Apr 14, 2023   SOURCE: BusinessWire

Global Commodity Plastics Market to 2028: Increasing Demand for Lightweight and Fuel-efficient Vehicles Drives Growth - ResearchAndMarkets.com

The "Global Commodity Plastics Market Size, Share, Growth Analysis, By Product Type, By Application , By Plastic Type - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Commodity Plastics Market size was valued at USD 468.3 billion in 2021 and is expected to reach USD 858.4 billion by 2028. The market is expected to grow at a CAGR of 6.3% during the forecast period (2022-2028).

Companies Mentioned

  • BASF SE
  • Exxon Mobil Corporation
  • Formosa Plastic Corporation
  • LG Chem Ltd.
  • LyondellBasell Industries N.V.
  • SABIC
  • Mitsubishi Chemical Corporation
  • China Petroleum and Chemical Corporation.
  • The DOW Chemical Company

The global commodity plastics market is a large and rapidly growing market that encompasses a wide range of thermoplastic resins produced in large quantities and used in a variety of applications. Commodity plastics are versatile and durable materials that are widely used in industries such as packaging, automotive, construction, and consumer goods.

The growth of the global commodity plastics market is driven by factors such as increasing demand for lightweight and durable materials, rising demand for packaging materials, and growing adoption of plastic components in automotive and construction applications. However, the market also faces challenges such as environmental concerns related to plastic waste and regulations related to the use of certain types of plastics.

Segments covered in this report

Global commodity plastics market is segmented on the basis of product type, application, plastic type and region. Based on product type, market is bifurcates into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polymethyl methacrylate (PMMA), and others.

On the basis of application, the commodity plastics market is segmented into packaging, automotive, electric or electronic and others. Based into plastic type, it is segmented into reusable and recyclable, non-reusable or non-recyclable. On the basis of region, global commodity plastics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa.

Driver

Commodity plastics are also widely used in the automotive industry for applications such as interior and exterior trims, bumpers, and instrument panels. With the increasing demand for lightweight and fuel-efficient vehicles, the use of commodity plastics in the automotive industry has been on the rise. Additionally, the growing adoption of electric and hybrid vehicles is expected to further drive the demand for commodity plastics, as these vehicles require lightweight materials to improve their range and efficiency.

Restraint

The production of commodity plastics is heavily dependent on crude oil prices as they are derived from petroleum feedstocks. Volatility in crude oil prices can lead to fluctuations in the production cost of commodity plastics, which can affect their pricing and profitability. This volatility can also make it difficult for manufacturers to plan their production and pricing strategies, which can affect the supply and demand dynamics of the commodity plastics market.

Market Trends

The plastics industry is undergoing significant technological advancements, with manufacturers adopting new manufacturing technologies such as 3D printing and injection molding to produce complex and customized plastic products.

Additionally, there is a growing focus on developing high-performance materials that can meet the growing demand for lightweight and durable materials in various industries. For example, manufacturers are developing new types of polypropylene and polyethylene with improved properties such as higher strength, improved impact resistance, and higher heat resistance to meet the evolving needs of end-users.

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