PORTLAND, Oregon, January 11, 2022
The report published by Allied Market, “Commodity Plastics Market by Type (Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), and Poly (Methyl Methacrylate) (PMMA)) and End-Use Industry (Packaging, Automotive, Electronics, Consumer Goods, Construction, Textiles, Medical & Pharmaceutical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030”, Says, The global commodity plastics market was exceeded $469.4 billion in 2020, and is projected to cross $858.4 billion by 2030.
Commodity plastics are used widely and the sector players are all set to innovate and offer the better products to the consumers. The above-mentioned trends and updates shed some light on the present market picture in order to offer a clearer idea of the future of the market.
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The global commodity plastics market size is segmented on the basis of type, end-use industry, and region. By type, it is divided into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), and Poly (Methyl Methacrylate) (PMMA). By end-use industry, it is classified into packaging, automotive, electronics, consumer goods, construction, textiles, medical & pharmaceutical, and others.
Growth of the packaging industry, high demand for consumer goods, and surge in production of lightweight electric vehicles and metal prices drive the growth of the global commodity plastics market. However, increase in environmental concerns over plastic waste hinders the market growth. On the other hand, untapped potential in developing countries presents lucrative opportunities for the market players in the future.
Based on end-use industry, the packaging segment accounted for the largest share in 2020, holding more than one-third of the total share of the global commodity plastics market, and is projected to maintain its lead in terms of revenue during the forecast period. However, the construction segment is expected to register the highest CAGR of 6.9% from 2021 to 2030.
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene Terephthalate (PET)
- Poly (Methyl Methacrylate) (PMMA)
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Based on region, Asia-Pacific held the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its dominance by 2030. Moreover, this segment is projected to manifest the fastest CAGR of 6.7% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the commodity plastics market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the vat dyes market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
Leading players of the global commodity plastics market analyzed in the research include
- Exxon Mobil
- Sumitomo Chemical
- LG Chem
- The Dow Chemical Company
- Lyondellbasell, BASF SE, and Formosa Plastics.
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