According to a research report by Stratview Research, the Commodity Plastics Market is likely to witness an impressive CAGR of 6.6% during the forecast period. Increasing application of plastics in the packaging and consumer goods industries coupled with increasing concerns over the development of lightweight electric vehicles in the automotive industry are the key driving factors for the commodity plastics market. Moreover, rising demand for flexible packaging in the packaging industry, owing to its low cost, durability, and availability is another key factor fueling the growth of the market
. Analysis
Stratview Research has segmented the “Commodity Plastics Market” by Material Type (Polyethylene, Polyvinyl Chloride, Polypropylene, Polystyrene, Poly (Methyl Methacrylate) , and Others), by Application Type (Packaging, Construction, Consumer Goods, Automotive, Electronics, Textile, Medical & Pharmaceutical, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Based on the material type, the commodity plastics market is segmented as Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polymethyl methacrylate (PMMA), and others. of the market in 2019, and is expected to remain dominant during the forecast period, propelled by easy availability and lower manufacturing cost along with favorable properties such as toughness, chemical resistance, and transparency. , plastic bags, plastic containers, tubing, bottles, wire insulation, household & kitchenware, and chemical containers is acting as a catalyst for the segment's market.
Based on the application type, the market is segmented as packaging, construction, consumer goods, automotive, electronics, textile, medical & pharmaceutical, and others. market over the forecast period. This growth can be attributed to the increased demand for packaged food & beverages, as well as the rising demand for flexible packaging. Each segment has been further sub-segmented by application type for in-depth understanding.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. with rapid economic development in the region. Rising population and increasing demand for packaged foods in the consumer goods industry are the other key drivers of the region's commodity plastics market. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Leading Players Covered in the Commodity Plastics Market Report:
The following are the key players in the Commodity Plastics Market -
• BASF SE
• Exxon Mobil Corporation
• Formosa Plastics Corporation
• LG Chem Ltd.
• LyondellBasell Industries NV
• Mitsubishi Chemical Corporation
• SABIC
• China Petroleum & Chemical Corporation (Sinopec Group)
• Sumitomo Chemical Co., Ltd.
• The DOW Chemical Company
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