by Commodity plastics are widely utilized plastics that are produced on a large scale for a wide range of applications. These plastics include polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), polyethylene terephthalate (PET), and polyurethane (PU). Commodity plastics find uses in construction products, packaging, automotive components, electronics, and consumer goods owing to their versatility, durability and cost-effectiveness. The Global Commodity Plastic Market is estimated to be valued at US$ 593.45 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Commodity Plastic market size are Exxon Mobil, LG Chem, Sumitomo Chemical, The Dow Chemical Company, SABIC, BASF SE, LyondellBasell, Sinopec, Ineos, Formosa Plastics, Mitsubishi Chemical, Borealis AG, Chevron Phillips, Chemical, ENI SpA, Reliance Industries, Braskem, Hanwha Chemical, Lotte Chemical, and Indian Oil. These players are focusing on capacity expansion plans and new product launches to cater to the growing demand.
The rising residential and commercial construction activities globally are presenting lucrative opportunities for commodity plastic producers and manufacturers. The growing use of plastics in piping, insulating films, formwork, sheeting, windows and doors is driving the demand.
Asia Pacific dominated the global Commodity Plastic market in 2021 owing to robust industrial development and infrastructure construction activities majorly in China and India. Latin America and Middle East & Africa are also emerging as high growth markets. Key players are making investments and expanding production facilities in developing countries to leverage growth opportunities.
Market Drivers
Commodity Plastic Market Size and Trends continuous growth of the construction industry globally is a major driver of the commodity plastic market. According to industry estimates, construction spending worldwide is projected to grow 85% by 2030. As commodity plastics are massively used in building insulation, piping, roofing, and exterior components, the rising investments in residential and commercial infrastructure will boost plastic consumption. Also, rapid urbanization is prompting new building developments, thereby propelling the demand for construction plastics.
PEST Analysis
Political: Regulations around plastic recycling and disposal have been increasing to reduce plastic pollution. Many countries have introduced bans or taxes on single-use plastics.
Economic: Global economic growth has increased demand for affordable packaging and construction materials. However, inflation and energy costs impact plastic producer profits.
Social: Growing environmental awareness has led consumers to prefer sustainable and biodegradable alternatives to commodity plastics where possible.
Technological: Advancements in plastic recycling technologies help increase reuse rates though most plastics remain difficult to economically recycle at scale. New plant-based plastics provide more sustainable options.
Europe
Europe has some of the highest recycling rates for commodify plastics due to extensive deposit return schemes and strict regulations. Germany, France, and Italy have the largest plastic markets in Europe in terms of value. However, consumption growth is slower than other regions due to sustainable alternatives.
Asia Pacific
China, India, and other developing Asian countries are the fastest growing markets as their economies industrialize and consumers gain access to affordable plastic goods. Increased plastic waste generation in these nations poses new environmental challenges without robust recycling infrastructure
Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
