastics market from 2025 to 2034, and what factors influence it?
The market size of commodity plastics has significantly expanded in the past few years. There will be a growth from $526.99 billion in 2024 to $563.39 billion in 2025, marking a compound annual growth rate (CAGR) of 6.9%. Factors such as raw material prices, regulatory alterations, trade movements, the surge of electronic devices and the expansion of the automotive industry have contributed to the growth experienced in the historical period.
The market size of commodity plastics is projected to witness significant expansion in the approaching years, expecting to increase to $738.2 billion by 2029 with a 7.0% compound annual growth rate (CAGR). This anticipated growth for the following period can be associated with more stringent environmental regulations, changes in consumer tastes, challenges regarding water shortage, increased public awareness about plastic pollution, and the e-commerce surge. The main trends in the upcoming period encompass environmentally friendly alternatives, emphasis on lighter weight materials, digital transformation in manufacturing processes, revolutionary advancements in package designs, and the emergence of 3D printing.
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How are the latest trends influencing the growth of the commodity plastics market?
Key players within the commodity plastics industry are now prioritizing the creation of progressive products such as environmentally-friendly plastics. These innovative materials aim to lessen environmental damage and cater to the growing consumer preference for sustainable materials. Green plastics are typically manufactured from renewable resources or biodegradable substances, with the ultimate goals of minimizing pollution and decreasing landfill and ocean waste. For example, in March 2023, LG Chem, a chemicals business from South Korea, introduced their Poly Ethylene Carbonate (PEC) product. This advanced eco-friendly substance, derived from carbon dioxide, was co-developed with COSMAX, a fellow South Korean company at the EcoZone. Poly Ethylene Carbonate (PEC), comprised of carbon dioxide and ethylene oxide, provides a sustainable substitute to traditional oil-based plastics. Mainly utilized in cosmetics containers and food packaging, it promotes a decreased carbon footprint and bolsters environmentalefforts.
What are the major segments of the commodity plastics market and their role in driving growth?
The commodity plastics market covered in this report is segmented -
1) By Type: Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), Poly (Methyl Methacrylate) (PMMA)
2) By Plastic Type: Reusable, Recyclable
3) By End-User: Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical And Pharmaceutical, Other End Use Industry
Subsegments:
1) By Polyethylene (PE): Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE)
2) By Polypropylene (PP): Homopolymer Polypropylene, Copolymer Polypropylene
3) By Polyvinyl Chloride (PVC): Rigid PVC, Flexible PVC
4) By Polystyrene (PS): General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS)
5) By Acrylonitrile Butadiene Styrene (ABS): Standard ABS, Modified ABS
6) By Polyethylene Terephthalate (PET): Virgin PET, Recycled PET (rPET)
7) By Poly (Methyl Methacrylate) (PMMA): Extruded PMMA, Cast PMMA
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Which regions are key players in the growth of the commodity plastics market?
Asia-Pacific was the largest region in the commodity plastics market in 2024. The regions covered in the commodity plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the commodity plastics market?
Major companies operating in the commodity plastics market include 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
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What Is Covered In The Commodity Plastics Global Market Report?
•Market Size Forecast: Examine the commodity plastics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the commodity plastics market for a structured understanding.
•Key Players Overview: Analyze major players in the commodity plastics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the commodity plastics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the commodity plastics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the commodity plastics market.
•Industry Challenges: Identify potential risks and obstacles affecting the commodity plastics market.
•Competitive Landscape: Review strategic developments in the commodity plastics market, including expansions, agreements, and new product launches.
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